Please note that there has been a revision made to the LAW®553-MN(4P)8/24 contract as well as the LAW®553-MN-ARB8/24. The new form numbers are LAW®553-MN(4P)9/26 and LAW®553-MN-ARB9/26.
Effective July 1, 2026, the allowable late charge amount will increase from $9.88 to $10.40. We modified the Late Charge section to reflect the new amount.
In addition, we made other changes to the form based on legislation that will go into effect on August 1, 2026, as well as other feedback. The changes include:
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Removed the check box from the Late Charge provision
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Updated the Returned Check Charge disclosure for electronic payments
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Bolded a sentence within the Insurance Section
New 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 August 7, 2026. Dealers should begin using the new contract by September 1, 2026.
The Bankers Systems®brand Motor Vehicle Retail Installment Sale Contracts will also be revised and announced in a separate message.