Section 146April 13, 1992, Sec./Art. 146

Sale of Consumer Products On Installment Payment. – In a consumer credit sale other than one pursuant to an open-end credit plan, the obligation of the consumer to whom credit is being extended shall be evidenced by a single instrument which shall include, in addition to the disclosures required by this act, the signature of the seller and the person to whom credit is extended, the date it was signed, a description of the property sold and a description of any property transferred as a trade-in. The instrument evidencing the credit shall contain a clear and conspicuous typewritten notice to the person to whom credit is being extended that:

a) he should not sign the instrument if it contains any blank space;

b) he is entitled to a reasonable return of the precomputed finance charge if the balance is prepaid; and

c) he is entitled to an exact, true copy of the agreement.

In cases where the instrument will be sold at a discount to a bank, financing company or other lender, the said transferee shall be subject to all claims and defenses which the debtor could assert against the seller of consumer products obtained hereto or with the proceeds thereof.