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.
If you print the LAW 553 on plain paper already you’ll find an alert that you have ‘Updates to Install’!
If you have the 553 10/19 hard copy contracts already and need the updated file to print email us and we will send you the file [as of 10/1/2019]
If you would like to switch from the hard copies to printing the NC LAW 553 on plain paper please give us a call to get you set up. In order to print you will be required to purchase credits (packs of 10, 50, or 100).
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.
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