If such solicitor enters into a contract of the sale of any product or service at any residence in the city, he or she shall inform the purchaser in writing at the time the contract is executed:
(A) The contract or any obligation signed in connection therewith will be negotiated or discounted to some other person than the contracting parties, if such is the fact; and
(B) If the contract provides for installment payments of the purchase price of the true interest rate charged on the unpaid balance thereof and the true amount of all service or carrying charges to be paid in connection with such contract.
(1992 Code, § 116.05) (Ord. 08-2003, passed 4-15-2003)