reglab/statecodes huggingface dataset:
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 9 - Secured Transactions. › § 25-9-626 - Action in which deficiency or surplus is in issue.

§ 25-9-626. Action in which deficiency or surplus is in issue.
(a) Applicable rules if amount of deficiency or surplus in issue. – In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply:
(1) A secured party need not prove compliance with the provisions of this Part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.
(2) If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this Part.
(3) Except as otherwise provided in G.S. 25-9-628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this Part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney's fees exceeds the greater of:
a. The proceeds of the collection, enforcement, disposition, or acceptance; or
b. The amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this Part relating to collection, enforcement, disposition, or acceptance.
(4) For purposes of sub-subdivision (a)(3)b. of this section, the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney's fees unless the secured party proves that the amount is less than that sum.
(5) If a deficiency or surplus is calculated under G.S. 25-9-615(f), the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.
(b) Nonconsumer transactions; no inference. – The limitation of the rules in subsection (a) of this section to transactions other than consumer transactions is intended to leave to the court the determination of the proper rules in consumer transactions. The court may not infer from that limitation the nature of the proper rule in consumer transactions and may continue to apply established approaches. (2000-169, s. 1.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 9 - Secured Transactions. › § 25-9-627 - Determination of whether conduct was commercially reasonable.

§ 25-9-627. Determination of whether conduct was commercially reasonable.
(a) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. – The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
(b) Dispositions that are commercially reasonable. – A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(1) In the usual manner on any recognized market;
(2) At the price current in any recognized market at the time of the disposition; or
(3) Otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(c) Approval by court or on behalf of creditors. – A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:
(1) In a judicial proceeding;
(2) By a bona fide creditors' committee;
(3) By a representative of creditors; or
(4) By an assignee for the benefit of creditors.
(d) Approval under subsection (c) of this section not necessary; absence of approval has no effect. – Approval under subsection (c) of this section need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable. (1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 9 - Secured Transactions. › § 25-9-628 - Nonliability and limitation on liability of secured party; liability of secondary obligor.

§ 25-9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor.
(a) Limitation of liability of secured party for noncompliance with Article. – Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:
(1) The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this Article; and
(2) The secured party's failure to comply with this Article does not affect the liability of the person for a deficiency.
(b) Limitation of liability based on status as secured party. – A secured party is not liable because of its status as secured party:
(1) To a person that is a debtor or obligor, unless the secured party knows:
a. That the person is a debtor or obligor;
b. The identity of the person; and
c. How to communicate with the person; or
(2) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
a. That the person is a debtor; and
b. The identity of the person.
(c) Limitation of liability if reasonable belief that transaction not a consumer-goods transaction or consumer transaction. – A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:
(1) A debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(2) An obligor's representation concerning the purpose for which a secured obligation was incurred.
(d) Limitation of liability for statutory damages. – A secured party is not liable to any person under G.S. 25-9-625(c)(2) for its failure to comply with G.S. 25-9-616.
(e) Limitation of multiple liability for statutory damages. – A secured party is not liable under G.S. 25-9-625(c)(2) more than once with respect to any one secured obligation. (2000-169, s. 1.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 9 - Secured Transactions. › § 25-9-701 - Effective date.

§ 25-9-701. Effective date.
This act takes effect on July 1, 2001. References in this Part to "this act" refer to PARTS I, II, and III of the session law by which this Part is added to Article 9 of Chapter 25 of the General Statutes. References in this Part to "former Article 9" are to Article 9 of Chapter 25 of the General Statutes as in effect immediately before July 1, 2001. (2000-169, s. 1.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 9 - Secured Transactions. › § 25-9-702 - Savings clause.

