Section 140April 13, 1992, Sec./Art. 140

Credit Sale, Required Disclosures. – Any creditor extending a consumer credit sale other than one pursuant to an open-end credit plan shall disclose in a statement to the extent applicable, the following information:

a) the cash price or delivered price of the property or service to be acquired;

b) the amounts, if any, to be credited as down payment and/or trade in;

c) the total amount to be financed or the difference between the amounts set forth under paragraphs (1) and (2);

d) the charges, individually itemized, which are paid or to be paid by such person in connection with the transaction but which are not incident to the extension of credit;

e) the finance charge expressed in terms of pesos and centavos;

f) the percentage that the finance charge bears to the total amount to be financed expressed as a simple annual rate on the outstanding balance of the obligation;

g) the effective interest rate;

h) the number, amount and due dates or periods of payments scheduled to repay the indebtedness; and

i) the default, delinquency or similar charges payable in the event of late payments.