(a) If, in a retail installment transaction, a retail buyer makes a purchase of goods or services from a retail seller from whom the buyer has previously purchased goods or services under a retail installment contract, and the amount under the previous contract has not been fully paid, the subsequent purchase may, at the seller’s option, be included in and consolidated with the previous contract. This chapter, with respect to a retail installment contract, is applicable to the subsequent purchase. In the event of consolidation, the seller shall furnish to the buyer, before the due date of the first installment of the consolidated contract, the items of information under Alaska Stat. § 45.10.030 or 45.10.040 and a memorandum setting out

Terms Used In Alaska Statutes 45.10.100

  • 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
  • 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • retail installment contract: includes
    (A) a chattel mortgage. See Alaska Statutes 45.10.220
  • retail installment transaction: means a transaction in which a retail buyer purchases goods or services from a retail seller under a retail installment contract or a retail charge agreement that provides for a service charge under which the buyer agrees to pay the unpaid balance in one or more installments. 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
  • time balance: means the principal balance plus the service charge. See Alaska Statutes 45.10.220
(1) the outstanding balance of the previous contract or contracts;
(2) the amount of the time balance owed by the buyer to the seller for the subsequent purchase;
(3) the consolidated time balance; and
(4) the revised installments applicable to the consolidated time balance.
(b) The seller shall deliver a copy of the memorandum to the buyer before the due date of the first installment of the consolidated contract.
(c) When the subsequent purchase is made, if the seller has retained title or taken a lien or other security interest in any of the goods purchased under one of the contracts included in the consolidation,

(1) the entire amount of all payments made before the subsequent purchase is considered to have been applied on the previous purchase;
(2) if the amount of each installment payment is not increased in connection with the subsequent purchase, the subsequent payments are considered to be allocated first to the previous purchase;
(3) if the amount of each installment payment is increased in connection with the subsequent purchase, an amount equal to the original periodic payment is allocated first to the previous purchase, and the amount of the increase may, at the seller’s option, be considered to be allocated to the subsequent purchase;
(4) the amount of a down payment on the subsequent purchase is allocated in its entirety to the subsequent purchase.
(d) The provisions of (c) of this section do not apply to a case where the previous and subsequent purchases involve equipment, parts, or other goods attached or affixed to goods previously purchased and not fully paid, or to services in connection with goods previously purchased and not fully paid, rendered by the seller at the buyer’s request.
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