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.
The Virginia Retail Installment Contract and Security Agreement, often referred to as a retail installment sales contract (RISC), is a legally binding contract used in the state of Virginia for the purchase of goods or services where payment is made in installments over time. This type of agreement is commonly used in retail transactions, allowing customers to finance their purchases while the seller retains a security interest in the goods as collateral until the full payment is made. Keyword: Virginia Retail Installment Contract, Security Agreement, retail installment sales contract, RISC, purchase of goods, services, installments, financing, collateral, full payment. The Virginia Retail Installment Contract and Security Agreement outline the terms and conditions of the purchase, providing details on the buyer, seller, and the financed items. It specifies the purchase price and the number and frequency of installments required, including any applicable interest rates or finance charges. The agreement also includes provisions regarding late payments, defaults, and repossession rights in case of non-payment or breach of contract. Keyword: terms and conditions, buyer, seller, financed items, purchase price, installments, interest rates, finance charges, late payments, defaults, repossession rights. There are different types of Virginia Retail Installment Contract and Security Agreements depending on the nature of the purchase. Some common variations include: 1. Vehicle Retail Installment Contract: This type of agreement is used when purchasing a vehicle, such as a car, truck, motorcycle, or recreational vehicle, through installment payments. It outlines specific terms related to vehicle financing, including details on the make, model, identification number, and any specific warranties or exclusions. Keyword: Vehicle Retail Installment Contract, car, truck, motorcycle, recreational vehicle, installment payments, vehicle financing, make, model, identification number, warranties. 2. Appliance/Electronics Retail Installment Contract: This agreement pertains to the purchase of appliances or electronic items, such as refrigerators, televisions, computers, or home entertainment systems, through installment payments. It includes the item's specifications, brand, model number, and any additional warranties or service agreements. Keyword: Appliance/Electronics Retail Installment Contract, appliances, electronic items, refrigerators, televisions, computers, home entertainment systems, installment payments, specifications, brand, model number, warranties, service agreements. 3. Furniture Retail Installment Contract: When purchasing furniture, such as sofas, tables, beds, or other home furnishings, using installment payments, a Furniture Retail Installment Contract is utilized. It specifies the furniture's description, type, material, dimensions, and any applicable warranties or return policies. Keyword: Furniture Retail Installment Contract, furniture, sofas, tables, beds, home furnishings, installment payments, description, type, material, dimensions, warranties, return policies. It's important for both buyers and sellers to thoroughly understand the terms outlined in the Virginia Retail Installment Contract and Security Agreement before entering into any such agreement. Seeking legal advice or consulting the Virginia State Law may provide further guidance and clarity on specific provisions and legal rights involved in retail installment contracts.
