No chattel mortgage or other lien on household furniture then in the possession and use of the borrower given to secure any loan made by a licensee shall be valid unless it is in writing, signed in person by the borrower, and not by an attorney, or if the borrower is married unless it is signed in person by both spouses, and not by an attorney. Written assent of a spouse shall not be required when the spouses have been living separate and apart for a period of at least five months prior to the giving of the mortgage or lien.

Terms Used In Virginia Code 6.2-1527

  • 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
  • Licensee: means a consumer finance company to which a license has been issued by the Commission pursuant to this chapter. See Virginia Code 6.2-1500
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100

Code 1950, § 6-318; 1966, c. 584, § 6.1-289; 2010, c. 794; 2020, c. 900.

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