{"data":{"id":"us-ky/krs-371.220","jurisdiction":"us-ky","citation":"KRS 371.220","heading":"Requisites of retail installment contract.","body":"(1) Each retail installment contract shall be in writing, dated, signed by the retail buyer,\nand completed as to all essential provisions, except as otherwise provided in KRS\n371.250.\n(2) The printed or typed portion of the contract, other than instructions fo r completion,\nshall be in a size equal to at least eight (8) point type. The contract shall be\ndesignated \"Retail Installment Contract\" and shall contain substantially the\nfollowing notice printed or typed in a size equal to at least ten (10) point bold ty pe:\n\"NOTICE TO THE BUYER. DO NOT SIGN THIS CONTRACT BEFORE YOU\nREAD IT OR IF IT CONTAINS BLANK SPACES. YOU ARE ENTITLED TO A\nCOPY OF THE CONTRACT YOU SIGN.\"\n(3) The retail seller shall deliver to the retail buyer, or mail to him at his address shown\non the retail installment contract, a copy of the contract as accepted by the seller.\nUntil the seller does so, a buyer, who has not received delivery of the goods or been\nfurnished or rendered the services, shall have the right to rescind his contract and to\nreceive a refund of all payments made and return of all goods traded in to the seller\non account of or in contemplation of the contract, or if such goods cannot be\nreturned, the value thereof. Any acknowledgment by the buyer of delivery of a copy\nof the cont ract shall be in a size equal to at least ten (10) point bold type and, if\ncontained in the contract, shall appear directly above the buyer's signature.\n(4) The retail installment contract shall contain the names of the seller and the buyer,\nthe place of b usiness of the seller, the residence or other address of the buyer as\nspecified by the buyer and a description or identification of the goods sold or to be\nsold, or services furnished or rendered or to be furnished or rendered.\n(5) The retail installment contract shall contain the following items:\n(a) The cash sale price of the goods or services;\n(b) The amount of the buyer's down payment, identifying the amounts paid in\nmoney and allowed for goods traded in;\n(c) The difference between items (a) and (b);\n(d) The aggregate amount, if any, included for insurance, if a separate identified\ncharge is made therefor, specifying the type or types of insurance and the term\nor terms of coverage;\n(e) The aggregate amount of official fees;\n(f) The principal balance, which is the sum of items (c), (d) and (e);\n(g) The amount of the time price differential; and\n(h) The amount of the time balance owed by the buyer to the seller, which is the\nsum of items (f) and (g) and, except as otherwise provided in the next two (2)\nsentences, the maximum number of installment payments required and the\namount of each installment and the due date of each payment necessary to pay\nsuch balance. If installment payments other than the final payment are stated\nas a series of equal scheduled amo unts and if the amount of the final\ninstallment payment does not substantially exceed the scheduled amount of\neach preceding installment payment, the maximum number of payments and\nthe amount and due date of each payment need not be separately stated and the\namount of the scheduled final installment payment may be stated as the\nremaining unpaid balance. The due date of the first installment payment may\nbe fixed by a day or date or may be fixed by reference to the date of the\ncontract or to the time of delivery or installation.\nThe above items need not be stated in the sequence or order set forth; additional\nitems may be included to explain the computations made in determining the amount\nto be paid by the buyer.","path":["KRS Chapter 371"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=35240","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:07Z","sha256":"e5ec24582e49a309e875ec60ef96efe099d2fa4e7aac776e931583c7d723c34c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-371.210","next":"us-ky/krs-371.230"},"notice":"GroundRules: Original legal text. Not legal advice."}