APPENDIX M - RETAIL INSTALLMENT SALES ACT

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1 APPENDIX M - RETAIL INSTALLMENT SALES ACT Chapter 16C. RETAIL INSTALLMENT SALES Section 17:16C-1 Definitions. 17:16C-2 License required; exception. 17:16C-3 Application for license; form and content. 17:16C-4 Application acted on within 60 days. 17:16C-5 Procedure upon refusal to grant license. 17:16C-6 License to specify location of office; not transferable or assignable. 17:16C-7 Sales finance company license fee. 17:16C-8 Motor vehicle installment seller; license, application fee. 17:16C-9 No abatement in license fee; expiration. 17:16C-10 Suspension, revocation or refusal to renew license; notice; grounds. 17:16C-11 Revocation, refusal, etc. of license may be specific or general. 17:16C-12 Surrender of license not to affect civil or criminal liability. 17:16C-13 Suspension, revocation or refusal to renew license not to impair certain obligations. 17:16C-14 License to remain in force and effect; reinstatement. 17:16C-15 Examination of records when violation is suspected. 17:16C-16 Power of subpoena; administer oaths. 17:16C-17 Court order requiring attendance. 17:16C-18 Maintenance of books, accounts and records. 17:16C-19 Preservation of books, accounts, records, annual report. 17:16C-20 Minimum information to be kept. 17:16C-21 Contract in writing and to contain all agreements. 17:16C-22 Contents of contract. 17:16C-23 Buyer to be furnished copy of contract. 17:16C-24 Notice to buyer contained in contract; specifications. 17:16C-25 Acknowledgment of receipt of contract; specifications. 17:16C-26 Payment of time balance in substantially equal amounts on dates separated by substantially equal payment-periods; exceptions. 17:16C-27 Items to be set forth separately in contract. 17:16C-28 Additional purchases after original agreement. 17:16C-29 Allocation of payments on continuing retail agreements. 17:16C-30 Insurance at retail buyer s expense; dual protection. 17:16C-31 Buyer may supply insurance; premium included in contract; policy furnished; cancellation; returned premiums credited to unpaid balance. 17:16C-32 Notice that policy required in sale of motor vehicle includes no liability or property damage coverage. 17:16C-33 Other insurance. 17:16C-34 Premium refund credited to next installment. 17:16C-34.1 Entry into retail charge accounts; conditions. 17:16C-35 Prohibited contract provisions; acceleration clause. 17:16C-36 Waiver of right of action by retail buyer against seller, holder, etc. 17:16C-37 Power of attorney to confess judgment; other powers of attorney. 17:16C-38 Relief of retail seller from liability under contract. 17:16C-38.1 Relief of holder from certain liability prohibited. 17:16C-38.2 Forms, terms and conditions of note. 17:16C-38.3 Penalty. 17:16C-38.4 Certain charges not recoverable in event of violation of act. 1

2 17:16C-1 17:16C-39 Assignment of salary, wages, commissions or other compensation for services. 17:16C-39.1 Real property mortgage as additional security for retail sale void and unenforceable. 17:16C-40 Loan of money, etc., in connection with retail installment contract or charge account except in accordance with act. 17:16C-40.1 Passenger motor vehicle loans. 17:16C-40.2 Penalty for violation. 17:16C-41 Time price differential on retail installment contracts. 17:16C-42 Delinquency or collection charge for default in payment; attorney s fees. 17:16C-43 Prepayment; refund. 17:16C-44 Extending due date of contract or installment payment; options. 17:16C-44.1 Time price differential or retail charge accounts. 17:16C-45 Sale, transfer or assignment of contract; conditions. 17:16C-46 Failure to notify retail buyer on sale, etc. of contract; payment binding on subsequent holder. 17:16C-47 Provisions of 17:6C-45 not to apply; proviso. 17:16C-47.1 Purchases of retail installment contract. 17:16C-48 Status of buyer account furnished; limits number. 17:16C-49 Receipt for cash payment; contents. 17:16C-50 Additional charges prohibited; exceptions. 17:16C-51 Advanced amounts not retained on contemplated sales; deposit status not affected. 17:16C-52 Payment in full of contract; action by holder of contract under classes I, II, III and IV, 17:16C :16C-53 Certificate of ownership delivered to retail buyer upon final payment. 17:16C-54 Unauthorized costs and charges. 17:16C-55 Penalty for operating without a license. 17:16C-56 Penalty for violation; recovery of penalty. 17:16C-57 Provisions severable. 17:16C-58 Repealer. 17:16C-58.1 Application and construction of act. 17:16C-59 License continued; renewal. 17:16C-60 Short title. [ Retail Installment Sales Act of 1960 ]. 17:16C-61 Effective date. 17:16C-1. Definitions. In this act [17:16C-1 et seq.], unless the context otherwise requires, the following words and terms shall have the following meanings: (a) Goods means all chattels personal which are primarily for personal, family or household purposes, including merchandise certificates and coupons to be exchanged for goods or services, having a cash price of $10, or less, but not including money or other choses in action. Goods shall not include chattels personal sold for commercial or business use. (b) Retail installment contract means any contract, other than a retail charge account or an instrument reflecting a sale pursuant thereto, entered into in this State between a retail seller and a retail buyer evidencing an agreement to pay the retail purchase price of goods or services, which are primarily for personal, family or household purposes, or any part thereof, in two or more installments over a period of time. This term includes a security agreement, chattel mortgage, conditional sales contract, or other similar instrument and any contract for the bailment or leasing of goods by which the bailee or lessee agrees to pay as compensation a sum substantially equivalent to or in excess of the value of the 2

