RS 911.46 - Down payments, sale of manufactured housing
It is unlawful for a retailer or developer to set forth in any retail installment sales contract, chattel mortgage, or security agreement any down payment unless all of the down payment has actually been received by the retailer or developer at the time of execution of such document. If any part of the down payment is represented by a loan, trade-in, or any consideration other than cash, this fact shall be expressly set forth on the retail installment sales contract, chattel mortgage, or security agreement. No amount of the cash down payment shall be from any rebate or other consideration received by or to be given to the consumer from the retailer or developer, or his respective agent.
Acts 1986, No. 808, §1; Acts 1997, No. 1116, §2; Acts 1997, No. 1294, §6, eff. July 15, 1997; Acts 2001, No. 718, §2; Acts 2017, No. 221, §1.