§ 25-9-702. Savings clause.
(a) Pre-effective-date transactions or liens. – Except as otherwise provided in this Part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001.
(b) Continuing validity. – Except as otherwise provided in subsection (c) of this section and G.S. 25-9-703 through G.S. 25-9-709:
(1) Transactions and liens that were not governed by former Article 9, were validly entered into or created before July 1, 2001, and would be subject to this act if they had been entered into or created after July 1, 2001, and the rights, duties, and interests flowing from those transactions and liens remain valid after July 1, 2001; and
(2) The transactions and liens described in subdivision (1) of this subsection may be terminated, completed, consummated, and enforced as required or permitted by this act or by the law that otherwise would apply if this act had not taken effect.
(c) Pre-effective-date proceedings. – This act does not affect an action, case, or proceeding commenced before July 1, 2001.
(d) Special rule for certain governmental transactions. – Notwithstanding any other provision of this act, security interests that were excluded under former Article 9 pursuant to former G.S. 25-9-104(e) or as to which the filing requirements of former Article 9 did not apply pursuant to former G.S. 25-9-302(6), and which are effective prior to July 1, 2001, but for which the applicable requirements for creation, perfection, or enforceability under this act are not satisfied on July 1, 2001, shall nonetheless be treated as valid, enforceable, and perfected security interests under this act for the duration of those security interests. (2000-169, s. 1; 2001-218, s. 4.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 9 - Secured Transactions. › § 25-9-703 - Security interest perfected before effective date.

§ 25-9-703. Security interest perfected before effective date.
(a) Continuing priority over lien creditor: perfection requirements satisfied. – A security interest that is enforceable immediately before July 1, 2001 and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, on July 1, 2001, the applicable requirements for enforceability and perfection under this act are satisfied without further action.
(b) Continuing priority over lien creditor: perfection requirements not satisfied. – Except as otherwise provided in G.S. 25-9-705, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this act are not satisfied on July 1, 2001, the security interest:
(1) Is a perfected security interest for one year after July 1, 2001;
(2) Remains enforceable thereafter only if the security interest becomes enforceable under G.S. 25-9-203 before the year expires; and
(3) Remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires. (2000-169, s. 1.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 9 - Secured Transactions. › § 25-9-704 - Security interest unperfected before effective date.

§ 25-9-704. Security interest unperfected before effective date.
A security interest that is enforceable immediately before July 1, 2001 but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) Remains an enforceable security interest for one year after July 1, 2001;
(2) Remains enforceable thereafter if the security interest becomes enforceable under G.S. 25-9-203 on July 1, 2001 or within one year thereafter; and
(3) Becomes perfected:
a. Without further action, on July 1, 2001 if the applicable requirements for perfection under this act are satisfied before or at that time; or
b. When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time. (2000-169, s. 1.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 9 - Secured Transactions. › § 25-9-706 - When initial financing statement suffices to continue effectiveness of financing statement.

§ 25-9-706. When initial financing statement suffices to continue effectiveness of financing statement.
(a) Initial financing statement in lieu of continuation statement. – The filing of an initial financing statement in the office specified in G.S. 25-9-501 continues the effectiveness of a financing statement filed before July 1, 2001 if:
(1) The filing of an initial financing statement in that office would be effective to perfect a security interest under this act;
(2) The pre-effective-date financing statement was filed in an office in another state or another office in this State; and
(3) The initial financing statement satisfies subsection (c) of this section.
(b) Period of continued effectiveness. – The filing of an initial financing statement under subsection (a) of this section continues the effectiveness of the pre-effective-date financing statement:
(1) If the initial financing statement is filed before July 1, 2001, for the period provided in G.S. 25-9-403 of former Article 9 with respect to a financing statement; and
(2) If the initial financing statement is filed after July 1, 2001, for the period provided in G.S. 25-9-515 with respect to an initial financing statement.
(c) Requirement for initial financing statement under subsection (a). – To be effective for purposes of subsection (a) of this section, an initial financing statement must:
(1) Satisfy the requirements of Part 5 of this Article for an initial financing statement;
(2) Identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3) Indicate that the pre-effective-date financing statement remains effective. (2000-169, s. 1.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 9 - Secured Transactions. › § 25-9-707 - Amendment of pre-effective-date financing statement.

