State Codes and Statutes
Statutes > Louisiana > Rs > Title6 > Rs6-969.51PART VIII. UNIFORM RETAIL INSTALLMENT SALES CONTRACT
§969.51. Uniform retail installment sales contract
A. The legislature finds that it is beneficial to extenders of credit, consumers, and new and used motor vehicle dealers to have uniform documents that can be used in the sale and financing of new and used motor vehicles. Uniform retail installment sales contracts benefit both parties to a contract by making transactions more understandable.
B. The commission shall create a uniform retail installment sales contract for motor vehicle credit transactions subject to this Chapter. The commission shall promulgate the contract and any rules for use of the form in accordance with the Administrative Procedure Act no later than January 1, 2007. When creating the form, the commission shall incorporate all consumer notice and disclosure requirements provided for in state and federal law.
C. Use of the uniform retail installment sales contract by a lender or seller shall constitute prima facie evidence of compliance with consumer notice and disclosure requirements of state and federal law.
Acts 2006, No. 280, §1.
