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.
Oregon Retail Installment Contract and Security Agreement is a legally binding document designed for the purchase of goods or services on credit in the state of Oregon. This agreement outlines the terms and conditions under which the buyer will make payments to the seller for the purchased goods or services. It also includes provisions to ensure the seller maintains a security interest in the goods until the buyer fully pays off the debt. There are several types of Oregon Retail Installment Contracts and Security Agreements, each serving a specific purpose: 1. Standard Retail Installment Contract and Security Agreement: This is the most common type used for the sale of consumer goods or services. It encompasses a wide range of retail transactions, such as purchasing furniture, electronics, vehicles, or home appliances. 2. Vehicle Retail Installment Contract and Security Agreement: Focuses specifically on the sale of automobiles, motorcycles, or any other type of motor vehicle. This type of agreement includes additional clauses related to vehicle registration, insurance, and maintenance. 3. Real Estate Retail Installment Contract and Security Agreement: Used for the purchase of real estate properties where the buyer plans to pay for the property in installments. This agreement typically includes detailed terms regarding the sale price, payment schedule, and the consequences for defaulting on payments. 4. Business Retail Installment Contract and Security Agreement: Pertains to the sale of goods or services between two businesses rather than consumers. This type of agreement may involve bulk purchases, equipment financing, or leasing arrangements. 5. Personal Property Retail Installment Contract and Security Agreement: Used for the purchase of personal property, such as jewelry, artwork, or collectibles. This agreement grants the seller a security interest in the property until it is fully paid off. It is important to note that no matter the type of Oregon Retail Installment Contract and Security Agreement, certain key provisions are typically included. These provisions include details about the purchase price, payment schedule, interest rates, late payment penalties, default consequences, and the seller's rights in cases of buyer default or breach of contract. Overall, an Oregon Retail Installment Contract and Security Agreement serves as a comprehensive contract between a seller and buyer, ensuring fair and mutually agreed upon terms for credit purchases.
