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.
Maryland Retail Installment Contract and Security Agreement is a legal document that governs the terms and conditions of a purchase made by a consumer from a retail establishment in Maryland. This agreement outlines the rights and obligations of the buyer (consumer) and the seller (retailer) and includes provisions for installment payments and security interests. Under Maryland law, there are several types of Retail Installment Contract and Security Agreements that cater to different types of purchases and arrangements. 1. Automobile Retail Installment Contract and Security Agreement: This type of agreement is commonly used for the purchase of motor vehicles such as cars, trucks, or motorcycles. It covers the financing terms, payment schedule, interest rate, and any additional charges associated with the vehicle purchase. 2. Furniture Retail Installment Contract and Security Agreement: This agreement is specifically designed for the purchase of furniture items, including sofas, beds, tables, and chairs. It outlines the installment plan period, interest or finance charges, and any penalties for non-payment. 3. Electronics Retail Installment Contract and Security Agreement: This type of agreement is applicable to the purchase of electronic goods, such as televisions, laptops, smartphones, and home appliances. It stipulates the payment structure, interest rates, and any warranties or return policies associated with the electronics purchase. 4. Home Improvement Retail Installment Contract and Security Agreement: This agreement is used for home improvement projects, including renovations, additions, or repairs. It details the payment terms, interest rates, scope of work, warranties, and any liens or security interests on the property. 5. Jewelry Retail Installment Contract and Security Agreement: This type of agreement is specific to the purchase of jewelry, such as rings, necklaces, or watches. It covers the financing arrangements, installments, interest rates, and any applicable warranties or return policies for the jewelry items. Regardless of the specific type, a Maryland Retail Installment Contract and Security Agreement typically includes essential elements such as the buyer's and seller's information, description of the purchased item(s), the total purchase price, down payment amount (if applicable), installment details, interest rates or finance charges, default and late payment provisions, and security interests on the purchased goods. It is important for both buyers and sellers to carefully review and understand the terms outlined in the Maryland Retail Installment Contract and Security Agreement before signing, as it legally binds both parties and determines their respective rights and obligations throughout the purchase and payment process.
