A retail installment contract allows consumers to pay for a product or service over a period of time in fixed monthly installments. There are federal and individual state laws that regulate retail installment contracts.
Retail installment contracts include: health or country club memberships, cosmetic or elective medical procedures, jewelry purchases, and dating service memberships.
Generally, for a retail installment contract to be legally binding, the following terms and conditions must be included:
If you are a consumer who entered into a retail installment contract which you believe is unfair or illegal, or you are a retailer wishing to draft a retail installment contract, an attorney experienced in consumer credit can review the document and advise you of the laws in your area.
Last Modified: 08-02-2012 11:20 AM PDTLaw Library Disclaimer
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