§ 6-13.1-28 - Financing of motor vehicles – Term and rate of interest prominently displayed.
SECTION 6-13.1-28
§ 6-13.1-28 Financing of motor vehicles– Term and rate of interest prominently displayed. – (a) Any contract to finance the sale of a motor vehicle shall prominentlydisplay the term and rate of interest.
(b) The borrower's initials or signature shall appearimmediately adjacent to the term and to the rate of interest on the loanagreement which shall only serve as an acknowledgement that the borrower hasbeen informed of the terms and rate. The borrower shall also be required toseparately sign the loan agreement to bind themselves to the contract.
(c) Any agreement to finance a motor vehicle that does notcomply with the provision of this section shall be voidable within thirty (30)days at the option of the borrower; provided, however the borrower shall beresponsible for any damage to the vehicle.