Effective July 1, 2025, there will be minor changes to the forms in Virginia Code Sections 8.9A-614 and 8.9A-616. These are important changes to prepare for before July 1, 2025 as they change your Notice of Disposition of Collateral and Notice of Calculation of Surplus or Deficiency.
The changes are primarily to update and modernize language regarding communication. While the changes are likely not substantive enough to invalidate your current forms, it provides an excellent opportunity to review your current forms and procedures.
The form and instructions in Virginia Code Sections 8.9A-614 and 8.9A-616 are a “safe harbor” for creditors. If you follow the statutory language, your letters will be deemed in compliance with the Code Sections. If you have questions about the language in the Code Sections or would like for us to review your forms, please contact Eddie or Jennifer.
