§ 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 prominently display the term and rate of interest.
(b) The borrower’s initials or signature shall appear immediately adjacent to the term and to the rate of interest on the loan agreement that shall only serve as an acknowledgement that the borrower has been informed of the terms and rate. The borrower shall also be required to separately sign the loan agreement to bind himself or herself to the contract.
(c) Any agreement to finance a motor vehicle that does not comply with the provision of this section shall be voidable within thirty (30) days at the option of the borrower; provided, however, the borrower shall be responsible for any damage to the vehicle.
History of Section.P.L. 2007, ch. 171, § 1; P.L. 2008, ch. 381, § 1; P.L. 2008, ch. 390, § 1; P.L. 2014, ch. 528, § 10.
Structure Rhode Island General Laws
Title 6 - Commercial Law – General Regulatory Provisions
Chapter 6-13.1 - Deceptive Trade Practices
Section 6-13.1-1. - Definitions.
Section 6-13.1-2. - Unlawful acts or practices.
Section 6-13.1-3. - Interpretation.
Section 6-13.1-4. - Exemptions.
Section 6-13.1-5. - Restraining prohibited acts.
Section 6-13.1-5.1. - Power of receiver.
Section 6-13.1-5.2. - Private and class actions.
Section 6-13.1-6. - Assurances of voluntary compliance.
Section 6-13.1-7. - Investigations — Procedure — Remedies for failure to comply.
Section 6-13.1-8. - Civil penalties.
Section 6-13.1-9. - Forfeiture of corporate franchise.
Section 6-13.1-10. - Severability.
Section 6-13.1-11. - Short title.
Section 6-13.1-12. - Appliances — Providing parts and manuals.
Section 6-13.1-12.1. - Appliances — Information concerning used or rebuilt parts.
Section 6-13.1-13. - Price discrimination prohibited.
Section 6-13.1-14. - Penalties.
Section 6-13.1-15. - Piracy of recordings.
Section 6-13.1-16. - Disclosure of service contract agreements.
Section 6-13.1-17. - Contracts — Provision to sell real estate.
Section 6-13.1-18. - Manufacturers’ duties under motor vehicle warranties.
Section 6-13.1-19. - Motor vehicle dealer’s duty when selling used vehicle.
Section 6-13.1-20. - Credit reports — Definitions.
Section 6-13.1-22. - Access to credit reports.
Section 6-13.1-23. - Disputed credit report.
Section 6-13.1-24. - Registration with secretary of state.
Section 6-13.1-25. - Penalties.
Section 6-13.1-26. - Severability.
Section 6-13.1-27. - Employment status information.
Section 6-13.1-28. - Financing of motor vehicles — Term and rate of interest prominently displayed.