What is a retail security agreement?

The Retail Security Agreement is a document included in your loan contracts provided by your bank or credit union. You'll receive this document after you finalize your loan. It's typically 2-3 pages long and titled ?Installment Contract,? or "Security Agreement".

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Utah
Retail Installment Contract and Security Agreement

Utah Retail Installment Contract and Security Agreement

Category:

Loans and Lending - Retail Installment Contracts

State:

Multi-State

Control #:

US-01496BG

Format:

Instant download

Description

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.

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How to fill out Retail Installment Contract And Security Agreement?

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US Legal Forms is the largest repository of legal documents where you can find various document templates.

Finding the appropriate legal document template can be challenging.
Numerous formats available online.
Use the US Legal Forms website.
Forms are reviewed by experts.
Comply with state and federal regulations.
Create your account and pay for the order.

Form popularity

FAQ

A retail installment contract and security agreement is a specific type of contract used in retail sales, where the buyer agrees to make payments over time and provides security for the seller in case of default.

An installment contract (also called a land contract or articles of agreement for warranty deed or contract for deed) is an agreement between a real estate seller and buyer, under which the buyer agrees to pay to the seller the purchase price plus interest in installments over a set period of time.

Installment sales encompass much longer time periods compared to credit sales. In addition, the seller maintains an ownership interest in the goods sold until the balance due is received in full. That is, the goods serve as collateral for the credit.

"Retail installment contract" or "contract" means any contract for a retail installment sale between a buyer and seller, entered into or performed in this state, which provides for (a) repayment in installments, whether or not such contract contains a title retention provision, and in which the buyer agrees to pay a ...

A retail installment contract is one where the lender maintains title to the property, such as a car, and the borrower has use of the property and makes regular installment payments toward the purchase of the property. It is often used in the purchase of motor vehicles.

At the time of contracting, a retail installment sale is between the seller and the buyer; a secured loan from a third party is not, under most states' definitions, a retail installment sale.

The Retail Security Agreement is a document included in your loan contracts provided by your bank or credit union. You'll receive this document after you finalize your loan. It's typically 2-3 pages long and titled ?Installment Contract,? or "Security Agreement".