Disclosure of credit terms should have the content and form required under the federal Truth in Lending Act (15 U.S.C.A. §§ 1601 et seq.) and applicable regulations (Regulation Z, 12 C.F.R. § 226), and under state consumer credit laws to the extent that they differ from the federal Act. In connection with specified installment sales and other consumer credit transactions, these enactments require written disclosure and advice as to finance charges, annual percentage rates and other matters relating to credit. Under the federal Act, the disclosures may be set forth in the contract document itself or in a separate statement or statements.
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 10-point bold type or print and must be worded as set forth in the above form.
Connecticut Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle is a legal document designed to outline the terms and conditions regarding the sale and financing of an automobile. The agreement serves as security for the lender to protect their interest in the vehicle until the borrower completes all payment obligations. Here is a detailed description of this agreement along with relevant keywords: 1. Purpose: A Connecticut Security Agreement for Retail Installment Sale of Automobile, Car or Motor Vehicle serves as a legally binding contract between a lender and a borrower when purchasing an automobile through financing. 2. Parties involved: The agreement involves two parties — the lender (financial institution or individual seller) and the borrower (purchaser of the vehicle). 3. Vehicle description: The agreement specifies the make, model, year, Vehicle Identification Number (VIN), and other unique identifiers of the automobile being purchased. 4. Payment terms: It outlines the installment schedule, including the amount to be paid, interest rates, due dates, and the total loan amount. This ensures transparency and clarity between the parties involved. 5. Security interest: The agreement establishes a security interest for the lender over the vehicle until the borrower completes the full payment of the loan. In case of default, the lender can repossess the vehicle and sell it to recover their funds. 6. Default and repossession: The agreement defines the conditions under which default occurs, such as missed payments or violation of the agreement's terms. It explicitly states the lender's rights to repossess the vehicle if default occurs. 7. Insurance requirements: This agreement may include a section that mandates the borrower to maintain adequate insurance coverage on the vehicle until the loan is paid off, protecting both parties from any unforeseen circumstances. 8. Additional fees: It is common for the agreement to include charges or fees that may arise, such as late payment fees or legal costs, should any disputes regarding the agreement arise. There are no specific types of Connecticut Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle mentioned, as the content mentioned above applies to this type of agreement generally. However, it's essential to note that variations can exist based on individual agreements, parties involved, and specific terms decided upon by the lender and borrower.
