Section 16-108. ADDITIONAL DISCLOSURES WITH RESPECT TO OPEN END CREDIT

 

108.1If the seller, in connection with an open end credit account offers or arranges for credit life, accident, or health insurance; insurance against loss of or damage to property or against liability arising out of ownership or use of property; or insurance protecting the seller against the buyer's default or other credit loss, the seller shall disclose whether a financial interest could inure to the seller by way of commission, rebate, or otherwise resulting from the buyer's obtaining the insurance coverage offered or arranged for the seller.

 

108.2The disclosure required by § 108.1 shall be made before the first transaction on an open end credit account in a single written statement which the customer may retain.

 

108.3If any goods sold pursuant to an open end credit account are used, seconds, or damaged, the seller shall disclose that fact in writing to the buyer at the time of the sale. The disclosure may be made on a sales receipt issued in connection with the sale.