Please note that there has been a revision made to the LAW®553-SC(5P)8/22 contract as well as the LAW®553-SC-ARB8/22. The new form numbers are LAW®553-SC(5P)8/24 and LAW®553-SC-ARB8/24.
Effective July 1st, 2024, the maximum allowable late charge amount has increased from $23.00 to $25.50 and the minimum late charge increased from $9.20 to $10.20. We modified the Late Charge section to reflect the new amounts.
New programming may 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 June 14, 2024. Dealers should begin using the new contract by August 1, 2024.
The Bankers Systems® brand Motor Vehicle Retail Installment Sale Contracts will also be revised and announced in a separate message.