§487A-1 Plain language in consumer transactions. (a) Every written agreement entered into on or after July 1, 1981:
shall be written in a clear and coherent manner using words with common and everyday meanings, and appropriately divided and captioned by its various sections.
(b) Any creditor, seller, or lessor who fails to comply with this chapter shall be liable in an amount equal to any actual damages sustained by a suing party or a class in a class action, plus a penalty of $50. The total class action penalty against any creditor, seller, or lessor shall not exceed $10,000 in any class action or series of class actions arising out of the use by a creditor, seller, or lessor of an agreement which fails to comply with this chapter. No right of recovery shall exist for any class by way of a class action, pursuant to this section, on any written agreement executed prior to July 1, 1986.
(c) No action under this chapter may be brought after both parties to the agreement have fully performed their obligations under such agreement, nor shall any creditor, seller, or lessor who attempts in good faith to comply with this chapter be liable for such penalties.
(d) The provisions of this chapter shall not apply:
(e) A written agreement involves less than $25,000 if it provides for: