Virginia Code 6.2-2236: Validity of noncompliant sales-based financing
Current as of: 2023 | Check for updates
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If any provision of a sales-based financing agreement violates this chapter, such provision shall be unenforceable against the recipient.
Terms Used In Virginia Code 6.2-2236
- Recipient: means a person whose principal place of business is in the Commonwealth and that applies for sales-based financing and is made a specific offer of sales-based financing by a provider. See Virginia Code 6.2-2228
- Sales-based financing: means a transaction that is repaid by the recipient to the provider, over time, as a percentage of sales or revenue, in which the payment amount may increase or decrease according to the volume of sales made or revenue received by the recipient. See Virginia Code 6.2-2228
2022, c. 516.