§ 413. Retail instalment credit agreements. 1. (a) A retail instalment\ncredit agreement shall be dated and in writing and the printed portion\nthereof shall be in at least eight point type. No retail instalment\ncredit agreement shall be signed by the buyer when it contains blank\nspaces to be filled in after it has been signed by the buyer. The\nseller, before he shall be able to avail himself of the rates authorized\nby subdivision three of this section, shall deliver to the buyer a copy\nof the credit agreement executed by the seller.\n (b) Provided that the retail installment credit agreement complies in\nall other respects with the provisions of this section, a single credit\nagreement may provide for a retail seller to acquire indebtedness of a\nretail buyer under a sales slip or memorandum evidencing a purchase.\nWhere a retail seller enters into a credit agreement with a retail buyer\nthe credit agreement may consist of an agreement complying in all other\nrespects with the provisions of this section, but executed only by the\nretail seller, together with a credit card issued by it to the retail\nbuyer. The credit agreement, however, must then provide that it shall\nnot become effective unless and until the retail buyer or a person\nauthorized by him signs a sales slip or memorandum evidencing a purchase\nor lease of property or services by use of the credit card and that\nprior thereto the retail buyer shall not be responsible for any purchase\nor lease of property or services by use of the credit card after its\nloss or theft.\n 2. Every retail instalment credit agreement shall contain:\n (a) The entire agreement of the buyer with respect to the subject\nmatter of the credit agreement;\n (b) The names of the seller and of the buyer, the place of business of\nthe seller and the residence or place of business of the buyer as\nspecified by the buyer;\n (c) Both at the top thereof and directly above the space reserved for\nthe signature of the buyer, the words RETAIL INSTALMENT CREDIT AGREEMENT\nin at least ten point bold type;\n (d) A provision in at least eight point bold type to the effect that\nthe buyer may at any time pay his total indebtedness; and\n (e) A notice in at least eight point bold type reading as follows:\nNOTICE TO THE BUYER: 1. Do not sign this credit agreement before you\nread it or if it contains any blank space. 2. You are entitled to a\ncompletely filled in copy of this credit agreement.\n 3. (a) A seller may, in a retail instalment credit agreement, contract\nfor and, if so contracted for, the seller or holder thereof may charge,\nreceive and collect the service charge authorized by this article, which\nservice charge shall not exceed the rate or rates agreed upon by the\nseller and the buyer, including, in accordance with the provisions of\nthe credit agreement, rates that may vary, from time to time computed,\nfor the purposes of this section, on the outstanding indebtedness from\nmonth to month, or if the service charge so computed is less than\nseventy cents for any month, seventy cents. If the credit agreement\nprovides for a variable rate of service charge, such rate shall be\ndetermined at regular intervals as set forth in the credit agreement and\nin accordance with such regulations as the superintendent of financial\nservices shall prescribe but said rate shall not vary more often than\nonce in any three month period and shall be based on a published index\nthat is (a) readily available, (b) independently verifiable, (c) beyond\nthe control of the seller and (d) approved by the superintendent, (e)\nsuch charges in credit agreements shall be based on the index values, or\nthe index numbers plus or minus additional percentage points provided,\nhowever, that variations in the charge must correspond directly to the\nmovements of the index values plus or minus additional percentage points\nonly. Once such charge is established no lending institution may add any\nfactors to increase t
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