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.
A North Carolina Retail Installment Contract and Security Agreement is a legal document that outlines the terms and conditions of a retail purchase made on credit. It serves as an agreement between the buyer (debtor) and the seller (creditor), specifying the terms of repayment for the purchased goods or services. This type of contract is commonly used in various retail industries, including automobiles, furniture, electronics, and appliances. The North Carolina Retail Installment Contract and Security Agreement contains essential information such as the names and contact details of both parties, a description of the goods or services being sold, the purchase price, and the repayment terms. The agreement also includes details on any down payment made, the interest rate applied, and the schedule of payments, including the amount and due dates. One of the key components of the contract is the security agreement. This part establishes a security interest in the purchased goods, meaning the seller retains a legal claim to the items until the buyer fully repays the debt. The security agreement helps protect the seller if the buyer defaults on the payments, as it grants the seller the right to repossess and sell the goods to recover the outstanding balance. There can be different types of North Carolina Retail Installment Contract and Security Agreements, depending on the specific industry or nature of the purchase. For example, there may be separate agreements for automotive purchases (e.g., North Carolina Retail Installment Contract and Security Agreement for Automobiles) and furniture purchases (e.g., North Carolina Retail Installment Contract and Security Agreement for Furniture). In summary, a North Carolina Retail Installment Contract and Security Agreement is a legally binding document that governs the terms of credit-based retail purchases. It protects the rights of both the buyer and the seller, outlining repayment terms and establishing a security interest in the goods. Different variations may exist depending on the industry or type of purchase.
