North Carolina Statutes

Chapter 25A Retail Installment Sales Act

  • § 25A-1   Scope of act
    This Chapter applies only to consumer credit sales as hereinafter defined, except that G.S. 25A‑37, referral sales, applies to all sales of goods or services...
  • § 25A-2   "Consumer credit sale" defined
    (a) Except as provided in subsection (c) of this section, a "consumer credit sale" is a sale of goods or services in which (1) The...
  • § 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...
  • § 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...
  • § 25A-5   "Services" defined
    (a) "Services" includes: (1) Work, labor, and other personal services; and (2) Privileges with respect to transportation, hotel and restaurant accommodations, education, entertainment, recreation, physical...
  • § 25A-6   "Seller" defined
    "Seller" means one regularly engaged in the business of selling goods or services. Unless otherwise provided, "seller" also means and includes an assignee of the...
  • § 25A-7   "Cash price" defined
    "Cash price" of goods and services means the price at which the goods or services are offered for sale by the seller to cash buyers...
  • § 25A-8   "Finance charge" defined
    (a) "Finance charge" means the sum of all charges payable directly or indirectly by the buyer and imposed by the seller as an incident to...
  • § 25A-9   "Amount financed" defined
    (a) "Amount financed" means the total of the following to the extent that payment is deferred by the seller: (1) The cash price of the...
  • § 25A-10   "Official fees" defined
    "Official fees" means: (1) Fees and charges prescribed by law which actually are or will be paid to public officials for determining the existence of...
  • § 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...
  • § 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...
  • § 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....
  • § 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...
  • § 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...
  • § 25A-16   Transfer of equity
    If a buyer voluntarily transfers his rights in collateral pursuant to applicable law and the seller agrees, the seller may impose a transfer fee not...
  • § 25A-17   Additional charges for insurance
    (a) As to revolving charge account contracts defined in G.S. 25A‑11, in addition to the finance charges permitted in G.S. 24‑11(a), a seller in a...
  • § 25A-18   Confession of judgment
    A buyer may not authorize any person to confess judgment on a claim arising out of a consumer credit sale. An authorization in violation of...
  • § 25A-19   Acceleration
    With respect to a consumer credit sale, the agreement may not provide for repossession of any goods or acceleration of the time when any part...
  • § 25A-20   Disclaimer of warranty
    With respect to any consumer credit sale, the agreement may not contain any provision limiting, excluding, modifying or in any manner altering the terms of...
  • § 25A-21   Attorneys' fees
    With respect to a consumer credit sale: (1) In the event that the seller institutes a suit and prevails in the litigation and obtains a...
  • § 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,...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 25A-27   Application of payments
    (a) Where a seller in a consumer credit sale makes a subsequent sale to a buyer and takes a security interest pursuant to G.S. 25A‑23...
  • § 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
    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...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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,...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 25A-45   Conflict with Consumer Credit Protection Act
    In all cases of irreconcilable conflict between the provisions of this Chapter and the provisions of the Consumer Credit Protection Act, the provisions of the...