In a retail installment sale to a consumer as defined by Regulation Z of the Federal Trade Commission (FTC), the creditor must make the disclosures required by Regulation Z clearly and conspicuously in writing, in a form that the consumer may keep. The disclosures must be grouped, must be segregated from everything else, and must not contain any information not directly related to the disclosures required by Regulation Z (although the disclosures may include an acknowledgment of receipt, the date of the transaction, and the consumer's name, address, and account number). 12 C.F.R. § 226.17(a)(1). Regulation Z sets forth several closed-end model forms and clauses which illustrate other formats for these disclosures. 12 C.F.R. Part 226, Appendix H.
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 at least 10- point, bold face, type or print and
must be worded as shown if the form.
A Nevada Retail Installment Contract and Security Agreement refers to a legal agreement made between a buyer and a seller in Nevada for the purchase of goods or services over a specific period. It outlines the terms and conditions regarding the installment payments, interest rates, penalties, and ownership rights of the purchased item until the full payment is made. In Nevada, there are various types of Retail Installment Contracts and Security Agreements, each serving a specific purpose and catering to different transactions. Some notable types include: 1. Vehicle Retail Installment Contract and Security Agreement: This agreement primarily concerns the purchase of automobiles, motorcycles, or any other motor vehicles in Nevada. It provides details about the total cost, down payment, applicable interest rates, monthly payments, and the duration of the contract. 2. Appliance Retail Installment Contract and Security Agreement: This type of agreement focuses on the installment purchase of household appliances such as refrigerators, washing machines, dishwashers, and other similar items. It specifies the terms regarding payments, warranties, and potential penalties for late or missed payments. 3. Furniture Retail Installment Contract and Security Agreement: This agreement pertains to the installment purchase of furniture items like sofas, dining sets, beds, or other home furnishings. It outlines the payment plan, interest rates, and any applicable fees, as well as any warranties provided by the seller. 4. Electronics Retail Installment Contract and Security Agreement: This category involves the installment purchase of electronic devices like televisions, smartphones, laptops, or audio equipment. The agreement states the terms of payment, including the number of installments, interest rates, and potential penalties for non-compliance with the contract. 5. General Retail Installment Contract and Security Agreement: This type encompasses various retail purchases of goods or services that do not fall under the aforementioned categories. It may include transactions related to jewelry, home improvement, recreational equipment, or any other retail item not covered by specific agreements. Regardless of the type, a Nevada Retail Installment Contract and Security Agreement is legally binding and protects the rights of both the buyer and seller. It is crucial for both parties to review and understand the terms before signing to ensure a fair and transparent transaction.
