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Consumer Credit Regulation: District of Columbia

D.C. Code §§ 28-3801 to 28-3819. See also D.C. Mun. Regs. tit. 16, §§ 100 to 199.

Scope: Consumer credit sales, defined as sale of goods or services for personal, family, household, or agricultural purposes in which seller/creditor regularly engages in such transactions, buyer is natural person, debt is payable in installments or a finance charge is imposed, and amount financed does not exceed $25,000. Some provisions apply to direct installment loans. §§ 28-3801, 28-3802.

Consumer Credit Regulation: Florida

Fla. Stat. §§ 520.30 to 520.42 (Retail Installment Sales Act). See also Fla. Admin. Code Ann. r. 69V-60.001.

Scope: Goods purchased primarily for personal, family, or household use, but not including motor vehicles, and services for personal, family, or household use on goods and real property. Revolving credit. § 520.31.

Licensure requirements: Retail sellers engaging in retail installment transactions must be licensed.

Consumer Credit Regulation: Georgia

Ga. Code Ann. §§ 10-1-1 to 10-1-16 (Retail Installment and Home Solicitation Sales Act).

Scope: Installment sales of goods (other than motor vehicles) and services for personal, family, or household use on goods, including delivery, installation, and repair. Revolving credit. § 10-1-2.

Licensure requirements: None.

Consumer Credit Regulation: Idaho

Idaho Code §§ 28-41-101 to 28-49-107 (Credit Code).

Scope: Sellers of goods or services, small loan companies, licensed lenders, finance companies, sales finance companies, industrial banks and loan companies, and commercial banks. § 28-41-107.

Licensure requirements: None.

Credit terms: Rate established by agreement of the parties. § 28-42-201.

Restrictions on points or prepaid interest: None.

Restrictions on length of term: None.

Consumer Credit Regulation: Illinois

815 Ill. Comp. Stat. 405/1 to 405/33.1 (Retail Installment Sales Act).

Scope: Installment sales of goods (including manufactured homes that are not real property, but not including motor vehicles) used or purchased primarily for personal purposes and services of any kind rendered or furnished by a retail seller for a use other than in business (including farming or a profession) under an installment sales contract or charge agreement. 405/2.1 and 405/2.2.

Consumer Credit Regulation: Indiana

Ind. Code §§ 24-4.5-1-101 to 24-4.5-7-414 (Indiana Uniform Consumer Credit Code).

Scope: Retail installment sales (other than sales of goods, services, or an interest in land in which they are purchased primarily for a purpose other than a personal, family, or household purpose), consumer credit, small loans. § 24-4.5-1-202.

Licensure requirements: None.

Consumer Credit Regulation: Iowa

Iowa Code §§ 537.2101 to 537.8101 (Iowa Consumer Credit Code).

Scope: Consumer credit transactions, including sales and loans. § 537.2102.

Licensure requirements: None.

Consumer Credit Regulation: Kansas

Kan. Stat. Ann. §§ 16a-2-101 to 16a-9-102 (Kansas Uniform Consumer Credit Code).

Scope: Consumer credit transactions, including sales and loans. § 16a-2-102.

Licensure requirements: None.

Credit terms: In a closed-end consumer credit sale, a seller may charge a finance charge at any rate agreed to by the parties. § 16a-2-201(2). In a consumer credit sale made pursuant to open-end credit, a seller may charge a finance charge at any rate agreed to by the parties. § 16a-2-202(1).

Consumer Credit Regulation: Kentucky

Ky. Rev. Stat. Ann. §§ 371.210 to 371.330 (West) (Installment Sales Contracts).

Scope: Installment sales of goods (not including motor vehicles) and services purchased primarily for personal use pursuant to retail installment contract or retail charge agreement. § 371.210.

Licensure requirements: None.

Credit terms: A retail charge agreement may charge a time price differential for the privilege of paying in installments. § 371.300(3).

Consumer Credit Regulation: Maine

Me. Stat. tit. 9-A, §§ 2-201 to 5-301 (Maine Consumer Credit Code).

Scope: Consumer credit sales, including sales and loans. § 2-102.

Licensure requirements: None.

Consumer Credit Regulation: Maryland

Md. Code Ann., Com. Law §§ 12-601 to 12-636 (West) (Retail Installment Sales Act).

