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.
Minnesota Retail Installment Contract and Security Agreement is a legal document that outlines the terms and conditions between a buyer and a seller for the purchase of goods on installment in the state of Minnesota. This agreement also secures the seller's interest in the goods until the buyer fully pays off the outstanding balance. In Minnesota, there are several types of Retail Installment Contracts and Security Agreements, including: 1. Automobile Retail Installment Contract and Security Agreement: This type of agreement is commonly used in the purchase of vehicles, such as cars, trucks, motorcycles, or recreational vehicles. It details the buyer's obligation to make regular installment payments, along with the stipulations regarding the seller's security interest in the vehicle until the loan is fully satisfied. 2. Consumer Goods Retail Installment Contract and Security Agreement: This agreement applies to the purchase of general consumer goods, such as electronics, furniture, appliances, or other personal property. It provides comprehensive information regarding the installment payments, interest rates, late fees, and the seller's right to repossess the goods in case of non-payment. 3. Home Improvement Retail Installment Contract and Security Agreement: This type of agreement is specific to home improvement projects, where a contractor provides services or materials for the improvement, repair, or maintenance of a property. It includes provisions related to the cost of the project, installment payments, interest rates, and the creation of a security interest in the property until the contract is fulfilled. 4. Mortgage Retail Installment Contract and Security Agreement: This agreement is relevant when purchasing real estate or property with the assistance of a mortgage loan. It outlines the buyer's obligations to make regular mortgage payments, the interest rates, late fees, and clearly establishes the lender's security interest in the property. In case of default, the lender holds the authority to initiate foreclosure proceedings. It is important to note that these agreements must comply with the specific regulations, laws, and guidelines set forth by the state of Minnesota. Additionally, individual contracts may vary, so it is crucial for both buyers and sellers to thoroughly review and understand the terms and conditions before entering into any Retail Installment Contract and Security Agreement in Minnesota.