3 17:16C-1 goods, and by which it is agreed that the bailee or lessee is bound to become, or has the option of becoming, the owner of such goods upon full compliance with the terms of such retail installment contract. (c) Retail seller means a person who sells or agrees to sell goods or services under a retail installment contract or a retail charge account to a retail buyer, and shall include a motor vehicle installment seller. (d) Retail buyer means a person who buys or agrees to buy goods or services from a retail seller, not for the purpose of resale, pursuant to a retail installment contract or a retail charge account. (e) Person means an individual, partnership, firm, corporation, banking institution, association or any other group of individuals however organized. (f) Sales finance company means and includes any person engaging in this State in the business of acquiring or arranging for the acquisition of retail installment contracts or obligations incurred pursuant to retail charge accounts by purchase, discount, pledge or otherwise from a retail seller which is not wholly owned by or does not wholly own such person, and any person engaging, directly or indirectly, in the business of soliciting the purchase of retail installment contracts or obligations incurred pursuant to retail charge accounts from a retail seller which is not wholly owned by or does not wholly own such person, or in the business of aiding the retail seller in selling, assigning or arranging for the sale or assignment of retail installment contracts or obligations incurred pursuant to retail charge accounts, and any person other than a retail seller who enters into a retail charge account with a retail buyer. (g) Motor vehicle includes all vehicles used for transportation upon a highway propelled otherwise than by muscular power, excepting such vehicles as run only upon rails or tracks. (h) Motor vehicle installment seller means a dealer in motor vehicles, who is required to be licensed under chapter 10 of Title 39 of the Revised Statutes and who sells or offers to sell a motor vehicle to a retail buyer under a retail installment contract. (i) Cash price means the minimum price for which the goods or services subject to a retail installment contract or a retail charge account or other goods or services of like kind and quality may be purchased for cash from the seller by the buyer, as stated in the retail installment contract, the retail charge account or an instrument reflecting a sale pursuant thereto. (j) Down payment means all payments made in cash or in goods or partly in cash and partly in goods, received by the retail seller prior to or substantially contemporaneous with either the execution of the retail installment contract or the delivery of the goods, whichever occurs later. (k) Official fees means the filing or other fees required by law to be paid to a public officer to perfect an interest or lien, on the goods, retained or taken by a retail seller under a retail installment contract and motor vehicle license and transfer fees paid to the State. (l) Time price differential means the amount or amounts, however denominated or computed, in addition to the cash price or prices, to be paid by the retail buyer for the privilege of purchasing goods or services pursuant to a retail installment contract or a retail charge account. The term does not include the amount, if a separate charge is made therefor, for insurance and official fees. 3

4 17:16C-1 (m) Holder means any person, including a retail seller, who is entitled to the rights of a retail seller under a retail installment contract or retail charge account. (n) Banking institution means any bank, national banking association, savings bank, or Federally chartered savings bank authorized to do business in this State, and for the purposes of this act [17:16C-1 et seq.] only, an association as defined in section 5 of the Savings and Loan Act (1963), P.L.1963, c. 144 (C. 17:12B-5). (o) Commissioner means the Commissioner of Banking of New Jersey and includes his deputies or any salaried employee of the Department of Banking named or appointed by the said commissioner to perform any function in the administration or enforcement of this act [17:16C-1 et seq.]. (p) Payment-period means the period of time scheduled by a retail installment contract to elapse between the days upon which installment payments are scheduled to be made on such contract; except that, when installment payments are scheduled to be omitted, pursuant to section 26 [17:16C-26], payment-period means the period of time scheduled by the contract to elapse between the days upon which installment payments are scheduled to be made during that portion of the contract period in which no installment payment is scheduled to be omitted. (q) Contract period means the period beginning on the date of a retail installment contract and ending on the date scheduled by the contract for the payment of the final installment. (r) Retail charge account means any account, other than a retail installment contract or a home repair contract which is subject to the Home Repair Financing Act (P.L.1960, c. 41; C. 17:16C-62 et seq.), established by an agreement which prescribes the terms under which a retail buyer may from time to time purchase or lease goods or services which are primarily for personal, family or household purposes, and under which the unpaid balance thereunder, whenever incurred, is payable in one or more installments and under which a time price differential may be added in each billing period as provided herein. Retail charge account also includes all accounts arising out of the utilization by the holder of a credit card, letter of credit or other credit identification issued by a sales finance company, giving the holder the privilege of using the credit card, letter of credit or other credit identification to become a retail buyer in transactions out of which debt arises: (1) by the sales finance company s payment or agreement to pay the retail buyer s obligations; or (2) by the sales finance company s purchase from the retail seller of the obligations of the user of the credit card, letter of credit or other credit identification as a retail buyer. (s) Services means and includes work, labor and services, professional and otherwise which are primarily for personal, family or household purposes but does not include services which are subject to the Home Repair Financing Act, and insurance premiums financing which is subject to the Insurance Premium Finance Company Act (P.L.1968, c. 221; C. 17:16D-1 et seq.). (t) Billing period means the time interval between regular periodic billing statement dates. In the case of monthly billing periods, such intervals shall be considered equal intervals of time if the billing date of a billing period does not vary more than 4 days from the billing date of the immediately preceding billing period. In the case of billing periods which are not monthly, the permissible 4