§ 25-9-707. Amendment of pre-effective-date financing statement.
(a) "Pre-effective-date financing statement". – In this section, "pre-effective-date financing statement" means a financing statement filed before July 1, 2001.
(b) Applicable law. – After July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3 of this Article. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(c) Method of amending: general rule. – Except as otherwise provided in subsection (d) of this section, if the law of this State governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after July 1, 2001 only if:
(1) The pre-effective-date financing statement and an amendment are filed in the office specified in G.S. 25-9-501;
(2) An amendment is filed in the office specified in G.S. 25-9-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies G.S. 25-9-706(c); or
(3) An initial financing statement that provides the information as amended and satisfies G.S. 25-9-706(c) is filed in the office specified in G.S. 25-9-501.
(d) Method of amending: continuation. – If the law of this State governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under G.S. 25-9-705(d) and (f) or G.S. 25-9-706.
(e) Method of amending: additional termination rule. – Whether or not the law of this State governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this State may be terminated after July 1, 2001, by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies G.S. 25-9-706(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 of this Article as the office in which to file a financing statement. However, a termination statement shall not be filed under this section in the register of deeds office unless it is the office specified in G.S. 25-9-501.
(f) No additional fee. – No separate fee shall be charged for the filing or indexing of a concurrently filed termination statement under subdivision (c)(2) of this section. (2000-169, s. 1; 2001-231, s. 6.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 9 - Secured Transactions. › § 25-9-708 - Persons entitled to file initial financing statement or continuation statement.

§ 25-9-708. Persons entitled to file initial financing statement or continuation statement.
A person may file an initial financing statement or a continuation statement under this Part if:
(1) The secured party of record authorizes the filing; and
(2) The filing is necessary under this Part:
a. To continue the effectiveness of a financing statement filed before July 1, 2001; or
b. To perfect or continue the perfection of a security interest. (2000-169, s. 1.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 9 - Secured Transactions. › § 25-9-709 - Priority.

§ 25-9-709. Priority.
(a) Law governing priority. – This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, former Article 9 determines priority.
(b) Priority if security interest becomes enforceable under G.S. 25-9-203. – For purposes of G.S. 25-9-322(a), the priority of a security interest that becomes enforceable under G.S. 25-9-203 dates from July 1, 2001 if the security interest is perfected under this act by the filing of a financing statement before July 1, 2001 which would not have been effective to perfect the security interest under former Article 9. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement. (2000-169, s. 1.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 9 - Secured Transactions. › § 25-9-710 - Special transitional provision for maintaining and searching local-filing office records.

§ 25-9-710. Special transitional provision for maintaining and searching local-filing office records.
(a) In this section:
(1) "Former-Article-9 records" means:
a. Financing statements and other records that have been filed in the local-filing office before July 1, 2001, and that are, or upon processing and indexing will be, reflected in the index maintained, as of June 30, 2001, by the local-filing office for financing statements and other records filed in the local-filing office before July 1, 2001; and
b. The index as of June 30, 2001.
The term does not include records presented to a local-filing office for filing after June 30, 2001, whether or not the records relate to financing statements filed in the local-filing office before July 1, 2001.
(2) "Local-filing office" means a filing office, other than the office of the Secretary of State, that is designated as the proper place to file a financing statement under G.S. 25-9-401(1) of former Article 9. The term applies only with respect to a record that covers a type of collateral as to which the filing office is designated in that section as the proper place to file.
(b) A local-filing office must not accept for filing a record presented after June 30, 2001, whether or not the record relates to a financing statement filed in the local-filing office before July 1, 2001. This subsection does not apply, with respect to financing statements and other records, to a filing office in which mortgages or records of mortgages on real property are required to be filed or recorded, if:
(1) The collateral is timber to be cut or as-extracted collateral; or
(2) The record is or relates to a financing statement filed as a fixture and the collateral is goods that are or are to become fixtures.
(c) Until July 1, 2008, each local-filing office must maintain all former-Article-9 records in accordance with former Article 9. A former-Article-9 record that is not reflected on the index maintained at June 30, 2001, by the local-filing office must be processed and indexed, and reflected on the index as of June 30, 2001, as soon as practicable but in any event no later than July 30, 2001.
(d) Until at least June 30, 2008, each local-filing office must respond to requests for information with respect to former-Article-9 records relating to a debtor and issue certificates, in accordance with former Article 9. The fees charged for responding to requests for information relating to a debtor and issuing certificates with respect to former-Article-9 records must be the fees in effect under former Article 9 on June 30, 2001.
(e) After June 30, 2008, each local-filing office may remove and destroy, in accordance with any then applicable record retention law of this State, all former-Article-9 records, including the related index.
(f) Repealed by Session Laws 2001-231, s. 7. (2000-169, s. 1; 2001-231, s. 7.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 10 - Effective Date and Repealer. › § 25-10-101 - Effective date.

