Massachusetts Retail Installment Contract and Security Agreement

State:
Multi-State
Control #:
US-01496BG
Format:
Word; 
Rich Text
Instant download

Description

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.

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  • Preview Retail Installment Contract and Security Agreement
  • Preview Retail Installment Contract and Security Agreement
  • Preview Retail Installment Contract and Security Agreement
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How to fill out Retail Installment Contract And Security Agreement?

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FAQ

No installment seller shall permit any person, or any husband and wife jointly or severally, to be obligated, either directly or contingently to said seller, under more than one retail installment sales agreement executed at the same time.

A retail installment contract and security agreement is a specific type of contract used in retail sales, where the buyer agrees to make payments over time and provides security for the seller in case of default.

Common Examples of Installment Contracts Vehicle sales. Sale of land plots. Technology or computer services, which need regular updating. Agricultural goods or produce sales, which are subject to seasonal cycles. Retail installment contracts, where wholesalers sell ?in season? or ?in-style? clothes to a seller.

In an installment sale contract ? sometimes called a contract for deed ? generally the owner agrees to sell the real estate to the buyer for periodic payments to be applied to the purchase price in some fashion.

At the time of contracting, a retail installment sale is between the seller and the buyer; a secured loan from a third party is not, under most states' definitions, a retail installment sale.

An installment sales contract is also called a sales contract or land contract. VA-guaranteed loan usually do not require a down payment.

In contract law, a contract of sale, sales contract, sales order, or contract for sale is a legal contract for the purchase of assets (goods or property) by a buyer (or purchaser) from a seller (or vendor) for an agreed upon value in money (or money equivalent).

An installment contract (also called a land contract or articles of agreement for warranty deed or contract for deed) is an agreement between a real estate seller and buyer, under which the buyer agrees to pay to the seller the purchase price plus interest in installments over a set period of time.

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Massachusetts Retail Installment Contract and Security Agreement