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Texas Finance Code - FIN § 345.052. Contents of Contract

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A retail installment contract must contain:

(1) the name of the retail seller and the name of the retail buyer;

(2) the place of business of the retail seller;

(3) the residence or other address of the retail buyer as specified by the retail buyer;

(4) the cash price;

(5) the amount of the retail buyer's down payment, specifying the amount paid in money and the amount allowed for goods traded in;  and

(6) each itemized charge.

(b) A charge for insurance authorized under Subchapter E   1 may be disclosed as provided by that subchapter.

(c) A retail installment contract must reasonably identify the goods sold or services furnished under the contract.  Multiple items of goods or services may be described in a separate writing in detail sufficient to identify them.

(d) The contract must contain substantially the following notice printed or typed in at least 10-point type that is bold-faced, capitalized, or underlined or otherwise conspicuously set out from the surrounding written material:

“NOTICE TO THE BUYER.  DO NOT SIGN THIS CONTRACT BEFORE YOU READ IT OR IF IT CONTAINS BLANK SPACES.  YOU ARE ENTITLED TO A COPY OF THE CONTRACT YOU SIGN.  UNDER THE LAW YOU HAVE THE RIGHT TO PAY OFF IN ADVANCE THE FULL AMOUNT DUE AND UNDER CERTAIN CONDITIONS MAY OBTAIN A PARTIAL REFUND OF THE FINANCE CHARGE.  KEEP THIS CONTRACT TO PROTECT YOUR LEGAL RIGHTS.”

1  V.T.C.A., Finance Code § 345.201 et seq.
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Cite this article: FindLaw.com - Texas Finance Code - FIN § 345.052. Contents of Contract - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-345-052/

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