§ 25-10-101. Effective date.
This act shall become effective at midnight on June 30, 1967. It applies to transactions entered into and events occurring after that date. (1965, c. 700, s. 11.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 10 - Effective Date and Repealer. › § 25-10-102 - Specific repealer; provision for transition.

§ 25-10-102. Specific repealer; provision for transition.
(1) The following acts and all other acts and parts of acts inconsistent herewith are hereby repealed:
Uniform Negotiable Instruments Act, G.S. 25-1 through G.S. 25-199.
Uniform Warehouse Receipts Act, G.S. 27-1 through G.S. 27-53.
Uniform Bills of Lading Act, G.S. 21-1 through G.S. 21-41.
Uniform Stock Transfer Act, G.S. 55-75 through G.S. 55-98.
Uniform Trust Receipts Act, G.S. 45-46 through G.S. 45-66.
Agricultural liens for advances, G.S. 44-52 through G.S. 44-64.
Bank collections, G.S. 53-57 and 53-58.
Bulk sales, G.S. 39-23.
Factor's lien acts, G.S. 44-70 through G.S. 44-76.
Assignment of accounts receivable, G.S. 44-77 through G.S. 44-85.
(2) Transactions validly entered into before July 1, 1967, and the rights, duties and interests flowing from them remain valid thereafter and may be terminated, completed, consummated or enforced as required or permitted by any statute or other law amended or repealed by this act as though such repeal or amendment had not occurred. (1965, c. 700, s. 2.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 10 - Effective Date and Repealer. › § 25-10-103 - General repealer.

§ 25-10-103. General repealer.
Except as provided in the following section, all acts and parts of acts inconsistent with this act are hereby repealed. (1965, c. 700, s. 6.)
2023 North Carolina General Statutes › Chapter 25 - Uniform Commercial Code › Article 10 - Effective Date and Repealer. › § 25-10-106 - Covered transactions not subject to prior registration statutes.

§ 25-10-106. Covered transactions not subject to prior registration statutes.
Any security interest subject to article 9 of the Uniform Commercial Code and which is perfected by filing or otherwise under the Uniform Commercial Code, article 9, shall not be subject in any way to chapter 47 of the North Carolina General Statutes. (1965, c. 700, s. 4.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-1 - Scope of act.

§ 25A-1. Scope of act.
This Chapter applies only to consumer credit sales as hereinafter defined, except that G.S. 25A-37, referral sales, applies to all sales of goods or services as provided therein. This Chapter does not apply to a bona fide direct loan transaction in which a lender makes a direct loan to a borrower, and such lender is not regularly engaged, directly or indirectly, in the sale of goods or the furnishing of services as defined in this Chapter.
Except for G.S. 25A-37, referral sales, those sales defined in G.S. 25A-2(b), and those sales with amounts financed in excess of twenty-five thousand dollars ($25,000) under G.S. 25A-2(a)(5), this Chapter does not apply to any party or transaction that is not also subject to the provisions of the Consumer Credit Protection Act (Federal Truth-in-Lending Act). (1971, c. 796, s. 1; 1983, c. 686, s. 1; 2005-338, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-3 - "Payable in installments" defined.

§ 25A-3. "Payable in installments" defined.
A debt is "payable in installments" when the buyer is required or permitted by agreement to make payment in more than four installments, excluding a down payment, and whether or not a finance charge is imposed by the seller. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-4 - "Goods" defined.

