§ 25A-28 – Form of consumer credit installment sale contract.
25A-28. Form of consumer credit installment sale contract. Every consumer credit installment sale contract shall be in writing, dated and signed by the buyer. (1971, c. 796, s. 1.)
§ 25A-29 – Default charges.
25A-29. Default charges. (a) If any installment is past due for 10 days or more according to the original terms of the consumer credit installment sale contract, a default charge may be made in an amount of fifteen dollars ($15.00). A default charge may be imposed only one time for each default. (b) If a […]
§ 25A-3 – "Payable in installments" defined.
25A-3. "Payable in installments" defined. A debt is "payable in installments" when the buyer is required or permitted by agreement to make payment in more than four installments, excluding a down payment, and whether or not a finance charge is imposed by the seller. (1971, c. 796, s. 1.)
§ 25A-30 – Deferral charges.
25A-30. Deferral charges. (a) A seller may, by agreement with the buyer, defer the due date of all or any part of one or more installments under an existing consumer credit installment sale contract. (b) Except as provided by subsections (e) and (f) of this section, a deferral agreement must be in writing, dated and […]
§ 25A-31 – Consolidation and refinancing.
25A-31. Consolidation and refinancing. (a) A seller and a buyer may agree at any time to refinance an existing consumer credit installment sale contract or to consolidate into a single debt repayable on a single schedule of payments, two or more consumer credit installment sale contracts. (b) A refinancing or consolidation agreement must be in […]
§ 25A-32 – Rebates on prepayment.
25A-32. Rebates on prepayment. Notwithstanding any provision in a consumer credit installment sale contract to the contrary, any buyer may satisfy the debt in full at any time before maturity, and in so satisfying such debt, shall receive a rebate, the amount of which shall be computed under the "rule of 78’s," as follows: "The […]
§ 25A-32.1 – Unearned finance charge credits on prepayment of loans secured by real property and mobile home loans.
25A-32.1. Unearned finance charge credits on prepayment of loans secured by real property and mobile home loans. (a) Notwithstanding any statutory or contractual provision to the contrary, in a consumer credit installment sale contract with an amount financed of five thousand dollars ($5000.00) or more secured by real estate or by a residential manufactured home […]
§ 25A-33 – Terms of payments.
25A-33. Terms of payments. A consumer credit installment sale contract shall provide for complete payment of all charges due under the contract, including the amount financed, the finance charge, and additional insurance charges, if any, within a period from the time of the sale of (1) Forty-two months, if the amount financed is less than […]
§ 25A-34 – Balloon payments.
25A-34. Balloon payments. With respect to a consumer credit sale, other than one pursuant to a revolving charge account, no scheduled payment may be more than ten percent (10%) larger than the average of earlier scheduled payments, except that the final payment may be twenty-five percent (25%) larger than the average of earlier scheduled payments. […]
§ 25A-35 – Statement of account.
25A-35. Statement of account. (a) One time during each 12-month period following execution of a consumer credit installment sale contract and when the buyer repays the debt early, the buyer shall be entitled upon request and without charge to a statement of account from the seller. The statement of account shall contain the following information […]
§ 25A-36 – Certificates of insurance and rebates.
25A-36. Certificates of insurance and rebates. (a) Within 45 days following the purchase of insurance by the buyer from or through the seller, the seller shall deliver, send or cause to be sent to the buyer a policy or policies of such insurance or a certificate or certificates thereof. If such insurance is cancelled, or […]
§ 25A-37 – Referral sales.
25A-37. Referral sales. The advertisement for sale or the actual sale of any goods or services (whether or not a consumer credit sale) at a price or with a rebate or payment or other consideration to the purchaser that is contingent upon the procurement of prospective customers provided by the purchaser, or the procurement of […]
§ 25A-38 – "Home-solicitation sale" defined.
25A-38. "Home-solicitation sale" defined. "Home-solicitation sale" means a consumer credit sale of goods or services in which the seller or a person acting for him engages in a personal solicitation of the sale at a residence of the buyer and the buyer’s agreement or offer to purchase is there given to the seller or a […]
§ 25A-39 – Buyer's right to cancel.
25A-39. Buyer’s right to cancel. (a) Except as provided in subsection (e) of this section, in addition to any right otherwise to revoke an offer, the buyer has the right to cancel a home-solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement or offer to […]
§ 25A-4 – "Goods" defined.
25A-4. "Goods" defined. (a) "Goods" means all things which are moveable at the time of the sale or at the time the buyer takes possession, including goods not in existence at the time the transaction is entered into and goods which are furnished or used at the time of sale or subsequently in modernization, rehabilitation, […]
§ 25A-40 – Form of agreement or offer; statement of buyer's rights.
25A-40. Form of agreement or offer; statement of buyer’s rights. (a) In a home-solicitation sale the seller must present to the buyer and obtain his signature to a fully completed written agreement or offer to purchase which is in the same language as that principally used in the oral sales presentation and which designates as […]
§ 25A-41 – Restoration of down payment; retention of goods.
25A-41. Restoration of down payment; retention of goods. (a) Except as provided in this section, within 10 business days after a home-solicitation sale has been canceled or an offer to purchase revoked in accordance with G.S. 25A-40, the seller must tender to the buyer any payments made by the buyer and any note or other […]
§ 25A-42 – Duties as to care and return of goods; no compensation for services prior to cancellation.
25A-42. Duties as to care and return of goods; no compensation for services prior to cancellation. (a) Except as provided by the provisions on retention of goods by the buyer (G.S. 25A-41(d)), within a reasonable time after a home-solicitation sale has been canceled, the buyer must make available to the seller at the buyer’s residence […]
§ 25A-43 – Unconscionability.
25A-43. Unconscionability. (a) With respect to a consumer credit sale, if the court finds the agreement or any clause of the agreement to have been unconscionable at the time it was made, the court may refuse to enforce the agreement, or it may enforce the remainder of the agreement without the unconscionable clause, or it […]
§ 25A-44 – Remedies and penalties.
25A-44. Remedies and penalties. In addition to remedies hereinbefore provided, the following remedies shall apply to consumer credit sales: (1) In the event that a consumer credit sale contract requires the payment of a finance charge not more than two times in excess of that permitted by this Chapter, the seller or an assignee of […]