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Can you summarize WARC 63.14.130?
Retail installment sales of goods and services. > Retail installment contracts, retail charge agreements, and lender credit card agreementsService charge agreed to by contractOther fees and charges prohibited.
Short Summary
This legal document governs retail installment contracts, retail charge agreements, and lender credit card agreements in the context of retail installment sales of goods and services. It states that the service charge agreed upon in the contract should include all charges related to investigating and making the installment contract or charge agreement, as well as the privilege of making installment payments. No other fees or charges are allowed, except for specific exemptions such as vehicle dealer administrative fees or documentary service fees. The service charge in a retail installment contract should not exceed the agreed-upon dollar amount or rate, while in a retail charge agreement, revolving charge agreement, lender credit card agreement, or charge agreement, it should not exceed the agreed-upon schedule or rate. If the service charge for any month is less than one dollar, one dollar may be charged. No specific penalties are mentioned in this document.
Whom does it apply to?
Buyers and sellers involved in retail installment sales of goods and services
What does it govern?
Retail installment contracts, retail charge agreements, and lender credit card agreements
What are exemptions?
Vehicle dealer administrative fee under RCW 46.68.440(1) or vehicle dealer documentary service fee under RCW 46.70.180(2)
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Washington