Terms Used In Virginia Code 59.1-207.20

• Consumer: means a natural person who rents personal property under a lease-purchase agreement to be used primarily for personal, family or household purposes. See Virginia Code 59.1-207.18
• Consummation: means the time a consumer becomes contractually obligated on a lease-purchase agreement. See Virginia Code 59.1-207.18
• Contract: A legal written agreement that becomes binding when signed.
• in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
• Lease-purchase agreement: means an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes, for an initial period of four months or less that is automatically renewable with each payment after the initial period, but does not obligate or require the consumer to continue leasing or using the property beyond the initial period, and that permits the consumer to become the owner of the property. See Virginia Code 59.1-207.18
• Lessor: means a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement. See Virginia Code 59.1-207.18