Commercial Law – General Regulatory Provisions

Lay-Away Sales

SECTION 6-32-5

§ 6-32-5. Seller's obligations on cancellation.

Within thirty (30) days after a lay-away sale has been cancelled, the seller shall tender to the buyer any payments made by the buyer and any note or other evidence of indebtedness. If the down payment includes goods traded in, the goods shall be tendered in substantially as good condition as when received. If the seller fails to tender the goods as provided in this section, the buyer may elect to recover an amount equal to the trade in allowance stated in the agreement.

History of Section.
(P.L. 1976, ch. 291, § 2; P.L. 2014, ch. 528, § 24.)