Scope: Sales of goods (all tangible personal property that has a cash price of $100,000 or less) for use or consumption by the buyer, or for the benefit or satisfaction that the buyer may derive from the use or consumption of the goods by another, but not for resale by the buyer. § 12-601.

Licensure requirements: None.

Consumer Credit Regulation: Michigan

Mich. Comp. Laws §§ 445.851 to 445.873 (Retail Installment Sales Act).

Scope: Installment sales of goods purchased primarily for personal, family, or household use, excluding motor vehicles, and services for personal, family, or household use. § 445.852.

Licensure requirements: None.

Consumer Credit Regulation: Minnesota

Minn. Stat. §§ 53C.01 to 53C.14 (Motor Vehicle Retail Installment Sales Act).

Scope: Installment sales of motor vehicles not for resale and purchased primarily for personal, family, or household use. § 53C.01.

Licensure requirements: Sales finance companies must be licensed. Includes retail sellers holding contracts. § 53C.02.

Consumer Credit Regulation: Mississippi

Miss. Code Ann. §§ 63-19-1 to 63-19-57 (Motor Vehicle Sales Finance Law).

Scope: Sales of motor vehicles and commercial vehicles not for resale. § 63-19-3.

Licensure requirements: Sales finance companies must be licensed. Includes retail sellers holding retail installment contracts that exceed a total aggregate outstanding indebtedness of $500,000. § 63-19-7.

Consumer Credit Regulation: Missouri

Mo. Rev. Stat. §§ 408.250 to 408.380 (Retail Credit Sales Law).

Scope: Sales of goods, excluding motor vehicles, and services to be used primarily for personal, family, or household purposes and not primarily for business, commercial or agricultural purposes. § 408.250.

Licensure requirements: None.

Credit terms: The amount agreed to by the parties to the retail time contract or retail charge agreement. § 408.300.

Restrictions on points or prepaid interest: None.

Consumer Credit Regulation: Montana

Mont. Code Ann. §§ 31-1-201 to 31-1-243 (Retail Installment Sales Act).

Scope: Installment sales of goods or services by a retail seller to a retail buyer pursuant to a retail charge account agreement or under a retail installment contract. Includes motor vehicles and mobile homes. § 31-1-202.

Licensure requirements: Sales finance companies must be licensed. § 31-1-221.

Consumer Credit Regulation: Nebraska

Neb. Rev. Stat. §§ 45-334 to 45-356 (Installment Sales Act).

Scope: Installment sales in which a buyer acquires goods or services from a seller pursuant to an agreement that provides for a time price differential and under which the buyer agrees to pay all or part of the price in one or more installments and within 145 months, except that installment contracts for the purchase of mobile homes may exceed this 145-month limitation. § 45-335.

Consumer Credit Regulation: Nevada

Nev. Rev. Stat. §§ 97.015 to 97.335 (Retail Installment Sales of Goods and Services).

Scope: Installment sales of goods for use primarily for personal, family, or household purposes and services of any kind when purchased primarily for personal, family, or household use (other than services for which the price charged is required by law to be determined or approved by a governmental entity). §§ 97.035, 97.135.

Licensure requirements: None.

Consumer Credit Regulation: New Hampshire

N.H. Rev. Stat. Ann. §§ 361-A:1 to 361-A:13 (Retail Installment Sales of Motor Vehicles).

Scope: Installment sales of motor vehicles. § 361-A:1.

Licensure requirements: Sales finance companies and retail sellers (defined by § 361-A:1(XII) as those selling pursuant to a retail installment contract) must be licensed. § 361-A:2.

Consumer Credit Regulation: New Mexico

N.M. Stat. Ann. §§ 56-1-1 to 56-1-16 (Retail Installment Sales).

Scope: Installment sales of goods or services purchased primarily for personal, family, or household use. Includes mobile homes. Does not include motor vehicles. § 56-1-1.

Licensure requirements: None.

Consumer Credit Regulation: New York

N.Y. Pers. Prop. Law §§ 401 to 422 (McKinney) (Retail Installment Sales Act).

Scope: Installment sales of goods (but not motor vehicles) for other than a commercial or business use or for purpose of resale, and services for other than a commercial or business use and other than services for which tariffs or rates are required by law to be filed with or determined or approved by a governmental entity. Revolving credit. § 401.

Licensure requirements: None.

Credit terms: Rate agreed to by the buyer. § 404(1).