5 17:16C-2 variation in billing dates shall be that proportion of 4 days (adjusted to the nearest whole number) which the number of days in the billing period bears to 30. (u) Professional services means services rendered or performed by a person authorized by law to practice a recognized profession whose practice is regulated by law and the performance of which services requires knowledge of an advanced type in a field of learning acquired by a prolonged formal course of specialized instruction and study as distinguished from general academic instruction or apprenticeship and training. Adopted. L. 1960, c. 40, 1. Amended. L. 1961, c. 121, 9; L. 1966, c. 324, 1; L. 1971, c. 399, 1; L. 1971, c. 409, 2; L. 1972, c. 14, 1; L. 1977, c. 220, 1; L. 1980, c. 16, 2; L. 1981, c. 102, 1. 17:16C-2. License required; exception. No person shall hereafter engage in or continue to engage in the business of a sales finance company or in the business of a motor vehicle installment seller in this State without first obtaining a license from the commissioner as provided for in this act [17:16C-1 et seq.]; provided, however, that no sales finance company shall be required to obtain a license to engage in the business of a motor vehicle installment seller for the purpose of disposing of any goods to which it has obtained title as a result of legal or contract right under any retail installment contract; and provided, further, that any banking institution authorized to do business in this State shall be authorized to transact business as a sales finance company, subject to all of the provisions of this act, except that it shall not be required to obtain a license or pay a license fee hereunder. Adopted. L. 1960, c. 40, 2. 17:16C-3. Application for license; form and content. An application for a new license or for a renewal thereof shall be accompanied by the required application and license fees, as appropriate, and shall be made on the forms and in the manner and accompanied by such evidence in support of the application as may be prescribed by the commissioner. Adopted. L. 1960, c. 40, 3. Amended. L. 1996, c. 157, 51, effective July 1, :16C-4. Application acted on within 60 days. Within 60 days after the filing of the application and the payment of the fees hereinafter set forth the commissioner shall either: (a) Issue and deliver to the applicant a license to engage in the business of a sales finance company or a motor vehicle installment seller in accordance with the provisions of this act [17:16C-1 et seq.] at the location specified in the said application; or (b) Refuse to issue the license for any reason for which he may suspend, revoke or refuse to renew any license under section 10 of this act [17:16C-10]. Adopted. L. 1960, c. 40, 4. 17:16C-5. Procedure upon refusal to grant license. If the commissioner refuses to issue a license he shall: (a) Notify the applicant of the denial and of his right to request a hearing within 10 days. (b) If the applicant does not request a hearing, return the sum paid as a license fee. (c) If the applicant requests such a hearing, give notice of the grounds for refusal and hold a hearing thereon. Within 30 days thereafter the commissioner 5

6 17:16C-6 shall file a written decision containing his findings and conclusions and serve a copy thereof upon the applicant. Adopted. L. 1960, c. 40, 5. 17:16C-6. License to specify location of office; not transferable or assignable. (a) Each license shall specify the location of the office or branch and must be conspicuously displayed therein. In case such location be changed, the commissioner shall endorse the change of location on the license without charge. (b) Such license shall not be transferable or assignable. (c) No licensee shall transact the business provided for by this act [17:16C-1 et seq.] under any other name or maintain an office at any other location than that designated in the license. Adopted. L. 1960, c. 40, 6. 17:16C-7. Sales finance company license fee. Every application for a new license shall be accompanied by a nonrefundable application fee as provided in subsection d. of section 8 of P.L. 1996, c. 157 (C. 17:11C-8). The license shall run from the date of issuance to the end of a term of not less than two years as set by the commissioner by regulation. Adopted. L. 1960, c. 40, 7. Amended. L. 1971, c. 58, 1; L. 1981, c. 321, 1; L. 1996, c. 157, 52, effective July 1, 1997; L. 1999, c. 250, 5, effective November 14, 1999; L. 2007, c. 81, 18, effective July 1, 2006; except that provisions of this act which amend the term of a license shall remain inoperative until the Commissioner of Banking and Insurance adopts regulations establishing the new license terms authorized by this act. The Commissioner of Banking and Insurance may immediately undertake action to promulgate any regulation necessary to implement the provisions of this act. 17:16C-8. Motor vehicle installment seller; license, application fee. With respect to a license fee imposed prior to the implementation of the assessment pursuant to P.L.2005, c.199 (C.17:1C-33 et al.), every motor vehicle installment seller shall pay to the commissioner at the time of making the application and biennially thereafter upon renewal a license fee for its principal office and for each additional place of business conducted in this State. The commissioner shall charge for a license such fee as he shall prescribe by rule or regulation. Each fee shall not exceed $300. The license shall run from the date of issuance to the end of the licensing period of not less than two years as set by the commissioner by regulation. Upon implementation of the assessment pursuant to P.L.2005, c.199 (C.17:1C-33 et al.), a license fee shall no longer be imposed or collected by the commissioner pursuant to this section, however a motor vehicle installment seller shall pay to the commissioner at the time of application a nonrefundable application fee not to exceed $300. Adopted. L. 1960, c. 40, 8. Amended. L. 1971, c. 58, 2; L. 1981, c. 321, 2; L. 2005, c. 199, 18, approved August 18, 2005, upon the adoption of regulations pursuant to sections 3 and 14 of this act, but no assessment shall be payable earlier than July 1, The commissioner may take those anticipatory actions necessary to effectuate the provisions of this act; L. 2007, c. 81, 19, effective July 1, 2006; except that provisions of this act which amend the term of a license shall remain inoperative until the Commissioner of Banking and Insurance adopts regulations establishing the new license terms authorized by this act. The Commissioner of Banking and Insurance may immediately undertake action to promulgate any regulation necessary to implement the provisions of this act. 17:16C-9. No abatement in license fee; expiration. No abatement in the amount of the said license fee shall be made if the license is issued for less than 1 year, nor if the license is surrendered, canceled or revoked prior to the expiration of the period for which such license was issued. Every license shall expire on December 31 of each year. Adopted. L. 1960, c. 40, 9. 6

