A notice from Reynolds & Reynolds was sent to KGI in August making us aware of a new LAW 553® Retail Installment Sale Contract that would be released in October.

According to the email these new contracts will reflect the new late fee increases from $15 to $18.

This NC Bill goes in to effect on October 1st, 2019.

Our notice also included these other changes and updates on the contract :

As a result of user requests and in an effort to continually update and increase acceptance of our LAW 553 contracts, we have made the following changes to our 553 contract in North Carolina:

  • Added Cell and Email fields to the Buyer and Co-Buyer boxes
  • Added a description of coverage for each type of optional insurance that can be offered
  • Removed the NO COOLING OFF PERIOD disclosure box
  • We made additions, deletions and revisions of language in the following sections on the back of the contract:
    • 2.d. – Removed “an additional insured and as” from the third sentence
    • 3.f. – Clarified that the APR would apply as the pre and post judgment rate unless a lower rate is required by law
    • 6. – Added a new sentence at the beginning and 2 additional sentences to the end of the section
    • 8. – Added new section as NEGATIVE CREDIT REPORT NOTICE
    • Made a number of additions, deletions, and revisions to the ARBITRATION PROVISION language on the ARB contract version

LAW® and 553® are registered trademarks of The Reynolds and Reynolds Company