A "layaway" is an agreement between consumer and seller that the seller will hold specified consumer goods for sale at an agreed upon price in consideration of a cash deposit. Additionally, retailers are required to provide the customer with a statement of the terms and conditions of the layway which state:
The amount of deposit that was received. The length of time the goods
will be held (either duration of time or final purchase date).
A specific description of the goods.
The total purchase price of the goods including a separate listing
of any handling or other processing charges.
Any other terms of the layaway agreement.
That the seller will refund any layaway deposit and subsequent payments
before the end of the stated layaway period if the goods become unavailable
or change in condition or terms.
If you are participating in a layaway agreement, be sure that the seller provides
you with a written or printed copy of the terms of the agreement. You should
understand that your failure to make timely payments according to the agree
upon terms may result in forfeiture of your deposit.