7 17:16C-10 17:16C-10. Suspension, revocation or refusal to renew license; notice; grounds. a. The commissioner may refuse to issue and may revoke, suspend or refuse to renew a license or impose a penalty pursuant to this act if the commissioner finds, after notice and an opportunity for a hearing in accordance with the Administrative Procedure Act, P.L.1968, c.410 (C.52:14B-1 et seq.) and any rules adopted thereunder, that any person, applicant for or holder of the license has: (1) violated any of the provisions of P.L.1960, c.40 (C.17:16C-1 et seq.) or any order, rule or regulation made or issued pursuant to that act; (2) Withheld information or made a material misstatement in the application for the license; (3) Been convicted of an offense involving breach of trust, moral turpitude or fraudulent or dishonest dealing, or had a final judgment entered against him in a civil action upon grounds of fraud, misrepresentation or deceit; (4) Become insolvent, or failed to attain or maintain the required net worth; (5) Demonstrated unworthiness, incompetence, bad faith or dishonesty in the transacting of business as a licensee; or (6) Engaged in any other conduct which would be deemed by the commissioner to be the cause for denial of the license. b. A license of a corporation, partnership, association or other entity may be suspended or revoked if any officer, director or member of the licensee has committed any act which would be cause for suspending or revoking a license to him as an individual. c. No license issued under this act to a motor vehicle installment seller shall be valid unless such seller is the holder of a valid and subsisting license issued pursuant to chapter 10 of Title 39 of the Revised Statutes. Adopted. L. 1960, c. 40, 10. Amended. L. 1971, c. 409, 3; L. 1996, c. 157, 53, effective July 1, :16C-11. Revocation, refusal, etc. of license may be specific or general. The commissioner may suspend, revoke or refuse to renew the particular license with respect to which grounds for revocation, suspension or refusal to renew may occur or exist, or, if he finds that such grounds for suspension or revocation are of general application to all offices, or more than 1 office, operated by the licensee, he may revoke, suspend or refuse to renew all of the licenses issued to the licensee or such number of licenses as such grounds apply to, as the case may be. Adopted. L. 1960, c. 40, :16C-12. Surrender of license not to affect civil or criminal liability. Any licensee may surrender his license by delivering the license to the commissioner with written notice that he thereby surrenders the license, but such surrender shall not affect the licensee s civil or criminal liability for acts committed prior to the surrender. Adopted. L. 1960, c. 40, :16C-13. Suspension, revocation or refusal to renew license not to impair certain obligations. No suspension, revocation or refusal to renew any license shall impair or affect the obligation of any lawful retail installment contract or retail charge account acquired previously thereto by the licensee. Adopted. L. 1960, c. 40, 13. Amended. L. 1971, c. 409, 4. 7

8 17:16C-14 17:16C-14. License to remain in force and effect; reinstatement. Every license issued hereunder shall remain in force and effect until the same shall have expired or been surrendered, revoked or suspended in accordance with the provisions of this act [17:16C-1 et seq.], but the commissioner may reinstate suspended licenses or issue new licenses to a licensee whose license or licenses have been revoked, if the conditions under which such licenses were revoked have been corrected and the commissioner is satisfied as the result of an investigation that such conditions are not likely to reoccur. Adopted. L. 1960, c. 40, :16C-15. Examination of records when violation is suspected. The commissioner, if he has reasonable cause to believe that any licensee, or any other person, has violated any of the provisions of this act [17:16C-1 et seq.] or of any other law relating to retail installment sales or contracts, shall have the power to make such investigations as he shall deem necessary, and may examine the books, accounts, records and files of such licensee or any other such person believed to have violated this act or any other law relating to retail installment sales or contracts. Adopted. L. 1960, c. 40, :16C-16. Power of subpoena; administer oaths. The commissioner shall have power to issue subpoenas to compel the attendance of witnesses and the production of documents, papers, books, records and other evidence before him in any matter over which he has jurisdiction, control or supervision pertaining to this act [17:16C-1 et seq.]. The commissioner shall have the power to administer oaths and affirmations to any person whose testimony is required. Adopted. L. 1960, c. 40, :16C-17. Court order requiring attendance. In case of a failure of any person to comply with any subpoena issued by the commissioner or to testify with respect to any matter concerning which he may be lawfully interrogated, the Superior Court, on application of the commissioner, may issue an order requiring the attendance of such person and the giving of testimony or production of evidence. Any person failing to obey the court s order may be punished by the court as for contempt. Adopted. L. 1960, c. 40, :16C-18. Maintenance of books, accounts and records. Every retail seller, sales finance company, motor vehicle installment seller and holder shall maintain at its place or places of business in this State such books, accounts and records relating to all transactions within this act [17:16C-1 et seq.] as will enable the commissioner to enforce full compliance with the provisions of this act. Adopted. L. 1960, c. 40, 18. Amended. L. 2005, c. 199, 19, approved August 18, 2005, upon the adoption of regulations pursuant to sections 3 and 14 of this act, but no assessment shall be payable earlier than July 1, The commissioner may take those anticipatory actions necessary to effectuate the provisions of this act. 17:16C-19. Preservation of books, accounts, records, annual report. All books, accounts and records of the licensee shall be preserved and kept available as provided herein for such period of time as the commissioner may by regulation require. The commissioner may require a licensee to file an annual report containing that information required by the commissioner by regulation concerning business conducted as a licensee in the preceding calendar year. The 8

9 17:16C-20 report shall be submitted under oath and in the form specified by the commissioner by regulation. A licensee that fails to make and file its annual report in the form and within the time provided in this section shall be subject to a penalty of not more than $100 for each day s failure, and the commissioner may revoke or suspend its authority to do business in this State. The penalty may be collected in a summary proceeding pursuant to the Penalty Enforcement Law of 1999, P.L.1999, c.274 (C.2A:58-10 et seq.). A warrant may issue in lieu of a summons. Adopted. L. 1960, c. 40, 19. Amended. L. 2005, c. 199, 20, approved August 18, 2005, upon the adoption of regulations pursuant to sections 3 and 14 of this act, but no assessment shall be payable earlier than July 1, The commissioner may take those anticipatory actions necessary to effectuate the provisions of this act; L. 2007, c. 81, 20, effective July 1, 2006; except that provisions of this act which amend the term of a license shall remain inoperative until the Commissioner of Banking and Insurance adopts regulations establishing the new license terms authorized by this act. The Commissioner of Banking and Insurance may immediately undertake action to promulgate any regulation necessary to implement the provisions of this act. 17:16C-20. Minimum information to be kept. The commissioner is hereby authorized to prescribe the minimum information to be shown in such books, accounts and records of the licensee so that such records will enable the commissioner to determine compliance with the provisions of this act [17:16C-1 et seq.]. Adopted. L. 1960, c. 40, :16C-21. Contract in writing and to contain all agreements. Every retail installment contract shall be in writing and shall contain all of the agreements between the retail buyer and retail seller relating to the installment sale of the goods purchased and shall be signed both by the retail buyer and the retail seller. Adopted. L. 1960, c. 40, :16C-22. Contents of contract. Every retail installment contract shall state the names and addresses of all parties thereto, the date when signed by the retail buyer, and shall contain a description of the goods sold which shall be sufficient for identification. No retail installment contract shall be signed by any party thereto when such contract contains blank spaces to be filled in after such contract has been signed; however, this provision shall not apply to serial numbers or other identifying marks which are not available for the description of the goods at the time of the execution of the contract. Adopted. L. 1960, c. 40, :16C-23. Buyer to be furnished copy of contract. A copy of the retail installment contract shall be furnished by the retail seller to the retail buyer at the time the retail buyer signs the contract except that such copy need not contain the signature of the retail seller. Such copy shall be furnished the retail buyer without charge. Adopted. L. 1960, c. 40, :16C-24. Notice to buyer contained in contract; specifications. Every retail installment contract shall contain the following notice printed prominently, in the form herein indicated, in 10-point bold type or larger, directly above the notice required by section 25 [17:16C-25]: NOTICE TO RETAIL BUYER Do not sign this contract in blank. You are entitled to a copy of the contract at the time you sign. 9

