HERBERT R. O'CONOR, GOVERNOR. 1503

to public officials for filing or recording the instalment sale
agreement or instruments securing the buyer's obligation.

(8) The principal balance owed, which is the sum of items
(5), (6) and (7).

(9) The finance charge stated as a sum in dollars.

(10) The time balance owed by the buyer to the seller,
which is the sum of items (8) and (9), and the number of
instalment payments required to pay it and the amount and
time of each payment.

(b) Every instalment sale agreement shall state clearly
any collateral security taken for the buyer's obligation under
the agreement.

(c) Every instalment sale agreement shall contain the fol-
lowing notice in 12-point bold type or larger, directly above
the space reserved in the agreement for the signature of the
buyer.

NOTICE TO BUYER.

1. You are entitled to a copy of this agreement at the time
you sign it.

2. Under the State law regulating instalment sales, you
have certain rights, among others:

(1) to pay off the full amount due in advance and obtain
a partial rebate of the finance charge;

(2) to redeem the property if repossessed for a default;

(3) to require, under certain conditions, a resale of the
property if repossessed.

113. Provisions Forbidden in Instruments. No seller, sales
finance company, or holder shall at any time take or receive
any instrument from a buyer, or from any surety or guarantor
for the buyer, which contains:

(a) any blank spaces to be filled in after such instrument
has been signed by any party thereto, except that if an instal-
ment sale agreement contains, at the time of execution, a
sufficient description of the goods pursuant to Section 112,
further serial numbers or other identifying marks on the
goods may be inserted in the agreement upon the delivery of
the goods; or

(b) any confession of judgment or any power or warrant of
attorney to appear for the buyer or for any surety or guaran-
tor for him to confess judgment; or

(c) any schedule of payments under which any instalment
(except the down payment) is more than double the average
of all other instalments (excluding the down payment), or the
interval between any consecutive instalments is less than one-
half the average of all other such intervals, unless the buyer
is given an absolute right upon default in any such excess or