§ 47-11-101. Short Title
This chapter may be cited as the “Retail Installment Sales Act.”
§ 47-11-102. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Cash sale price” means the price for which the seller would have sold or furnished to the buyer, and the buyer would have bought or obtained from the seller, the goods or services which are the subject matter of the retail installment transaction, if such […]
§ 47-11-103. Retail Installment Contracts
Form and Contents. Every retail installment contract shall be in writing and shall set forth the following: The cash price and identification of the goods or services; The amount of the buyer’s down payment, if any, whether made wholly or in part in money or goods; The difference between subdivisions (a)(1)(A) and (B); The amount, […]
§ 47-11-104. Retail Charge Agreements
Form and Contents; Delivery to Buyer. Every retail charge agreement shall be in writing and shall be signed by the retail buyer. A retail charge agreement shall be deemed to be signed or accepted by the retail buyer if, after a request for a retail charge account, such agreement or application for a retail charge […]
§ 47-11-105. Mail Order and Telephone Sales
Retail installment contracts and retail charge agreements negotiated and entered into by mail or telephone without personal solicitation by salespersons or other representatives of the seller, where a catalog of the seller or other printed solicitation of business, which is distributed and made available generally to the public, clearly sets forth the cash price and […]
§ 47-11-106. Transfer of Contracts
Any retail seller may assign, pledge, hypothecate, or otherwise transfer a retail installment contract or retail charge agreement to any person, firm, or corporation on such terms and conditions and for such price as may be mutually agreed upon.
§ 47-11-107. Penalty for Violations — Liquidated Damages
An intentional and willful violation of this chapter is a Class C misdemeanor. In case of an intentional failure to comply with this chapter, or in case the seller shall permit the buyer to sign a contract containing blank spaces not permitted by this chapter, the buyer shall have a right to recover from the […]
§ 47-11-108. Waiver of Provisions Unenforceable
Any waiver by the retail buyer of any provisions of this chapter or of any remedies granted to the buyer by this chapter shall be unenforceable and void.
§ 47-11-110. Transactions Do Not Constitute Loans
A “retail installment transaction,” as defined in § 47-11-102, or any other conditional sales contract or other agreement covering the time sale of personal property or services, and the assignment thereof, and the business of selling such personal property and services on a time payment basis, and the business of purchasing or acquiring such transactions, […]
§ 47-11-111. Credit Life Insurance Added to Retail Installment Contracts — Authorization Required
The seller under any retail installment contract shall have no authority to collect any fees or charges for a policy of credit life insurance issued in connection with property purchased under a retail installment contract unless the consumer has specifically elected, evidenced by the consumer’s signature on such contract, to authorize the addition of the […]