(a) Information to be included.--At any time after the execution of an installment sale contract and within one year after the termination of the contract, a holder of the contract shall furnish to the buyer upon request a complete and detailed statement of account showing the following:
(1) All amounts paid by the buyer on account of the obligation, dates of payment and the allocation of the payments to the reduction of:
(i) Time balance.
(ii) Refinance charges.
(iii) Late charges.
(iv) Court costs.
(v) Attorney fees.
(vi) Costs of retaking, repairing and storing the motor vehicle.
(vii) Other costs permitted under the provisions of this chapter and the contract.
(2) All amounts credited to the buyer as rebates for prepayment and unexpired premiums on canceled insurance.
(3) The amount of the installment payments, accrued charges and expenses incurred, which are due and payable.
(4) The number, amount and due dates of installment payments to become due and payable.
(b) Copies.--
(1) The buyer shall be furnished with one statement of account without charge during the term of the contract or within one year after the termination of the contract.
(2) Upon request and payment of a reasonable fee not to exceed the cost of production, a holder shall furnish to the buyer an additional statement of account.
Cross References. Section 6230 is referred to in sections 6222, 6254 of this title.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.