South Carolina Retail Installment Contract or Agreement

State:
Multi-State
Control #:
US-002WG
Format:
Word; 
Rich Text
Instant download

Description

A retail installment agreement is an agreement signed by the Purchaser involving a finance charge and providing for the sale of goods or services. Federal and some State Laws (Consumer Credit Protection Acts) require the disclosure of what the Purchaser is being charged for the credit he/she is receiving. These disclosures include such things as the amount being financed; finance charges; the annual percentage rate; and the number of payments and when due. However, such disclosures are usually only required when a person regularly extends consumer credit (e.g. more than 25 times in the preceding calendar year).



This form is for a casual seller who does not enter into such transactions on a regular basis. It can also be used in commercial transactions (e.g., credit that is not being extended primarily for personal, family, or household purposes).



The Purchaser in this form grants the Seller a security interest in the collateral being sold. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. The Seller requires the Purchaser to secure the obligation with the personal property being purchased so that if the Purchaser does not pay as promised, the Purchaser can take the collateral back, sell it, and apply the proceeds against the unpaid obligation of the Purchaser.

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How to fill out Retail Installment Contract Or Agreement?

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FAQ

(a) Any person who violates a provision of this division, or any rule or order under this division, shall be liable for a civil penalty not to exceed two thousand five hundred dollars ($2,500) for each violation.

A retail installment sales contract agreement is slightly different from a loan. Both are ways for you to obtain a vehicle by agreeing to make payments over time. In both, you are generally bound to the agreement after signing.

(1) If the violator is found to have violated repeatedly and intentionally a provision of this title, the violator must be fined in an amount not to exceed two thousand five hundred dollars and not to exceed ten thousand dollars for a transaction or occurrence or set of transactions or occurrences which violated

(1) If the violator is found to have violated repeatedly and intentionally a provision of this title, the violator must be fined in an amount not to exceed two thousand five hundred dollars and not to exceed ten thousand dollars for a transaction or occurrence or set of transactions or occurrences which violated

Key Takeaways. Installment loans are personal or commercial loans that borrowers must repay with regularly scheduled payments or installments. For each installment payment, the borrower repays a portion of the principal borrowed and also pays interest on the loan.

(1) This title prescribes maximum charges for all creditors, except lessors and those excluded (Section 37-1-202), extending consumer credit including consumer credit sales (Section 37-2-104), and consumer loans (Section 37-3-104), and displaces existing limitations on the powers of those creditors based on maximum

A retail installment sale is a transaction in which the buyer buys a car from the retail seller. The terms of the sale are set out in a retail installment sale contract, not a promissory note. In the retail installment sale contract, the buyer promises the retail seller that he will pay for the car over time.

A retail installment sale is a transaction between you and a dealer to purchase a vehicle where, you agree to pay the dealer over time, paying both the value of the vehicle plus interest. A dealer can sell the retail installment contract to a lender or other party.

Retail installment contract or contract means any contract for a retail installment sale between a buyer and seller, entered into or performed in this state, which provides for (a) repayment in installments, whether or not such contract contains a title retention provision, and in which the buyer agrees to pay a

South Carolina has several laws designed to safeguard its consumers and homeowners. Specifically, the South Carolina Consumer Protection Code, which is enforced by the South Carolina Department of Consumer Affairs, establishes a license requirement for mortgage lending in the state.

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South Carolina Retail Installment Contract or Agreement