408.290. Retail charge agreement--form--delivery to buyer--contents.
Retail charge agreement--form--delivery to buyer--contents.
408.290. 1. Every retail charge agreement shall be inwriting and shall be signed by the retail buyer. A copy of anysuch agreement executed on or after October 13, 1961, shall bedelivered or mailed to the retail buyer by the retail sellerprior to the date on which the first payment is due thereunder.An acknowledgment of the delivery thereof contained in the bodyof the agreement shall be conclusive proof of delivery in anyaction. All agreements executed on or after said date shallstate the amount or rate of the time charge to be charged andpaid pursuant thereto or shall state that a time charge not inexcess of that permitted by law will be charged and paid pursuantthereto; and may in the event of default of any payment requiredby the agreement, provide for the payment of attorney fees notexceeding fifteen percent of the total unpaid balance where suchbalance is referred for collection to an attorney not a salariedemployee of the seller and for court costs.
2. The retail seller under a retail charge agreement shallpromptly supply the retail buyer under such agreement with astatement at the time of sale or as of the end of each monthlyperiod (which need not be a calendar month) or other regularperiod agreed upon by the retail seller and the retail buyer inwhich there is any unpaid balance thereunder, which shall recitethe following:
(1) The total unpaid balance under the retail chargeagreement at the beginning and end of the period;
(2) Unless otherwise furnished by the retail seller to theretail buyer by sales slip, memorandum, or otherwise, adescription of the goods or services purchased, the cash saleprice and the date of each purchase;
(3) The payments made by the retail buyer to the retailseller and any other credits to the retail buyer during theperiod;
(4) The amount of the time charge, if any;
(5) A legend to the effect that the retail buyer may at anytime pay his total unpaid balance.The above items need not be stated in the sequence or order setforth.
(L. 1961 p. 638 § 6, A.L. 1975 S.B. 71)