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Can you summarize MORS 408.260?
Legal Tender and Interest > Time contract, how executed required contents additional notes to cut off buyer's rights prohibited waiver of buyer's legal remedies prohibited.
Short Summary
This legal document pertains to retail time contracts in Missouri. It specifies that each retail time contract must be in writing, signed by both the buyer and seller, and completed prior to the buyer’s signing. The seller may also require the buyer to execute a negotiable promissory note and provide security for the payment or performance of any other condition. The document prohibits retail time contracts that cut off the buyer’s rights against the seller when the notes are separately negotiated. The contract must be printed in at least eight-point type and include a notice to the buyer in ten-point bold type. The seller must deliver a copy of the signed contract to the buyer, and the buyer has the right to rescind the agreement until the copy is received. The contract should contain the names and addresses of the parties, a description of the goods or services, and any collateral security taken. It should also include the cash sale price, down payment, insurance and other benefit charges, official fees, time charge, time balance, and time sale price. The document allows for multiple documents to constitute the retail time contract and permits certain information to be inserted after the contract’s execution. It also requires the holder of the contract to provide a statement of payments and charges upon request. The document prohibits provisions relieving the seller from liability or waiving the buyer’s legal remedies. After full payment, the holder must acknowledge payment and release all security. Lastly, the document prohibits provisions that relieve the seller, assignee, or holder from liabilities or waive the buyer’s claims, rights, or legal remedies.
Whom does it apply to?
Buyers and sellers involved in retail time contracts
What does it govern?
Retail time contracts
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Missouri