45-336 Installment contract; requirements. - Nebraska Statutes

45-336. Installment contract; requirements.(1) Each retail installment contract shall be in writing, shall be signedby both the buyer and the seller, and shall contain the following items anda copy thereof shall be delivered to the buyer at the time the instrumentis signed, except for contracts made in conformance with section 45-340: (a)The cash sale price; (b) the amount of the buyer's downpayment, and whethermade in money or goods, or partly in money and partly in goods, includinga brief description of any goods traded in; (c) the difference between subdivisions(a) and (b) of this subsection; (d) the amount included for insurance if aseparate charge is made therefor, specifying the types of coverages; (e) theamount included for a debt cancellation contract or a debt suspension contractif the debt cancellation contract or debt suspension contract is a contractof a financial institution, such contract is sold directly by such financialinstitution or by an unaffiliated, nonexclusive agent of such financial institutionin accordance with 12 C.F.R. part 37, as such part existed on January 1, 2006,and the financial institution is responsible for the unaffiliated, nonexclusiveagent's compliance with such part, and a separate charge is made therefor;(f) the basic time price, which is the sum of subdivisions (c) and (d) ofthis subsection; (g) the time-price differential; (h) the amount of the time-pricebalance, which is the sum of subdivisions (f) and (g) of this subsection,payable in installments by the buyer to the seller; (i) the number, amount,and due date or period of each installment; (j)the time-sales price; and (k)the amount included for a guaranteed asset protection waiver.(2) The contract shall contain substantially the following notice: NOTICETO THE BUYER. DO NOT SIGN THIS CONTRACT BEFORE YOU READ IT OR IF IT CONTAINSBLANK SPACES. YOU ARE ENTITLED TO A COPY OF THE CONTRACT YOU SIGN.(3) The items listed in subsection (1) of this section need not be statedin the sequence or order set forth in such subsection. Additional items maybe included to explain the computations made in determining the amount tobe paid by the buyer. No installment contract shall be signed by the buyeror proffered by seller when it contains blank spaces to be filled in afterexecution, except that if delivery of the goods or services is not made atthe time of the execution of the contract, the identifying numbers or marksof the goods, or similar information, and the due date of the first installmentmay be inserted in the contract after its execution.(4) If a seller proffers an installment contract as part of a transactionwhich delays or cancels, or promises to delay or cancel, the payment of thetime-price differential on the contract if the buyer pays the basic time price,cash price, or cash sale price within a certain period of time, the sellershall, in clear and conspicuous writing, either within the installment contractor in a separate document, inform the buyer of the exact date by which thebuyer must pay the basic time price, cash price, or cash sale price in orderto delay or cancel the payment of the time-price differential. The selleror any subsequent purchaser of the installment contract, including a salesfinance company, shall not be allowed to change such date.(5) Upon written request from the buyer, the holder of an installmentcontract shall give or forward to the buyer a written statement of the datesand amounts of payments and the total amount unpaid under such contract. Abuyer shall be given a written receipt for any payment when made in cash.(6) After payment of all sums for which the buyer is obligated undera contract, the holder shall deliver or mail to the buyer at his or her last-knownaddress one or more good and sufficient instruments or copies thereof to acknowledgepayment in full and shall release all security in the goods and mark canceledand return to the buyer the original agreement or copy thereof or instrumentsor copies thereof signed by the buyer. For purposes of this section, a copyshall meet the requirements of section 25-12,112. SourceLaws 1965, c. 268, § 3, p. 758; Laws 1994, LB 979, § 12; Laws 1994, LB 980, § 3; Laws 1999, LB 396, § 28; Laws 2006, LB 876, § 26; Laws 2010, LB571, § 9.