CHAPTER 113

An Act to amend and reenact § 46-582 of the Code of Virginia, relating
to instalment sales of motor vehicles so as to provide that certain
information shall be made to appear on certain papers. tH 55)

Approved March 3, 1954
Be it enacted by the General Assembly of Virginia:

1 That § 46-532 of the Code of Virginia be amended and reenacted as
ollows:

_ _ § 46-532. Every retail instalment sale shall be evidenced by an
Instrument in writing, which shall contain all the agreements of the
parties and shall be signed by the buyer.

Prior to or at about the time of delivery of the motor vehicle the
seller shall deliver to the buyer a written statement describing clearly the
motor vehicle sold to the buyer, the cash sale price thereof, the cash paid
down by the buyer, the amount credited the buyer for any trade-in and a
description of the motor vehicle traded, the amount of the finance charge,
the amount of any other charge specifying its purpose, the net balance
due from the buyer, the terms of the payment of such net balance and
a summary of any insurance coverage to be effected. Whenever any charge
for a summary of insurance coverage appears on such statement, and the
msurance coverage effected or to be effected thereunder does not include
a policy of motor vehicle liability insurance, the seller or his assignee shall
stamp or mark upon the face of such writing in red letters no smaller than
eighteen point type the following words: “No Liability Insurance In-
cluded.”” The Commissioner may determine the form of such statement to
be included therein. In the event that a policy of insurance of any kind
is purchased at the time of the sale of a motor vehicle the seller shall
deliver to the purchaser the policy of insurance, or a copy of the policy,
within a reasonable time.

A violation of any provision of this section shall bar recovery of any
finance charge or any interest on the deferred balance by the seller or
assignee of the seller who, at the time of the assignment, had knowledge
of such violation, in any suit upon a sales contract arising from the sale
in respect to which such violation occurred.