Please note that there has been a revision made to the LAW®553-KS(4P)8/23 contract as well as the LAW®553-KS-ARB8/23. The new form numbers are LAW®553-KS(4P)1/25 and LAW®553-KS-ARB1/25.
The contracts have been revised to address changes required by House Bill 2247, which was enacted March 29, 2024 and is effective January 1, 2025.
As a result, the following revisions were made:
Programming may be required for the new revision. The standard and ARB versions will not line up the same as each other for programming purposes.
Inventory for the new product will be available by November 20, 2024. Dealers should begin using the new contract on January 1, 2025.
For dealers using the stand-alone Arbitration Agreement, the LAW-ARB8/22 version can be used with the new 553-KS revision.
The Bankers Systems® brand Motor Vehicle Retail Installment Sale Contracts will also be revised and announced in a separate message.