AN ACT TO AMEND THE RETAIL INSTALLMENT SALES ACT.
Amends GS 25A-10 by amending the definition of official fees under the Retail Installment Sales Act to include fees and charges set by law that are or will be paid to public officials or any other person (was, public officials only) for determining the existence of or for perfecting, releasing, or satisfying a security interest related to a consumer credit sale; specifically includes any lien notation fee.
Amends GS 25A-15, concerning finance charge rates for consumer credit installment sale contracts, by adding that a consumer credit installment sale contract may be either precomputed or interest bearing. All balances due under such a contract from any person as a buyer or as an endorser, guarantor, or surety for any buyer is to be considered a part of the amount financed with regard to the contract when computing interest or charges. Provides that the finance charge rates are simple interest rates (was, are the rate that are required to be disclosed by the Consumer Credit Protection Act). Amends the caps on the finance charge rates for a consumer credit installment sales contract.
Applies to contracts entered into, renewed, or modified on or after October 1, 2019.
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