Section 16-324. DOWN PAYMENTS

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324.1No dealer shall demand or receive, either directly or indirectly, as a cash down payment any payment from any buyer in excess of the amount shown on the retail installment contract opposite the item captioned "CASH DOWN PAYMENT."

324.2No promissory note accepted by a dealer as all or part of the "CASH DOWN PAYMENT" in connection with a retail installment transaction shall be secured by the motor vehicle purchased in the transaction. Any such promissory note shall be deemed to have been accepted as the equivalent of cash and shall be so recorded on the retail installment contract.

                    
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