Ohio Code 1317.04 – Separate items to be listed in written instrument
The written instrument evidencing a retail installment sale and required by section 1317.02 of the Revised Code shall recite the following:
Terms Used In Ohio Code 1317.04
- Buyer: means a person that buys or agrees to buy goods or any legal successor in interest of such person. See Ohio Code 1317.01
- Cash price: means the price measured in dollars, agreed upon in good faith by the parties as the price at which the specific goods which are the subject matter of any retail installment sale would be sold if such sale were a sale for cash to be paid upon delivery instead of a retail installment sale. See Ohio Code 1317.01
- Contract: A legal written agreement that becomes binding when signed.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Finance charge: means the amount that the retail buyer pays or contracts to pay the retail seller for the privilege of paying the principal balance in installments over a period of time. See Ohio Code 1317.01
- Goods: means all things, including specially manufactured goods but not including the money in which the price is to be paid or things in action, that satisfy both of the following:
(a) They are movable at the time of identification for sale or identification to the contract for sale;
(b) They are purchased primarily for personal, family, or household purposes. See Ohio Code 1317.01
- Retail: means to dispose of specific goods to, or to acquire specific goods by, a person for use other than for purposes of resale. See Ohio Code 1317.01
- Retail buyer: means a buyer that is a party to a retail installment sale, or any legal successor in interest of such person. See Ohio Code 1317.01
- Retail installment contract: means any written instrument that is executed in connection with any retail installment sale and is required by section 1317. See Ohio Code 1317.01
- Retail installment sale: includes every retail installment contract to sell specific goods, every consumer transaction in which the cash price may be paid in installments over a period of time, and every retail sale of specific goods to any person in which the cash price may be paid in installments over a period of time. See Ohio Code 1317.01
- Retail seller: means a seller that is a party to a retail installment sale. See Ohio Code 1317.01
- Seller: means a person who sells or agrees to sell goods. See Ohio Code 1317.01
- Specific goods: means goods, including related services, identified and agreed upon at the time a contract to sell or a sale is made. See Ohio Code 1317.01
- state: means the state of Ohio. See Ohio Code 1.59
(A) The cash price of the specific goods.
(B) The amount in cash of the retail buyer‘s down payment, if any, whether made in money or goods or partly in money or partly in goods.
(C) The unpaid balance of the cash price payable by the retail buyer to the retail seller which is the difference between divisions (A) and (B).
(D) The amount included for any insurance and the types of insurance coverage.
(E) The principal balance owed on the retail installment contract which is the sum total of divisions (C) and (D).
(F) The amount of the finance charge.
(G) The time balance or indebtedness owed by the retail buyer to the retail seller and the number of installment payments required and the amount and date of each payment necessary finally to pay the time balance which is the sum total of divisions (E) and (F).
Divisions (D) and (F) may be added together and stated as one sum in the written instrument and if so stated division (E) may be omitted, but in such event the retail seller or the retail seller’s successor in interest shall, within twenty-five days after the making of the retail installment contract, deliver personally, send by mail, or cause to be sent by mail, to the retail buyer at the retail buyer’s address as shown on the retail installment contract, a statement reciting the separate amounts of divisions (D), (E), and (F). Division (F) may be stated as a rate, if said rate does not exceed eight per cent per annum straight interest, in which event the time balance provided in division (G) need not be stated.
The amount and date of each payment need not be separately listed if the payments are specified in terms of a series of payments of specified amounts, which amounts may state the principal amount plus the finance charge in terms of a rate at specified intervals of time from an initial date.
The initial date for the payment of the first installment may be a calendar date or may refer to the time of delivery or installation.
As used in this section “down payment” means that part of the payment of the cash price required by the retail seller as a condition to the delivery of the specific goods sold or to be sold or to the extension of credit to the retail buyer for any portion of the cash price.