New North Carolina LAW 553 Revision Coming October 2019
A notice from Reynolds & Reynolds was sent to KGI in August making us aware of a new dot matrix and eLAW 553 Retail Installment Contract that would be released in October.
According to the email these new contracts will reflect the North Carolina Senate Bill 529, which increases the returned check charge from $25 to $35.
This NC Bill goes in to effect on October 1st, 2019. Therefore, on that date or the night before you will need to install this update. You will find it on the homepage of KGI Dealer Solutions software and we will also place it in the updates panel. If you need help we’re just a phone call away!
Other Revisions made due to user requests:
- Removed the contract number and dealer number
- Added ‘(e) means an estimate’ to the top of the payment schedule
- Blanked out “monthly beginning” and “or as follows” on the payment schedule.
- Added lines to print buyer and cobuyer names.
- Also made small additions, deletions, and revisions to the legal text on the back of the contract.