Page:United States Statutes at Large Volume 74.djvu/111

 74 S T A T. ]

PUBLIC LAW 86-431-APR. 22, 1960

71

intervals except (1) that the interval for the first installment payment may be longer than the other intervals; (2) that the final installment payment may be less in amount than the preceding installment payments; (3) that where a buyer's livelihood is dependent upon seasonal or intermittent income, one or more installment payments in the schedule of payments included in any such instrument of security may be reduced or omitted; and (4) that any contract covering a new motor vehicle to be used primarily as a demonstrator sold to a bona fide motor-vehicle salesman employed by the seller shall be exempt from the requirement that installment payments be in substantially equal amounts; (iii) requiring that amounts due under instruments of security may be prepaid in full and that the unearned charges, whether for finance, insurance, or for other purposes, attributable to or resulting from such prepayments shall be refunded or credited; (iv) establishing maximum delinquency, collection, repossession and other charges; (v) specifying the types and maximum amounts of insurance which may be required, at the expense of the retail buyer, to rotect from loss the seller in a retail installment transaction or is assignee or any other person entitled to payments from a retail buyer under an instrument of security; (vi) respecting the manner and methods of the sale or disposition of repossessed motor vehicles under such conditions, mcluding, without limitation, rights of redemption, as the Commissioners deem advisable; (vii) requiring the books and records of persons engaged in the business of financing retail installment transactions to be subject to production for examination by the Commissioners. (2) The Commissioners are further authorized, in their discretion, iatt(fns"^°"^^ '^^"" to make and enforce such additional regulations as they deem necessary to insure that purchasers of motor vehicles under instruments of security are not being required, directly or indirectly, to pay finance, insurance, or other charges in excess of those authorized by this Act or by the Commissioners pursuant to the authority vested in them. (3) In exercising their powers and authority vmder this subsec-p^^^fg^^"|'=^*^°" tion (e), the Commissioners are authorized, in their discretion, to make reasonable classifications (i) according to the parties to retail installment transactions, or (ii) according to the parties to the instruments of security, or (iii) according to the parties involved in repossessions, or (iv) according to other bases, or (v) according to two or more of the foregoing clauses (i) through (iv), and to exercise such powers and authority under this subsection with respect to any one or more of any classifications so made or with respect to all of ^said classifications. (f) No provision shall be inserted in any retail installment con- waiver re strictract whereby the buyer waives or purports to waive any provision of this Act, and any such waiver or purported waiver shall be void and of no effect. The Commissioners are authorized in their discretion, by regulation (1) to prohibit the inclusion in any retail installment contract of any provision waiving or purporting to waive any provision of any regulation promulgated by the Commissioners relating to retail installment transactions, and (2) to provide that any such waiver or purported waiver, shall be void and of no effect. SEC. 3. (a) In connection with the licensing of persons under the Authorization for authority of section T of the Act entitled "An Act making appropria- ^^""^^^-ytions to provide for the government of the District of Columbia for the fiscal year ending June 30, 1903, and for other purposes", approved ^^ Stat. sso. July 1, 1902, as amended (title 47, ch. 23. D.C. Code 1951 ed.), the 2301 and note.'*^"

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