Section 16-320. INFORMATION REQUIRED IN CONTRACTS

 

320.1In the case of a retail installment transaction, all information itemized in the following captions shall be furnished in writing to the purchaser, and shall be set forth on the first page in the body of the retail installment contract:

 

(a) DESCRIPTION OF THE MOTOR VEHICLE SOLD;

 

(b) CASH SALE PRICE OF VEHICLE AND EQUIPMENT;

 

(c) GOVERNMENTAL CHARGES;

 

(d) CASH DOWN PAYMENT (Including any Cash Deposit);

 

(e) AMOUNT CREDITED FOR ANY TRADE-IN;

 

(f) TOTAL CASH PRICE BALANCE;

 

(g) COST OF INSURANCE AND SUMMARY OF INSURANCE COVERAGE;

 

(h) PRINCIPAL BALANCE;

 

(i) FINANCE CHARGE;

 

(j) TIME PRICE BALANCE; and

 

(k) TERMS OF PAYMENT OF TIME PRICE BALANCE.

 

320.2In the case of a cash sale all information itemized in the following captions shall be furnished in writing to the purchaser by the dealer on an invoice:

 

(a) DESCRIPTION OF THE MOTOR VEHICLE SOLD;

 

(b) CASH SALE PRICE OF VEHICLE AND EQUIPMENT;

 

(c) GOVERNMENTAL CHARGES;

 

(d) CASH DOWN PAYMENT (Including any Cash Deposit);

 

(e) AMOUNT CREDITED FOR ANY TRADE-IN;

 

(f) TOTAL CASH PRICE BALANCE; and

 

(g) COST OF INSURANCE AND SUMMARY OF INSURANCE COVERAGE.

 

320.3The original and each copy of the completed invoice or of the retail installment contract shall bear the certification of the dealer that the information contained in the document and required by this chapter to be itemized is true.

 

320.4A legible copy of each invoice and each contract shall be retained in the District by the dealer for not less than three (3) years, in such manner as to make all copies readily accessible for review by the Director or the Director's representative.

 

320.5The last names and license numbers of each salesperson who participated in negotiating the sale shall also be inserted on the invoice or contract, and those persons shall be identified on the document as the salesperson(s).

 

320.6All information required by this chapter to be inserted in blank spaces (other than signatures) shall be filled in by typewriter or by writing the information legibly in print style.