365.070. Retail installment contracts to be in writing--form, contents.

MISSOURI STATUTES AND CODES

365.070. Retail installment contracts to be in writing--form, contents.

Retail installment contracts to be in writing--form, contents.

365.070. 1. Each retail installment contract shall be in writing, shallbe signed by both the buyer and the seller, and shall be completed as to allessential provisions prior to the signing of the contract by the buyer. Inaddition to the retail installment contract, the seller may require the buyerto execute and deliver a negotiable promissory note to evidence theindebtedness created by the retail installment transaction and the seller mayrequire security for the payment of the indebtedness or the performance of anyother condition of the transaction. Every note executed pursuant to a retailinstallment contract shall expressly state that it is subject to prepaymentprivilege required by law and the refund required by law in such cases. Anysuch note, if otherwise negotiable under the provisions of sections 400.3-101to 400.3-805, RSMo, shall be negotiable. The retail installment contract mayevidence the security.

2. The printed portion of the contract, other than instructions forcompletion, shall be in at least eight-point type. The contract shall containthe following notice in a size equal to at least ten-point bold type: "Noticeto the Buyer.

Do not sign this contract before you read it or if it contains any blankspaces.

You are entitled to an exact copy of the contract you sign.

Under the law you have the right to pay off in advance the full amountdue and to obtain a partial refund of the time price differential."

3. The contract shall also contain, in a size equal to at leastten-point bold type, a specific statement that liability insurance coveragefor bodily injury and property damage caused to others is not included if thatis the case.

4. The seller shall deliver to the buyer, or mail to him at his addressshown on the contract, a copy of the contract signed by the seller. Until theseller does so, a buyer who has not received delivery of the motor vehicle mayrescind his agreement and receive a refund of all payments made and return ofall goods traded in to the seller on account of or in contemplation of thecontract, or if the goods cannot be returned, the value thereof. Anyacknowledgment by the buyer of delivery of a copy of the contract shall be ina size equal to at least ten-point bold type and, if contained in thecontract, shall appear directly above the buyer's signature.

5. The contract shall contain the names of the seller and the buyer, theplace of business of the seller, the residence of the buyer and a briefdescription of the motor vehicle including its make, year model, model andidentification numbers or marks.

6. The contract shall contain the following items:

(1) The cash sale price of the motor vehicle;

(2) The amount of the buyer's down payment, and whether made in money orgoods, or partly in money and partly in goods, including a brief descriptionof the goods traded in;

(3) The difference between items one and two;

(4) The aggregate amount, if any, if a separate identified charge ismade therefor, included for all insurance on the motor vehicle against loss,damage to or destruction of the motor vehicle, specifying the types ofcoverage and period;

(5) The aggregate amount, if any, if a separate identified charge ismade therefor, included for all bodily injury and property damage liabilityinsurance for injuries to the person or property of others, specifying thetypes of coverage and coverage period;

(6) The aggregate amount, if any, if a separate identified charge ismade therefor, included for all life, accident or health insurance, specifyingthe types of coverage and coverage period;

(7) The amounts, if any, if a separate identified charge is madetherefor, included for other insurance and benefits, specifying the types ofcoverage and benefits and the coverage periods and separately stating eachamount for each insurance premium or benefit;

(8) The amount of official fees;

(9) The principal balance which is the sum of items (3), (4), (5), (6),(7) and (8);

(10) The amount of the time price differential expressed in the contractas a percent per annum;

(11) The total amount of the time balance stated as one sum in dollarsand cents, which is the sum of items (9) and (10), payable in installments bythe buyer to the seller, the number of installments, the amount of eachinstallment and the due date or period thereof based on the contract'soriginal amortization schedule; and

(12) The time sale price.

The above items need not be stated in the sequence or order set forth.