10 17:16C-25 Keep it to protect your legal rights. Adopted. L. 1960, c. 40, :16C-25. Acknowledgment of receipt of contract; specifications. Any acknowledgment by the retail buyer of receipt of a copy of the contract shall be printed or written in a size equal to at least 10-point bold type and, if contained in the contract, shall appear directly above the space provided in the contract form for the signature of the retail buyer. Adopted. L. 1960, c. 40, :16C-26. Payment of time balance in substantially equal amounts on dates separated by substantially equal payment-periods; exceptions. Every retail installment contract shall provide for the payment of the time balance in substantially equal amounts on dates separated by substantially equal paymentperiods; except that the retail seller may defer the initial installment for any period of time up to one year from the date of the execution of the retail installment contract; and, provided further, that when appropriate for the purpose of facilitating payment, in accordance with a retail buyer s intermittent income, a contract may provide for payment on a schedule which reduces or omits payments over a period or periods not in excess of 93 days in any 12-month period or a contract may provide an installment schedule which reduces or omits payments over any period or periods of time during which period or periods the retail buyer s income is reduced or suspended. When a retail installment contract provides for unequal or irregular installments, the time price differential shall not exceed the effective rate provided in section 41 of P.L.1960, c.40 (C.17:16C- 41)[17:16C-41], having due regard for the schedule of installments. When in any retail installment contract the purchase of goods is combined with the purchase of food, the time balance on which is stated as one amount, that part of the time balance on the sale of goods shall be subject to the provisions of this section, but that part of the time balance on the purchase of food may be payable in a shorter time and added to the equal payment installment on goods. Adopted. L. 1960, c. 40, 26. Amended. L. 1966, c. 324, 2; L. 1969, c. 172, 1; L. 1973, c. 34, 1; L. 1995, c. 53, 8, effective March 17, :16C-27. Items to be set forth separately in contract. Every retail installment contract shall set forth the following separate items: (a) The cash price of the goods which are the subject matter of the retail installment contract; (b) The down payment made by the retail buyer, indicating whether made in cash or in goods or partly in cash and partly in goods. The amount of the payment in cash and in goods shall be shown separately. A description of the goods, if any, sufficient for identification, shall be shown; (c) The unpaid cash balance which shall be the difference between the cash price (subsection (a)) and the down payment (subsection (b)); (d) The amount, if any, if a separate charge is made therefor, included for insurance and other benefits, specifying the coverages and benefits; (e) The amount of official fees; (f) The principal balance, which is the sum of subsections (c), (d) and (e); (g) The amount of the time price differential; (h) The time balance, which is the sum of subsections (f) and (g), owed by the retail buyer to the retail seller, the number of installments required, the amount of each installment expressed in dollars and the due date or period thereof; 10

11 (i) The time sales price, which is the sum of subsections (b) and (h). Adopted. L. 1960, c. 40, :16C-28 17:16C-28. Additional purchases after original agreement. Whenever a retail installment contract by its terms permits the inclusion of additional goods purchased after the original agreement, and such goods are so purchased and the amount due on the new purchase is combined with an unpaid balance on any prior purchase so as to permit the retail seller to retain title to or reserve a lien upon all goods under the combined agreement, the retail seller shall, at the time of the additional purchase, deliver to the retail buyer and attach to the original agreement: (a) A statement containing all the information with respect to the additional purchase required to be included in a retail installment contract; and (b) A statement showing the amount due on the agreement immediately previous to the new purchase, the amount due after the new purchase, the payments agreed to be made thereafter, and the number of additional months required to complete the payments. Adopted. L. 1960, c. 40, :16C-29. Allocation of payments on continuing retail agreements. Whenever a payment is made on such a continuing agreement after additional purchases have been added, the payment shall be considered as allocated among each of the separate purchases included, in full to the purchase made earliest in time, and the retail seller before repossessing or attempting to repossess any goods under any such agreement shall actually allocate in such manner all such payments made to him by the retail buyer. When the amount owing on any separate purchase has been fully paid, the goods so paid for shall become the absolute property of the retail buyer and shall not be subject to repossession for any subsequent default on the agreement. The retail buyer under any such agreement may at any time prepay the amount due on any of the separate purchases and in case of repossession may redeem any of such separate purchases by payment of the amount due on such purchase alone. Adopted. L. 1960, c. 40, 29. Amended. L. 1981, c. 324, 1. 17:16C-30. Insurance at retail buyer s expense; dual protection. Where title to or a lien upon goods sold by the retail seller is retained or taken by the retail seller the retail buyer may be required to insure the goods at the retail buyer s expense for the protection of the retail seller or subsequent holder which insurance may be purchased by the holder. Such insurance shall be written for the dual protection of the retail buyer and the retail seller or subsequent holder to the extent of his interest in the goods and shall be limited to insurance against substantial risk of damage, destruction, or theft of such goods and shall be upon terms and conditions, which are reasonable and appropriate, considering the type and conditions of such goods. When the retail buyer fails or is unable to acquire insurance or the retail seller or subsequent holder is unable to purchase insurance covering the dual protection of the retail buyer and retail seller or subsequent holder, the retail seller or holder may purchase a single interest insurance policy on the goods and may collect the premium therefor from the retail buyer. Adopted. L. 1960, c. 40, 30. Amended. L. 1971, c. 409, 5. 17:16C-31. Buyer may supply insurance; premium included in contract; policy furnished; cancellation; returned premiums credited to unpaid 11

