Section 12-613 – Insurance
(a) The provisions of this section are in addition to and not in substitution for any other applicable provision of statutory law. (b) If a holder undertakes at the expense of the buyer to sell, purchase, or supply insurance on the goods sold, the amount charged the buyer for the insurance may not exceed the lesser of: […]
Section 12-614 – Additional Charges
(a) Except as provided in subsection (b) of this section, a holder may not directly or indirectly contract for, charge, or receive from a buyer or a surety for a buyer on account of or in connection with any agreement, any charge or amount for the extension of credit, interest, fees, commissions, delinquency, collection, repossession, and […]
Section 12-615 – Refund of Deposit
(a) (1) If, in addition to any down payment, a buyer is required under an installment sale agreement to make a payment to a seller before the seller is obligated to deliver the goods sold, the buyer may cancel the installment sale agreement before delivery or tender of the goods by the seller. (2) Notwithstanding any provision of […]
Section 12-616 – Credit for Recording and Filing Fees
(a) If the holder does not pay out to a public official the full amount charged to the buyer for filing and recording instruments, the buyer shall receive credit for the amount so charged to him and not paid out. (b) The holder shall credit the amount of the overcharge against the last installment or installments under […]
Section 12-617 – Payments and Receipts
(a) (1) If a payment is made on account of an agreement, the person receiving the payment shall give the buyer on his request, or, if payment is made in cash, without request, a complete written receipt for the payment. (2) If the buyer specifies that the payment is made on one of several obligations, the receipt shall […]
Section 12-618 – Add-on Contract
(a) In this section, “add-on contract” means an installment sale agreement which allows the inclusion in it of additional goods subsequently purchased and under which the amount due on the subsequent purchase is combined with an unpaid balance on any prior purchase so as to permit the seller to retain a security interest in all goods […]
Section 12-605 – Delivery of Installment Sale Agreement and Receipt; Right to Cancel
(a) (1) At or before the time the buyer signs an installment sale agreement, the seller shall deliver to him an exact copy of it. (2) If the seller does not sign the copy, and if, within 15 days after the buyer signs the installment sale agreement, the seller does not deliver to the buyer a copy of […]
Section 12-606 – Disclosures Required in Installment Sale Agreement
(a) An installment sale agreement shall: (1) State the full name, place of residence, and post office address of each party to it; (2) State the date when signed by the buyer; and (3) Contain a clear description of the goods sold sufficient to identify them readily. (b) An installment sale agreement also shall state in simple tabular form the […]
Section 12-607 – Provisions Not Allowed in Instruments
(a) A holder may not take or receive any instrument from a buyer or a surety for a buyer, which contains: (1) Except as provided in subsection (b) of this section, any blank space to be filled in after the instrument is signed by a party to it; (2) A confession of judgment or any power of attorney […]
Section 12-602 – False Advertising Prohibited
A seller or sales finance company may not make in any advertisement, publication, display, broadcast, solicitation, or representation any false, misleading, or deceptive statement relating to: (1) Any finance, delinquency, or extension charge or rate; or (2) The security interest, collateral, terms, or conditions on which it will make or finance any installment agreement.