§ 25A-4. "Goods" defined.
(a) "Goods" means all things which are moveable at the time of the sale or at the time the buyer takes possession, including goods not in existence at the time the transaction is entered into and goods which are furnished or used at the time of sale or subsequently in modernization, rehabilitation, repair, alteration, improvement or construction on real property so as to become a part thereof whether or not they are severable therefrom. "Goods" also includes merchandise certificates.
(b) "Merchandise certificate" means a writing issued by a seller not redeemable in cash and usable in its face amount in lieu of cash in exchange for goods and services. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-5 - "Services" defined.

§ 25A-5. "Services" defined.
(a) "Services" includes:
(1) Work, labor, and other personal services; and
(2) Privileges with respect to transportation, hotel and restaurant accommodations, education, entertainment, recreation, physical culture, hospital accommodations, funerals and other similar services.
(b) "Services" does not include:
(1) Services for which the cost is by law fixed or approved by or filed with or subject to approval or disapproval by the United States or the State of North Carolina or any agency, instrumentality or subdivision thereof;
(2) Insurance premiums financing covered by G.S. 58-35-1 through G.S. 58-35-95 and 58-3-145; or
(3) Insurance provided by an insurer that is licensed to do business in this State. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-6 - "Seller" defined.

§ 25A-6. "Seller" defined.
"Seller" means one regularly engaged in the business of selling goods or services. Unless otherwise provided, "seller" also means and includes an assignee of the seller's right to payment but use of the term does not itself impose on an assignee any obligation of the seller with respect to events occurring before the assignment. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-7 - "Cash price" defined.

§ 25A-7. "Cash price" defined.
"Cash price" of goods and services means the price at which the goods or services are offered for sale by the seller to cash buyers in the ordinary course of business and may include:
(1) Applicable sales, use, and excise and documentary stamp taxes; and
(2) The cash price of accessories or related services such as installation, delivery, servicing, repairs or alterations. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-8 - "Finance charge" defined.

§ 25A-8. "Finance charge" defined.
(a) "Finance charge" means the sum of all charges payable directly or indirectly by the buyer and imposed by the seller as an incident to the extension of credit, including any of the following types of charges which are applicable:
(1) Interest, time price differential, service, carrying or other similar charge however denominated;
(2) Premium or other charges for any guarantee or insurance protecting the seller against the buyer's default or other credit loss;
(3) Loan fee, finder's fee or similar charge; and
(4) Fee for an appraisal, investigation or credit report.
(b) Finance charge does not include transfer of equity fees, substitution of collateral fees, default or deferment charges, or additional charges for insurance as permitted by G.S. 25A-17 or charges for insurance excluded by Section 226.4(a) of Regulation Z promulgated pursuant to section 105 of the Consumer Credit Protection Act.
(c) With respect to a transaction in which the seller acquires a security interest in real property, finance charge does not include charges excluded by section 226.4(e) of Regulation Z promulgated pursuant to section 105 of the Consumer Credit Protection Act. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-9 - "Amount financed" defined.

§ 25A-9. "Amount financed" defined.
(a) "Amount financed" means the total of the following to the extent that payment is deferred by the seller:
(1) The cash price of the goods or services less the amount of any down payment whether made in cash or property traded in,
(2) The amount actually paid or to be paid by the seller pursuant to an agreement with the buyer to discharge a security interest or lien on property traded in,
(3) Additional charges for insurance described in G.S. 25A-8(b) and charges referred to in G.S. 25A-8(c), and
(4) Official fees as described in G.S. 25A-10, to the extent they are itemized and disclosed to the buyer.
(b) If not included in the cash price, the amount financed includes any applicable sales, use or documentary stamp taxes and any amount actually paid or to be paid by the seller for registration, certificate of title or license fees. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-10 - "Official fees" defined.

§ 25A-10. "Official fees" defined.
"Official fees" means any of the following:
(1) Fees and charges prescribed by law that actually are or will be paid by the seller for determining the existence of or for perfecting, releasing, or satisfying a security interest related to a consumer credit sale.
(2) Premiums payable for insurance in lieu of perfecting a security interest otherwise required by the seller in connection with a consumer credit sale if the premium does not exceed the fees or charges described in subdivision (1) of this section that would otherwise be payable. (1971, c. 796, s. 1; 2021-159, s. 2(a).)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-11 - "Revolving charge account contract" defined.

