Bill Summaries: S329 RETAIL INSTALLMENT SALES ACT AMENDMENTS.

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  • Summary date: Jun 27 2023 - View Summary

    AN ACT TO AMEND THE RETAIL INSTALLMENT SALES ACT. SL 2023-60. Enacted June 27, 2023. Effective October 1, 2023.


  • Summary date: Jun 19 2023 - View Summary

    The Governor vetoed the act on June 19, 2023. The Governor's objections and veto message are available here: https://webservices.ncleg.gov/ViewBillDocument/2023/6258/0/S329-BILL-NBC-10915.


  • Summary date: Apr 25 2023 - View Summary

    Senate committee substitute to the 1st edition makes the following changes. Amends GS 25A-15 (pertaining to finance charges for consumer credit installment sale contracts) as follows. Deletes proposed maximum finance charge rate imposed for a consumer credit installment sale contract at a flat 24%. Instead, caps the finance rate charge at 24% where the amount financed is less than $3,000 per annum and 21% per annum where amount financed is over $3,000.

    Changes the proposed increases to the authorized finance charge rates for consumer credit installment sales contracts repayable in not less than six months for a self-propelled motor vehicle as follows. Deletes provision pertaining to vehicles one and two model years old, which would have increased the rate from 18% to 20% per annum. Instead, permits a rate of 20% per annum for vehicles 1-3 model years old. Deletes proposed rates per annum for vehicles three (22%), four (24%), and five+ (31%) model years old. Instead allows a rate of 26% per annum for vehicles 4-5 model years old. For vehicles six model years old or older, permits a rate of 30% per annum.

    Amends GS 25A-29 (default charges) to change the default charge for past due payments on installment contracts from $15.00 to $18.00 (was, $20.00).


  • Summary date: Mar 16 2023 - View Summary

    Amends GS 25A-15 (pertaining to finance charges for consumer credit installment sale contracts) as follows. Changes the maximum finance charge rate imposed for a consumer credit installment sale contract to a flat 24%. (Currently, 24% is the maximum rate where the amount financed is less than $1,500 and the maximum rate decreases gradually to a maximum of 18% for amounts of $3,000 or more as the amount financed gets higher.) Increases the authorized finance charge rates for consumer credit installment sales contracts repayable in not less than six months for a self-propelled motor vehicle as follows:

    · For vehicles one and two model years old, increases the rate from 18% to 20% per annum;

    · For vehicles three model years old, increases the rate from 20% to 22% per annum;

    · For vehicles four model years old, increases the rate from 22% to 24% per annum;

    · For vehicles five model years old or older, increases the rate from 29% to 31% per annum.

    Amends GS 25A-29 (default charges) to increase the default charge for past due payments on installment contracts from $15 to $20. Makes technical changes. 

    Effective October 1, 2023 and applies to contracts entered into, modified, or renewed on or after that date.