MS Code § 63-19-31 (2020)
2020 Mississippi Code|Title 63 - Motor Vehicles and Traffic Regulations|Chapter 19 - Motor Vehicle Sales Finance Law|§ 63-19-31. Execution, terms and delivery of retail installment contract

    A retail installment contract shall be in writing, shall be signed by both the buyer and the seller, and shall be completed as to all essential provisions prior to the signing of the contract by the buyer.   The printed portion of the contract, other than instructions for completion, shall be in at least eight point type. The contract shall contain in a size equal to at least ten point bold type:   A specific statement that liability insurance coverage for bodily injury and property damage caused to others is not included, if that is the case; and   The following notice: "Notice to the Buyer: 1. Do not sign this contract before you read it or if it contains any blank spaces. 2. You are entitled to an exact copy of the contract you sign."     The seller shall deliver to the buyer, or mail to him at his address shown on the contract, a copy of the contract signed by the seller. Until the seller does so, a buyer who has not received delivery of the motor vehicle shall have the right to rescind his agreement and to receive a refund of all payments made and return of all goods traded in to the seller on account of or in contemplation of the contract, or if such goods cannot be returned, the value thereof. Any acknowledgment by the buyer of the delivery of a copy of the contract shall be in a size equal to at least ten point bold type and, if contained in the contract, shall appear directly above the buyer's signature.   The contract shall contain the names of the seller and the buyer, the place of business of the seller, the residence or place of business of the buyer as specified by the buyer and a description of the motor vehicle including its make, year model, model and identification numbers or marks.     The contract shall contain the following items:   The cash sale price of the motor vehicle;   The amount of the buyer's down payment, and whether made in money or goods, or partly in money and partly in goods;   The difference between items (a) and (b);   The amount, if any, included for insurance and other benefits specifying the types of coverage and benefits;   The amount of official fees;   The amount, if any, actually paid or to be paid by the seller pursuant to an agreement with the buyer to discharge a security interest, lien or lease interest on property traded in;   The principal balance, which is the sum of items (c), (d), (e) and (f);   The amount of the finance charge;   The time balance, which is the sum of items (g) and (h), payable in installments by the buyer to the seller, the number of installments, the amount of each installment and the due date or period thereof.  The above items need not be stated in the sequence or order set forth. Additional items may be included to explain the calculations involved in determining the stated time balance to be paid by the buyer. Notwithstanding any provision of this chapter to the contrary, in any contract evidencing the sale of a commercial vehicle, the statement of the amount of the finance charge (item (h) hereof) and the amount of each installment (item (i) hereof) may be calculated using the finance charge rate applicable to the transaction as of the date of execution of the contract, notwithstanding the fact that such finance charge rate may increase or decrease over the term of the contract according to any formula or index set forth in the contract; provided, however, that under no circumstances may the variable rate under such contract at any time exceed the finance charge limitations found in Section 63-19-43, of this chapter.      No retail installment contract shall be signed by any party thereto when it contains blank spaces to be filled in after it has been signed except that, if delivery of the motor vehicle is not made at the time of the execution of the contract, the identifying numbers or marks of the motor vehicle or similar information and the due date of the first installment may be inserted in the contract after its execution. The buyer's written acknowledgment, conforming to the requirements of subdivision (c) of subsection (1) of this section, of delivery of a copy of a contract shall be conclusive proof of such delivery, that the contract when signed did not contain any blank spaces except as herein provided, and of compliance with Sections 63-19-31 through 63-19-41 in any action or proceeding by or against the holder of the contract.