Section 9: Contracts; form and contents

238 words·~1 min read·/ma/part-iii/title-iv/chapter-255b/9

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 9. A retail instalment contract shall be in writing and shall be signed by both the buyer and the seller and shall be completed as to all essential provisions prior to the signing of the contract by the buyer. The printed portion of the contract shall be in at least eight point type. The contract shall contain, conspicuously printed or written:

(1)a specific statement that liability insurance coverage for bodily injury and property damage caused to others is not included, if that is the case; and

(2)the following notice: ''NOTICE TO THE BUYER: 1. Do not sign this contract if any of the spaces intended for the agreed terms to the extent of then available information are left blank. 2. You are entitled to an exact copy of the contract you signed. 3. Under the law, you have the following rights, among others:—(a) to pay off in advance the full amount due and to obtain a partial refund of the finance charge;

(b)to redeem the property if repossessed for a default;

(c)to require, under certain conditions, a resale of the property if repossessed''.

The contract shall contain the names of the seller and the buyer, the place of business of the seller, the residence or place of business of buyer as specified by the buyer, and a description of the motor vehicle, including its make, year model, model and identification numbers or marks.