Bill Summary for H 1155 (2011-2012)
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Summary date:
May 29 2012
Bill Information:
| View NCGA Bill Details | 2011-2012 Session |
TO INCREASE REVENUE TO THE HIGHWAY TRUST FUND FROM THE HIGHWAY USE TAX BY STIMULATING THE SALE OF MOTOR VEHICLES BY ALLOWING BALLOON PAYMENTS ON MOTOR VEHICLE LOANS THAT EXCEED TEN THOUSAND DOLLARS.Intro. by Committee on Rules, Calendar, and Operations of the House.
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Bill summary
As title indicates, amends GS 25A-34 (regarding balloon payments) to provide that the statute does not apply to motor vehicle loans exceeding $10,000. Effective October 1, 2012.