A bill to amend the Consumer Credit Protection Act to provide for additional requirements for land installment contract transactions.

Bill 118 s 3720, also known as the Land Installment Contract Consumer Protection Act, aims to amend the Consumer Credit Protection Act to impose stricter regulations on land installment contract transactions.

Under this bill, sellers entering into land installment contracts would be required to provide buyers with detailed information about the terms of the contract, including the total cost of the property, the interest rate, and any fees or penalties that may apply. Sellers would also be prohibited from including unfair or deceptive terms in the contract, such as balloon payments or prepayment penalties.

Additionally, the bill would require sellers to provide buyers with a notice of their rights under the contract, including the right to cancel the contract within a certain timeframe without penalty. Sellers would also be required to provide buyers with a disclosure statement outlining the risks and benefits of entering into a land installment contract. Overall, the Land Installment Contract Consumer Protection Act seeks to protect consumers from predatory practices in land installment contracts and ensure that buyers are fully informed about the terms of their agreements.