House committee substitute deletes all provisions of the 1st edition and replaces it with AN ACT TO ENACT THE LEASE-PURCHASE AGREEMENT ACT AND TO AMEND THE LAW ON ENROLLMENT PRIORITY FOR CHARTER SCHOOLS. Changes short title to NC Lease-Purchase Act/Charter Sch. Priority.
Adds new GS Chapter 25D, the North Carolina Lease-Purchase Agreement Act. Sets out definitions and exceptions. Defines a lease-purchase agreement as an agreement for the use of personal property by a consumer for an initial period of four months or less that contains automatic periodic renewals with each payment after the initial period, no provision obligating the consumer to continue use of the property beyond the initial period, and a provision permitting the consumer to become the owner of the property. Requires the lessor to make 12 disclosures including the attributes of the payments, a clear statement of the terms of the agreement, and a statement that the consumer may terminate the agreement without penalty. Prohibits lease purchase agreements from containing a confession of judgment, a negotiable instrument, a security interest, a wage assignment, a waiver of claims or defenses by the consumer, or an authorization to enter the consumer's premises for repossession purposes. Provides for reinstatement of the agreement. Allows parties to renegotiate and extend existing agreements. Provides for advertisement of agreements. Provides that the Consumer Credit Protection Act will control when in conflict with this Chapter.
Effective January 1, 2019, and applies to all agreements entered on or after this date.
Amends GS 115C-218.45(f), removing requirement for the sibling of a student to have been enrolled in the charter school for the previous year in order for that student to have enrollment priority.
Bill Summaries: S 374 NC LEASE-PURCHASE ACT/CHARTER SCH. PRIORITY (NEW).
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Bill S 374 (2017-2018)Summary date: Jun 15 2018 - View Summary
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Bill S 374 (2017-2018)Summary date: Mar 23 2017 - View Summary
Amends GS 147-64.6, regarding the duties of the State Auditor, to require the Auditor to independently examine whether State agencies are adhering to statutory requirements that include conditions precedent, classifications, and similar eligibility or qualifying standards to assure that statutory intent is carried out while such provisions are in effect. Makes the Auditor responsible for verifying audits for compliance with statutory requirements, with or without advance notice to the organization or State agency being audited. Authorizes the Auditor to examine the accounts and records of any organization or State agency relating to a verification audit for compliance with a statutory condition precedent, classification, or other standards.