LAW® Alert - Missouri
Please note that there has been a revision made to the LAW®553-MO(4P)1/20 contract as well as the LAW®553-MO-ARB1/20. The new form numbers are LAW®553-MO(4P)12/24 and LAW®553-MO-ARB12/24.
As a result of user requests and to continually update and increase acceptance of our LAW 553 contracts, we made the following changes to our 553 contracts in Missouri:
- Added Cell and Email fields to the Buyer and Co-Buyer boxes
- Removed language from the Returned Check Charge disclosure
- Added three additional lines in OPTIONAL OTHER BENEFITS section
- Removed cancellation language from OPTIONAL GAP CONTRACT box
- Removed the NO COOLING OFF PERIOD disclosure box
- We made additions, deletions and revisions of language in the following sections on the back of the contract:
- 2.d. – Removed “an additional insured and as” from the third sentence
- 6. – Added a new sentence at the beginning and 2 additional sentences to the end of the section
- Removed qualifying statements from the Oral Agreements notice
- 8. – Added new section as NEGATIVE CREDIT REPORT NOTICE
- Made several additions, deletions, and revisions to the ARBITRATION PROVISION language on the ARB contract version
New programming will be required for the new revision. The standard and ARB versions will not line up the same as each other for programming purposes.
Inventory for the new product will be available by October 15, 2024. Dealers should begin using the new contract by December 1, 2024.
The Bankers Systems® brand Motor Vehicle Retail Installment Sale Contracts are NOT impacted by the above changes and therefore will NOT be revised.
You can place orders for the most recent version of any LAW document through our online portal ReySource, by contacting your Document Services Consultant, or calling 1.800.344.0996.