Can you summarize DCCO 28-3807?

Short Summary

(a) In a consumer credit sale, no seller shall take or otherwise arrange for the consumer to sign an instrument, except a check, payable to order or to bearer as evidence of the credit obligation of the consumer. (b) Any holder of an instrument prohibited by subsection (a) of this section 28-3807, if he takes it with knowledge of a violation of this section, takes it subject to all claims and defenses of the consumer up to the amount owing on the transaction total at the time of the assignment. (Dec. 17, 1971, 85 Stat. 670, Pub. L. 92-200, 4.) Prior Codifications 1981 Ed., 28-3807. 1973 Ed., 28-3807. Section References This section is referenced in 28-3909. Cross References Consumer protection procedures, restraining prohibited acts, see 28-3909.

Jurisdiction

Washington, D.C.

Source

• Banking