Category Archives: top installment loans

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Code of Virginia

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В§ 6.2-2217. (Effective until January 1, 2021) restricted recourse; repossession and purchase of automobile.

A. A licensee taking a security interest in a motor vehicle pursuant to this chapter shall be limited, upon default by the borrower, to seeking repossession of, preparing for sale, and selling the motor vehicle in accordance with Title 8.9A except as otherwise provided in subsection E. Unless (i) the licensee, at the very least 10 times just before repossessing the engine vehicle securing a title loan, has delivered to the debtor, by top class mail, written notice advising the debtor that their name loan is within default and saying that the automobile could be repossessed unless the main and interest owed underneath the loan contract are paid and (ii) the debtor will not spend such principal and interest before the date the car is repossessed by or during the way regarding the licensee, then your licensee shall perhaps not gather or charge the expense of repossessing and offering the motor vehicle described in clause (ii) of subsection D of В§ 6.2-2216. Continue reading