12 17:16C-32 balance. The retail buyer shall have the privilege of supplying insurance on the goods through an agent or broker of his own selection and selecting an insurance company acceptable to the retail seller; provided, however, the inclusion of the premium for such insurance in the retail installment contract, when the retail buyer selects the company, agent or broker, shall be optional with the retail seller. The amount, if any, included for such insurance shall not exceed the premiums chargeable in accordance with the applicable rates filed with the commissioner for such insurance. The retail seller or holder, if the premium for dual insurance on the goods is included in a retail installment contract, shall within 25 days after the execution of the retail installment contract send or cause to be sent to the retail buyer a policy or policies or certificate of insurance, written by an insurance company authorized to do business in this State, clearly setting forth the amount of the premium, the kind or kinds of insurance and the scope of the coverage and all the terms, exceptions, limitations, restrictions and conditions of the contract or contracts of insurance. The holder of a retail installment contract shall, if the goods described therein have been repossessed and sold, cancel any insurance on the goods and any other insurance or other benefits then in force and shall credit the amount of the return premium thereon to the unpaid balance outstanding on the retail installment contract. Adopted. L. 1960, c. 40, :16C-32. Notice that policy required in sale of motor vehicle includes no liability or property damage coverage. Whenever, in the sale of a motor vehicle, the retail buyer is required, under the provisions of this act [17:16C-1 et seq.], to provide a policy of insurance and such policy of insurance does not contain the liability insurance required by section 1 of P.L.1972, c. 197 (C. 39:6B-1), the retail installment contract shall contain, immediately following the statement therein concerning insurance, the following notice printed prominently, in the form herein indicated or in such other form as may be approved by the commissioner, in 10- point type or larger: THIS DOES NOT INCLUDE INSURANCE ON YOUR LIABILITY FOR BODILY INJURY OR PROPERTY DAMAGE. WITHOUT SUCH INSURANCE, YOU MAY NOT OPERATE THIS VEHICLE ON PUBLIC HIGHWAYS. Adopted. L. 1960, c. 40, 32. Amended. L. 1973, c. 346, 1. 17:16C-33. Other insurance. In addition to insurance on the goods, by agreement with the retail buyer, the retail seller may purchase such other insurance and other benefits as the retail buyer shall contract for; provided, however, that the retail buyer may cancel such additional insurance and other benefits, other than credit life and credit accident and health insurance, at any time prior to the expiration of such insurance contracts or benefits. Adopted. L. 1960, c. 40, :16C-34. Premium refund credited to next installment. If any policy or policies or certificates of insurance or other benefits are canceled, or the premiums thereon adjusted, the unearned insurance premium refund or refund on other benefits received by the retail seller or subsequent holder of the retail installment contract shall be credited to the next maturing installments of the retail installment contract, except to the extent applied toward payment for similar insurance protecting the interest of the buyer and the retail seller or holder of the contract or 12

13 13 17:16C-34.1 any of them; provided that in the case of credit life or credit accident and health insurance, the refund to the buyer shall be made in accordance with chapter 169 of the laws of 1958, and provided further that if the amount of such refund is less than the minimum prescribed by the commissioner, no refund need be made. Adopted. L. 1960, c. 40, :16C Entry into retail charge accounts; conditions. (a) A retail charge account may be entered into between a retail buyer and a retail seller or a person wholly owned by or which wholly owns a retail seller or between a retail buyer and a sales finance company on its own behalf or on behalf of one or more retail sellers from whom the sales finance company may purchase or acquire the obligations of the retail buyer incurred pursuant to a retail charge account. (b) A retail charge account shall be subject to such provisions not inconsistent with this act or otherwise prohibited by law which may be agreed upon, but shall be subject to the requirements for open end credit accounts as prescribed by regulations of the Board of Governors of the Federal Reserve System issued pursuant to Title I of the Consumer Credit Protection Act (Act of May 29, 1968, Public Law ), referred to in this act as the Truth in Lending Act and Regulations. (c) A retail charge account shall become effective when an agreement is signed by the retail buyer or when the retail buyer or someone authorized by the retail buyer makes a purchase pursuant to the terms of the account. Adopted. L. 1971, c. 409, :16C-35. Prohibited contract provisions; acceleration clause. No retail installment contract or retail charge account or separate instruments executed in connection therewith shall contain any acceleration clause under which any part or all of the balance, not yet matured, may be declared immediately due and payable because the retail seller or holder deems himself to be insecure and any such provision shall be void and unenforceable. Adopted. L. 1960, c. 40, 35. Amended. L. 1971, c. 409, 6. 17:16C-36. Waiver of right of action by retail buyer against seller, holder, etc. No retail installment contract or retail charge account or separate instruments executed in connection therewith shall contain any provisions whereby the retail buyer waives any right of action or defense against the retail seller, sales finance company, holder or other person acting on his or her behalf for any illegal act committed in the collection of the payments under the contract or account or in the repossession of the goods, the subject of the retail installment contract or retail charge account and any such provision shall be void and unenforceable. Adopted. L. 1960, c. 40, 36. Amended. L. 1971, c. 409, 7. 17:16C-37. Power of attorney to confess judgment; other powers of attorney. No retail installment contract or retail charge account or separate instruments executed in connection therewith shall contain any power of attorney to confess judgment or any other power of attorney and any such provision shall be void and unenforceable. Adopted. L. 1960, c. 40, 37. Amended. L. 1971, c. 409, 8. 17:16C-38. Relief of retail seller from liability under contract. No retail installment contract or retail charge account or separate instruments executed in connection therewith shall contain any provision relieving the retail seller from liability for any legal remedies which the retail buyer may have against the retail

