Section 55.1-1302 - Term of rental agreement; renewal; security depositsA. A landlord shall offer all current and prospective year-round residents a rental agreement with a rental period of not less than one year. Such offer shall contain the same terms and conditions as are offered with shorter term leases, except that rental discounts may be offered by a landlord to residents who enter into a rental agreement for a period of not less than one year.B. Upon the expiration of a rental agreement with a term of one year or more, the agreement shall be automatically renewed for a term of the same duration with the same terms unlesseither party provides written notification of an intent to not renew the agreement at least 60 days prior to the expiration date or the landlord provides written notice to the tenant of any change in the terms of the agreement at least 60 days prior to the expiration date. If the tenant notifies the landlord in writing within 30 days of receiving notice of the change in terms that he does not agree to such change in terms, such tenant may choose to not renew the rental agreement unless the landlord agrees to maintain the same terms as those in the current agreement. In the case of an automatic renewal of a rental agreement for a year-round resident, the security deposit initially furnished by the tenant shall not be increased by the landlord, nor shall an additional security deposit be required.C. Except as limited by subsection B, the provisions of § 55.1-1226 shall govern the terms and conditions of security deposits for rental agreements under this chapter.D. No landlord shall charge a tenant for late payment of rent unless such charge is provided for in the written rental agreement. No such late charge shall exceed the lesser of 10 percent of the periodic rent or 10 percent of the remaining balance due and owed by the tenant.1992, c. 709, § 55-248.42:1; 1999, c. 513; 2000, c. 41; 2019, c. 712.Amended by Acts 2024 c. 762,§ 1, eff. 7/1/2024.Amended by Acts 2024 c. 726,§ 1, eff. 7/1/2024.Added by Acts 2019 c. 712, § 1, eff. 10/1/2019.