(a) The retail installment contract must contain the names of the seller and the buyer, the place of business of the seller, the residence or other address of the buyer as named by the buyer, and a description or identification of the goods sold or to be sold or services furnished or rendered or to be furnished or rendered. The contract must also contain the following items:

Terms Used In Alaska Statutes 45.10.030

  • buyer: means a person who buys or agrees to buy goods or obtain services or agrees to have services rendered or furnished from a retail seller. See Alaska Statutes 45.10.220
  • cash sale price: means the price for which the seller would have sold or furnished to the buyer and the buyer would have bought or obtained from the seller the goods or services that are the subject matter of a retail installment transaction if the sale had been a sale for cash. See Alaska Statutes 45.10.220
  • contract: means a contract, other than a retail charge agreement or an instrument reflecting a sale price made under a retail charge agreement, entered into or performed in the state for a retail installment transaction. See Alaska Statutes 45.10.220
  • Contract: A legal written agreement that becomes binding when signed.
  • goods: includes merchandise certificates or coupons issued by a retail seller to be used in their face amount instead of cash in exchange for goods or services sold by the seller and goods, including a manufactured home, that, at the time of sale or subsequently, are to be so affixed to real property as to become a part of it, whether or not severable from it. See Alaska Statutes 45.10.220
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • official fees: means the amount of the fees set by law for filing, recording, or otherwise perfecting and releasing or satisfying a retained title, lien, or other security interest created by a retail installment transaction or premiums payable for insurance in lieu of perfecting a security interest if the premiums do not exceed the fees that would otherwise normally be incurred for perfecting, filing, recording, or otherwise perfecting and releasing or satisfying a retained title, lien, or other security interest. See Alaska Statutes 45.10.220
  • principal balance: means the cash sale price of the goods or services that are the subject matter of a retail installment contract less the amount of the buyer's down payment in money or goods or both, plus
    (A) the amounts for insurance and official fees included in the contract if a separate identified charge is made and stated in the contract for insurance and official fees. See Alaska Statutes 45.10.220
  • rate: means the percentage that, when multiplied by the outstanding balance for each month or other installment period, yields the amount of the service charge for the month or period. See Alaska Statutes 45.10.220
  • retail installment contract: includes
    (A) a chattel mortgage. See Alaska Statutes 45.10.220
  • seller: means a person engaged in the business of selling goods or services to retail buyers. See Alaska Statutes 45.10.220
  • services: includes repairs, alterations, or improvements upon or in connection with real property, but does not include the services of a professional person licensed by the state, or services for which the price charged is required by law to be determined or approved by or to be filed, subject to approval or disapproval, with the United States or a state or a department, division, agency, officer, or official of either as in the case of transportation services. See Alaska Statutes 45.10.220
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
  • time balance: means the principal balance plus the service charge. See Alaska Statutes 45.10.220
(1) the cash sale price of each item of goods or services;
(2) the amount of the buyer’s down payment, identifying the amounts paid in money and allowed for goods traded in;
(3) the difference between items (1) and (2);
(4) the aggregate amount included for insurance, if a separate identified charge is made for insurance, specifying the types of insurance and the terms of coverage;
(5) the aggregate amount of official fees;
(6) the principal balance, which is the sum of items (3), (4), (5), and (11);
(7) the amount or rate of the service charge;
(8) any other charges;
(9) the amount of the time balance owed by the buyer to the seller, which is the sum of items (6), (7), if (7) is stated in a dollar amount, (8), and (11);
(10) except as provided in (c) of this section, the maximum number of installment payments required and the amount of each installment and the due date of each payment necessary to pay the balance;
(11) if the retail installment contract is for the sale of a motor vehicle, the amount, if any, that the seller agrees to pay to discharge an outstanding obligation of the buyer under an existing motor vehicle agreement, loan, installment sales contract, or lease.
(b) Additional items may be included to explain the calculations involved in determining the balance to be paid by the buyer.
(c) If the installment payments other than the final payment are stated as a series of equal scheduled amounts and if the amount of the final installment payment does not substantially exceed the scheduled amount of each preceding installment payment, the maximum number of payments and the amount and due date of each payment need not be separately stated, and the amount of the scheduled final installment payment may be stated as the remaining unpaid balance. The due date of the first installment payment may be fixed by a day or date or may be fixed by reference to the date of the contract or to the time of delivery or installation.
(d) The contract is not required to state the items in (a) of this section in the order stated in (a) of this section.
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