Bill Summary for H 685 (2017-2018)

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Summary date: 

Apr 10 2017

Bill Information:

View NCGA Bill Details2017-2018 Session
House Bill 685 (Public) Filed Monday, April 10, 2017
Intro. by Szoka, Watford, Zachary, Goodman.

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Bill summary

Identical to S 522, filed 3/29/17.

Amends GS 143-143.21A (regarding purchase agreements and buyer cancellations for manufactured homes) to provide that initial deposit means any money paid to the dealer by the buyer before midnight of the third business day after the date the buyer signed the purchase agreement, for the purpose of the statute. No longer requires a purchase agreement for a manufactured home to include the estimated terms of financing the purchase. Amends the text of the currently required notice, and amends the form of the notice, requiring the notice to be signed by the buyer. Authorizes the buyer to cancel the purchase agreement until midnight of the third business day following the signing of the purchase agreement. Provides that the buyer is only entitled to one notice of cancellation, provided at the time of the initial deposit. Directs the dealer to return the initial deposit (currently, the deposit or other payment), paid before the cancellation period expires, to a buyer that cancels during the cancellation period. Deletes the provision requiring return of the deposit if the material terms for the purchase agreement are changed by the dealer. Deletes the provision requiring additional cancellation periods for new financing terms. Makes conforming changes. Authorizes the dealer to retain 10% of any deposit (currently, deposit or other payment) if a buyer cancels the purchase after the 3-day period, and the manufactured home is in the dealer's inventory. Provides that the buyer and dealer may negotiate other terms relating to the deposit, including the right to receive a full deposit refund.

Effective October 1, 2017, and applies to purchase agreements entered on or after that date.