If you do not give the full refund, make it clear how much, if any, you will calculate for the incomplete Layaway transaction. However, you should check the laws in your state. Some states limit the amount retailers can calculate. If you only make partial refunds, you could say that some other retailers are missing a closing date, especially when the payments are almost complete. As a reminder, these retailers send messages to their customers that give them a new date when all payments must be completed. If you have such a policy, you can use a message saying that your Layaway plan can be covered by the law of truth if you require your customers to agree in writing to make all payments until an item is fully paid. If you do not file your client in writing to conclude the purchase of Layaway, the Truth Act will not apply. For more information on the requirements of the Truth Act in the Credit Act, please contact the Federal Trade Commission. Because it can take several months between the start of the layaway purchase and pickup time, your customers don`t always remember all the details about the merchandise they`re buying. This brochure offers a Layaway checklist and an example of Layaway sales evidence to help you evaluate your current Layaway procedures. The checklist contains Layaway information that your customers want or need. The Layaway example offers ways to adjust your current sales bill to provide more complete information to your distant customers. While the dollar amount, number and sometimes frequency of payments may vary with the cost of the purchase, you can develop a standard payment information format.
For example, your Layaway sales evidence might say that your customers know what you`re waiting for if you don`t buy Layaway by giving you refund information. If you need a specific amount that needs to be paid at fixed intervals (for example. B every two weeks), or if you require payments to be made within a specified time frame (. B for example, 60 days after the start of the deposit), this will help your distant customers to know your exact requirements. This disclosure could include a number of particularly important aspects of the Layaway plans that need to be disclosed. These include cancellation and refund policies; Payment schedules service or layaway charges The location, availability and identification of private products. 1. You can cancel this deadline at any time before your last payment by notifying us.
[YOU CAN INDICATE HOW THE CUSTOMER SHOULD NOTIFY YOU.] If we do not receive your last payment before the „last payment“ date, we will automatically cancel your Layaway purchase, unless we agree to extend that date.