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.
Wisconsin Retail Installment Contract and Security Agreement is a legal document that outlines the terms and conditions under which the sale of goods or services is financed in Wisconsin. This agreement is used when a buyer wants to purchase an item or service but cannot make the full payment upfront. Instead, they opt for a financing arrangement with the seller, often a retail store or a financial institution. Keywords: Wisconsin Retail Installment Contract, Security Agreement, financing, buyer, seller, retail store, financial institution. In Wisconsin, there are various types of Retail Installment Contracts and Security Agreements, each catering to different types of purchases and financing arrangements. Let's explore some common types: 1. Automobile Retail Installment Contract and Security Agreement: This type of agreement is commonly used for financing the purchase of a motor vehicle. It includes details about the vehicle, loan amount, interest rate, repayment schedule, and the terms for repossession or default. 2. Home Appliance Retail Installment Contract and Security Agreement: This agreement pertains to the financing of household appliances such as refrigerators, washing machines, or televisions. It outlines the purchase price, interest rate, installments, and any penalties for late payments or default. 3. Furniture Retail Installment Contract and Security Agreement: For those looking to buy furniture on credit, this type of agreement comes into play. It includes details about the furniture items, payment schedule, any down payment required, and consequences of non-payment or default. 4. Electronics Retail Installment Contract and Security Agreement: This agreement is specific to the financing of electronic goods like smartphones, laptops, or home theater systems. It outlines the purchase price, down payment (if any), interest rate, and terms of payment, along with provisions for late payment or default. 5. Retail Service Retail Installment Contract and Security Agreement: In cases where the purchase involves a service rather than a physical item, such as home repairs or remodeling, this agreement is used. It includes details about the service, the agreed-upon price, payment schedule, and any penalties for non-payment. These are just a few examples of the different types of Wisconsin Retail Installment Contracts and Security Agreements. It is important for both buyers and sellers to thoroughly review and understand the terms of the agreement before signing to ensure a smooth and fair financing process.
