§ 25A-22 – Receipts for payments; return of title documents upon full payment.
25A-22. Receipts for payments; return of title documents upon full payment. (a) When any payment is made under any consumer credit sale transaction, the person receiving such payment shall, if the payment is made in cash, give the buyer a written receipt therefor. If the buyer specifies that the payment is made on one of […]
§ 25A-23 – Collateral taken by the seller.
25A-23. Collateral taken by the seller. (a) The seller in a consumer credit sale may take a security interest only in the following property of the buyer to secure the debt arising from the sale: (1) The property sold, (2) Property previously sold by the seller to the buyer and in which the seller has […]
§ 25A-24 – Identification of instruments of indebtedness.
25A-24. Identification of instruments of indebtedness. With respect to consumer credit sales, each instrument of indebtedness shall be identified on the face of the instrument as a consumer credit document, or otherwise clearly indicate on its face that it arises out of a consumer credit sale, provided, that such designation of an instrument of indebtedness […]
§ 25A-25 – Preservation of consumers' claims and defenses.
25A-25. Preservation of consumers’ claims and defenses. (a) In a consumer credit sale, a buyer may assert against the seller, assignee of the seller, or other holder of the instrument or instruments of indebtedness, any claims or defenses available against the original seller, and the buyer may not waive the right to assert these claims […]
§ 25A-26 – Substitution of collateral.
25A-26. Substitution of collateral. Subject to the provisions of G.S. 25A-23, if all involved parties agree, there may be a substitution of collateral under a security instrument in a consumer credit sale. For such substitution, the seller may impose a fee not to exceed ten percent (10%) of the unpaid balance of the debt or […]
§ 25A-11 – "Revolving charge account contract" defined.
25A-11. "Revolving charge account contract" defined. "Revolving charge account contract" means an agreement or understanding between a seller and a buyer under which consumer credit sales may be made from time to time, under the terms of which a finance charge or service charge is to be computed in relation to the buyer’s unpaid balance […]
§ 25A-12 – "Consumer credit installment sale contract" defined.
25A-12. "Consumer credit installment sale contract" defined. "Consumer credit installment sale contract" means the agreement between a buyer and a seller in a consumer credit sale other than a sale made pursuant to a revolving charge account. (1971, c. 796, s. 1.)
§ 25A-13 – "Consumer Credit Protection Act" defined.
25A-13. "Consumer Credit Protection Act" defined. "Consumer Credit Protection Act" means the Consumer Credit Protection Act, an act of Congress of May 29, 1968, as amended (Public Law 90-321; 82 Stat. 146; 15 U.S.C. 1601 et seq.), and regulations and rulings promulgated thereunder. (1971, c. 796, s. 1.)
§ 25A-14 – Finance charge rates and service charge for revolving charge account contracts.
25A-14. Finance charge rates and service charge for revolving charge account contracts. (a) The finance-charge rate and either the annual charge or the monthly service charge for a consumer credit sale made under a revolving charge account contract may not exceed the rates and charge provided for revolving credit by G.S. 24-11. (b) In the […]
§ 25A-15 – Finance charge rates for consumer credit installment sale contracts.
25A-15. Finance charge rates for consumer credit installment sale contracts. (a) With respect to a consumer credit installment sale contract, a seller may contract for and receive a finance charge not exceeding that permitted by this section. For the purposes of this section, the finance charge rates are the rates that are required to be […]