In a retail installment sale to a consumer as defined by Regulation Z of the Federal Trade Commission (FTC), the creditor must make the disclosures required by Regulation Z clearly and conspicuously in writing, in a form that the consumer may keep. The disclosures must be grouped, must be segregated from everything else, and must not contain any information not directly related to the disclosures required by Regulation Z (although the disclosures may include an acknowledgment of receipt, the date of the transaction, and the consumer's name, address, and account number). 12 C.F.R. § 226.17(a)(1). Regulation Z sets forth several closed-end model forms and clauses which illustrate other formats for these disclosures. 12 C.F.R. Part 226, Appendix H.
A federal notice regarding preservation of the consumer's claims and defenses is
required on all consumer credit contracts by Federal Trade Commission regulation. 16
C.F.R. § 433.2. The notice must appear in at least 10- point, bold face, type or print and
must be worded as shown if the form.
The District of Columbia Retail Installment Contract and Security Agreement, also known as the DC Retail Installment Contract and Security Agreement, is a legal document that establishes binding agreements between a retailer and a consumer for the purchase of goods or services in the District of Columbia. This type of contract is commonly used in retail transactions where the consumer is unable to make a full payment upfront and prefers to pay for the purchase in installments. The District of Columbia allows different types of retail installment contracts and security agreements based on the nature of the purchase. Some common types include: 1. Automobile Retail Installment Contract: This type of contract is specifically designed for the purchase of vehicles and establishes the terms and conditions for financing the purchase. It typically outlines the purchase price, down payment, finance charges, interest rates, installment payments, and other relevant terms. 2. Furniture or Appliance Retail Installment Contract: This contract covers the purchase of furniture or household appliances, such as refrigerators, washing machines, or televisions. It specifies the purchase price, installment amounts, interest rates, and other relevant terms specific to the purchase of these goods. 3. Electronics Retail Installment Contract: This type of contract is used for the purchase of electronic devices like smartphones, laptops, or cameras. It details the terms for financing the purchase, including the purchase price, down payment, installment payments, interest rates, and other relevant provisions. 4. Home Improvement Retail Installment Contract: This agreement covers the financing of home improvement projects, such as remodeling, renovations, or repairs. It includes details about the contracted services, payment terms, interest rates, and other pertinent provisions specific to home improvement transactions. The District of Columbia Retail Installment Contract and Security Agreement requires both parties to provide certain information, including their names, addresses, contact information, and a detailed description of the goods or services being purchased. Additionally, the contract must include information about the total purchase price, the number and amount of installments, any finance charges or interest rates, and the consequences of defaulting on payments. It is essential for both retailers and consumers to understand the terms and conditions mentioned in the contract before signing it. Seeking legal advice or consulting with financial experts can help ensure a fair and smooth transaction for both parties involved.
