A retail installment agreement is an agreement signed by the Purchaser involving a finance charge and providing for the sale of goods or services. Federal and some State Laws (Consumer Credit Protection Acts) require the disclosure of what the Purchaser is being charged for the credit he/she is receiving. These disclosures include such things as the amount being financed; finance charges; the annual percentage rate; and the number of payments and when due. However, such disclosures are usually only required when a person regularly extends consumer credit (e.g. more than 25 times in the preceding calendar year).
This form is for a casual seller who does not enter into such transactions on a regular basis. It can also be used in commercial transactions (e.g., credit that is not being extended primarily for personal, family, or household purposes).
The Purchaser in this form grants the Seller a security interest in the collateral being sold. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. The Seller requires the Purchaser to secure the obligation with the personal property being purchased so that if the Purchaser does not pay as promised, the Purchaser can take the collateral back, sell it, and apply the proceeds against the unpaid obligation of the Purchaser.
A Mississippi Retail Installment Contract or Agreement refers to a legal arrangement made between a buyer and a seller in the state of Mississippi for the sale of goods or services on credit. This agreement allows the buyer to make payments over a period of time rather than paying the entire sum upfront. The purpose of this contract is to establish the terms and conditions under which the buyer will make payments for the purchased goods or services. It outlines the specific details of the transaction, including the total purchase price, the amount of down payment (if any), the interest rate or finance charge, the repayment schedule, and any other applicable fees or charges. There are different types of Mississippi Retail Installment Contracts or Agreements, which vary depending on the nature of the transaction. Some common types include: 1. Automobile Retail Installment Contract: This type of agreement is specifically designed for the purchase of vehicles, such as cars, trucks, or motorcycles. It incorporates details such as the make and model of the vehicle, the VIN number, and any relevant warranties or guarantees. 2. Electronics Retail Installment Contract: This type of agreement is used for the sale of electronic goods such as televisions, computers, or mobile phones. It may include specifications of the electronic device, such as brand, model, and serial number. 3. Appliance Retail Installment Contract: This type of agreement applies to the purchase of household appliances like refrigerators, washing machines, or dishwashers. It may include details such as the energy efficiency rating, the manufacturer's warranty, and installation requirements. 4. Furniture Retail Installment Contract: This type of agreement is used for the sale of furniture items such as sofas, beds, or dining sets. It may include information about the material, dimensions, and any additional services like delivery or assembly. These agreements are governed by the Mississippi Retail Installment Sales Act (MARISA), which establishes the legal framework to protect the rights of both buyers and sellers. It sets out requirements for disclosure, interest rates, and prohibited practices, ensuring transparency and fairness in consumer credit transactions. In conclusion, a Mississippi Retail Installment Contract or Agreement refers to a legally binding document that outlines the terms and conditions of a credit sale for goods or services. It ensures that consumers are provided with detailed information about the transaction, allowing them to make informed decisions.
