Section 16-105. RETAIL INSTALLMENT CONTRACTS: ADDITIONAL DISCLOSURES

 

105.1In addition to the disclosures required under § 101, the additional disclosures set forth in this section are required to be set out in a retail installment contract, separately and below any disclosures required under § 101, if not made in connection with § 101.

 

105.2To the extent that the disclosure of "cash price" includes the cash price of delivery, installation, servicing, repairs, alterations or improvements, the charge made for such items shall be stated. For the purposes of this chapter, the amount by which the cash price stated in a retail installment contract exceeds the cash price of goods or services offered by the seller to other buyers in the ordinary course of business shall be deemed a finance charge.

 

105.3Each retail installment contract shall include the name, address, and telephone number, if any, of both the seller and the buyer.

 

105.4Each retail installment contract shall contain a description of the goods or services purchased, including, where applicable, the trade name, and the model number of the goods.

 

105.5If the goods are used, seconds, or damaged, the contract shall so state.

 

105.6If the seller takes collateral to secure the buyer's obligations under the agreement, a description of the collateral shall be set forth in the contract.

 

105.7The seller shall disclose whether a financial benefit could inure to the seller by way of commission, rebate, or otherwise resulting from the buyer's obtaining any insurance coverage offered or arranged for by the seller if the seller, in connection with a retail installment contract, offers or arranges for any of the following:

 

(a)Credit life, accident, or health insurance;

 

(b)Insurance against loss of or damage to property;

 

(c)Insurance against liability arising out of ownership or use of property; or

 

(d)Insurance protecting the seller against the buyer's default or other credit loss.