In other words, it is the difference between the cash price when paid immediately and the price when paid over time. The amount of the time balance owed by the buyer which is the sum of the principal balance and the time price differential ; n. The maximum number of installment payments required, the amount of each installment, and the due date of each payment; o. The time sale price which is the total of the sale price and the amount, if any, included for insurance, plus the amount paid for official fees and the time price differential ; and p.
If any installment except the down payment is more than double the average of all other installments, there must be a notice, printed in bold type, that the contract is not payable in installments of equal amounts.
The retail installment contract does not have to be set forth in a single document. Requirements for Retail Installment Contracts under the Federal Truth in Lending Act For each retail installment contract, the creditor must disclose the following information in writing:. The identity of the creditor; b. The aggregate amount financed must be disclosed using that term. Note that the amount financed must be disclosed as an aggregate amount in the segregated disclosures, BUT, an itemization must also be disclosed separately.
The finance charge must be disclosed using that term. The finance charge must be expressed as a total dollar amount and may not be itemized; e. The annual percentage rate, using that term and using the actuarial method, the U. The number, amount, and due dates or period of payments scheduled to repay the total of payments; g. The total of payments, which is the sum of the amount financed and the finance charge.
If the credit obligation has a demand feature, that fact must be disclosed; i. The total sale price is the total of the cash price of the property or services, additional charges not included in the finance charge, and the finance charge.
A statement indicating whether the consumer is entitled to a rebate of any finance charge or is subject to any penalties upon refinancing or prepayment in full; k. Recording master form instruments and mortgages or deeds of trust incorporating master form provisions: RCW Recording mortgages: Title 65 RCW. Retail installment sales of goods and services: Chapter Statute of frauds: Chapter Voidable transactions: Chapter Washington savings association act: Title 33 RCW.
Interest — Usury: Chapter Site Contents Selected content listed in alphabetical order under each group. Retail installment contracts — Delivery to buyer of copy — Acknowledgment of delivery.
Retail installment contracts — Contents. Retail installment contracts — Purchase of motor vehicle — Secondary products. Retail installment contracts — Multiple documents permissible where original applies to purchases from time to time.
Retail installment contracts — Mail orders based on catalog or other printed solicitation. Retail installment contracts — Seller not to obtain buyer's signature when essential blank spaces not filled — Exceptions.
Retail installment contracts — Prepayment in full of unpaid time balance — Refund of unearned service charge — "Rule of seventy-eighths. Retail installment contracts, retail charge agreements, and lender credit card agreements — Delinquency or collection charges — Attorney's fees, court costs — Other provisions not inconsistent with chapter are permissible.
Receipt for cash payment — Retail installment contracts, statement of payment schedule and total amount unpaid. RCW Retail installment contracts — Contents.
0コメント