North Dakota 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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FAQ

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.

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 loan is a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years.

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.

The difference between an installment loan and a personal loan is that an installment loan can be any type of loan paid off in regular intervals over time, while a personal loan is just one example of an installment loan.

Credit sales are typically of shorter duration and installment sales spread payments out over longer periods of time. When a car dealer offers installment agreements to customers, the car is used as collateral for the credit. A mortgage loan is another example of installment debt.

A retail installment contract is one where the lender maintains title to the property, such as a car, and the borrower has use of the property and makes regular installment payments toward the purchase of the property. It is often used in the purchase of motor vehicles.

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North Dakota Retail Installment Contract and Security Agreement