14 17:16C-38.1 seller under the contract or account and any such provision shall be void and unenforceable. Adopted. L. 1960, c. 40, 38. Amended. L. 1971, c. 409, 9. 17:16C Relief of holder from certain liability prohibited. No retail installment contract shall contain any provision relieving the holder, or other assignee, from liability for any civil remedy sounding in contract which the retail buyer may have against the retail seller under the retail installment contract or under any separate instrument executed in connection therewith. Adopted. L. 1971, c. 399, 2. 17:16C Forms, terms and conditions of note. No retail installment contract shall require or entail the execution of any note unless such note shall have printed the words CONSUMER NOTE in 10-point bold type or larger on the face thereof. Such a note with the words CONSUMER NOTE printed thereon shall be subject to the terms and conditions of the retail installment contract and shall not be a negotiable instrument within the meaning of chapter 3 (Negotiable Instruments) N.J.S.12A:3-101 et seq., or a security interest within the meaning of chapter 9 (Secured Transactions) N.J.S.12A:9-101 et seq. of the Uniform Commercial Code. Any subsequent holder of a consumer note shall be subject to all claims and defenses of the retail buyer against the retail seller arising out of the transaction but no such claim or defense may be asserted against such holder in excess of the time sales price under the retail installment contract for any sale, except that, in the case of the sale of a new motor vehicle, as defined in R.S.39:10-2, no claim or defense may be asserted against such holder in excess of the time balance under the retail installment contract. No claim or defense which the retail buyer may have against the retail seller arising otherwise than out of the retail installment contract or any separate instrument executed in connection therewith shall be asserted against any subsequent holder. Adopted. L. 1971, c. 399, 3. Amended. L. 1995, c. 28, 12, effective June 1, :16C Penalty. Any person who procures the execution of a note in violation of this act [17:16C-38.1 to 17:16C-38.4]shall be liable to a penalty of not more than $ for each offense. Adopted. L. 1971, c. 399, 4. 17:16C Certain charges not recoverable in event of violation of act. In the event that a note is executed in connection with a retail installment contract in violation of this act [17:16C-38.1 to 17:16C-38.4], no finance, delinquency, collection, repossession or refinancing charges may be recovered in any action or proceeding based on the contract or the consumer note. Adopted. L. 1971, c. 399, 5. 17:16C-39. Assignment of salary, wages, commissions or other compensation for services. No retail seller, sales finance company or holder shall at any time take in a retail installment contract, a retail charge account or in a separate instrument, any assignment of or order for the payment of any salary, wages, commissions, or other compensation for services, or any part thereof, earned or to be earned and any such provision shall be void and unenforceable. Adopted. L. 1960, c. 40, 39. Amended. L. 1971, c. 409, :16C Real property mortgage as additional security for retail sale void and unenforceable. No retail installment contract, retail charge account or separate instrument executed in connection therewith shall contain any provision 14

15 17:16C-40 whereby the retail seller, sales finance company or holder takes a real property mortgage as additional security in connection with a retail sale. Any such provision shall be void and unenforceable. Adopted. L. 1981, c. 324, 2. 17:16C-40. Loan of money, etc., in connection with retail installment contract or charge account except in accordance with act. No retail seller, sales finance company or holder shall make any loan of money or advance of credit to a retail buyer on or in connection with any retail installment contract or retail charge account and charge, contract for or receive thereon a greater rate of interest than he would otherwise be permitted by law to charge except in accordance with the provisions of this act [17:16C-1 et seq.]; provided, however, that nothing contained in this section shall prohibit a banking institution from making any loan which it otherwise is permitted by law to make. Adopted. L. 1960, c. 40, 40. Amended. L. 1971, c. 409, :16C Passenger motor vehicle loans. A sales finance company licensed under the provisions of the Retail Installment Sales Act of 1960 (P.L.1960, c. 40), as amended and supplemented, or any act replacing or succeeding thereto which regulates retail installment sales, may loan to any one person any sum of money up to a maximum of $10, secured by a purchase money security interest to finance the purchase of a passenger motor vehicle not intended to be used for the transportation of passengers for hire or upon a contract basis. The principal amount of such loan may be repaid in not more than 48 substantially equal monthly installments. Notwithstanding the provisions of R.S. 31:1-1 or any other law to the contrary, the sales finance company may charge interest at a rate or rates agreed to by the sales finance company and the borrower. Such interest shall be computed on the full amount of such loan for the period from the making of the loan to the date of maturity of the final installment, and shall be added to the principal amount of the loan. For the purpose of this act [17:16C-40.1 and 17:16C-40.2], a purchase money security interest is hereby defined to be a security interest taken by a sales finance company, pursuant to the provisions of chapter 9 of Title 12A of the New Jersey Statutes, in connection with and as security for an advance of money on behalf of a retail buyer of a motor vehicle of the motor vehicle dealer in payment of the unpaid balance of the cash price. Effective on the first day of the twelfth month following the effective date of this act, when the unpaid balance owing upon a precomputed loan is repaid in full or the maturity of the unpaid balance of such loan is accelerated before the date scheduled for the payment of the final installment, the association shall allow a credit on account of the precomputed interest, calculated according to the actuarial refund method, as if all payments were made as scheduled, or if deferred, as deferred; provided, however, that if the loan is prepaid within 12 months after the first payment is due, an association may charge a prepayment penalty of not more than (a) $20.00 on any loan up to and including $2,000.00; (b) an amount equal to 1% of the loan on any loan greater than $2, and up to and including $5,000.00; and (c) $ on any loan exceeding $5, Adopted. L. 1961, c. 95, 1. Amended. L. 1970, c. 200, 2; L. 1980, c. 16, 1; L. 1981, c. 103, :16C Penalty for violation. A violation of any provision of this act [17:16C-40.1 and 17:16C-40.2] shall be cause for the revocation or suspension of 15

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