Please note that there has been a revision made to the LAW®553-AR(4P)1/21 contract. The new form number is LAW®553-AR(4P)4/25.
As a result of user requests and to continually update and increase acceptance of our LAW 553 contracts, we made the following changes to our 553 contract in Arkansas:
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Added Cell and Email fields to the Buyer and Co-Buyer boxes
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Changed ‘Returned Check Charge’ heading to ‘Returned Payment Charge’
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Removed the NO COOLING OFF PERIOD disclosure box
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We made additions, deletions and revisions of language in the following sections on the back of the contract:
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6. – Added a new sentence at the beginning and 2 additional sentences to the end of the section
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8. – Added new section as NEGATIVE CREDIT REPORT NOTICE
New programming will be required for the new revision.
Inventory for the new product will be available by February 21, 2025. Dealers should begin using the new contract by April 1, 2025.
For dealers using the stand-alone Arbitration Agreement, the LAW-ARB-AR is also being revised to be used with the new 553-AR version.
The Bankers Systems® brand Motor Vehicle Retail Installment Sale Contracts are NOT impacted by the above changes and therefore with NOT be revised.