§ 25A-11. "Revolving charge account contract" defined.
"Revolving charge account contract" means an agreement or understanding between a seller and a buyer under which consumer credit sales may be made from time to time, under the terms of which a finance charge or service charge is to be computed in relation to the buyer's unpaid balance from time to time, and under which the buyer has the privilege of paying the balance in full or in installments. This definition shall not affect the meaning of the term "revolving charge account" appearing in G.S. 24-11(a). (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-12 - "Consumer credit installment sale contract" defined.

§ 25A-12. "Consumer credit installment sale contract" defined.
"Consumer credit installment sale contract" means the agreement between a buyer and a seller in a consumer credit sale other than a sale made pursuant to a revolving charge account. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-13 - "Consumer Credit Protection Act" defined.

§ 25A-13. "Consumer Credit Protection Act" defined.
"Consumer Credit Protection Act" means the Consumer Credit Protection Act, an act of Congress of May 29, 1968, as amended (Public Law 90-321; 82 Stat. 146; 15 U.S.C. 1601 et seq.), and regulations and rulings promulgated thereunder. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-14 - Finance charge rates and service charge for revolving charge account contracts.

§ 25A-14. Finance charge rates and service charge for revolving charge account contracts.
(a) The finance-charge rate and either the annual charge or the monthly service charge for a consumer credit sale made under a revolving charge account contract may not exceed the rates and charge provided for revolving credit by G.S. 24-11.
(b) In the event the revolving charge account contract is secured in whole or in part by a security interest in real property, then the finance-charge rate shall not exceed the rate set out in G.S. 25A-15(d).
(c) No default or deferral charge shall be imposed by the seller in connection with a revolving charge-account contract, except as specifically provided for in G.S. 24-11(d1). (1971, c. 796, s. 1; 1983, c. 126, s. 7; 1991, c. 506, s. 7.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-16 - Transfer of equity.

§ 25A-16. Transfer of equity.
If a buyer voluntarily transfers his rights in collateral pursuant to applicable law and the seller agrees, the seller may impose a transfer fee not to exceed ten percent (10%) of the unpaid balance of the debt or thirty-five dollars ($35.00), whichever is less. (1971, c. 796, s. 1; 2000-169, s. 31.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-17 - Additional charges for insurance.

§ 25A-17. Additional charges for insurance.
(a) As to revolving charge account contracts defined in G.S. 25A-11, in addition to the finance charges permitted in G.S. 24-11(a), a seller in a consumer credit sale may contract for and receive additional charges or premiums (i) for insurance written in connection with any consumer credit sale, against loss of or damage to property securing the debt pursuant to G.S. 25A-23, provided a clear, conspicuous and specific statement in writing is furnished by the seller to the buyer setting forth the cost of the insurance if obtained from or through the seller and stating that the buyer may choose the insurer through which the insurance is obtained; (ii) for credit life, credit accident and health, or credit unemployment insurance, written in connection with any consumer credit sale, provided the insurance coverage is not required by the seller and this fact is clearly disclosed to the buyer, and any buyer desiring such insurance coverage gives affirmative indication of such desire after disclosure of the cost of such insurance.
(b) As to revolving charge account contracts defined in G.S. 25A-11, insurance that is required by a seller and is not an additional charge permitted by subsection (a) of this section, shall be included in the finance charge as computed according to G.S. 24-11(a).
(c) As to consumer credit installment sale contracts defined in G.S. 25A-12, in addition to the finance charges permitted in G.S. 25A-15, a seller in a consumer credit sale may contract for and receive additional charges or premiums (i) for insurance written in connection with any consumer credit sale, for loss of or damage to property or against liability arising out of the ownership or use of property, provided a clear, conspicuous and specific statement in writing is furnished by the seller to the buyer setting forth the cost of the insurance if obtained from or through the seller and stating that the buyer may choose the person through which the insurance is to be obtained; (ii) for credit life, credit accident and health, or credit unemployment insurance, written in connection with any consumer credit sale, provided the insurance coverage is not required by the seller and this fact is clearly and conspicuously disclosed in writing to the buyer; and any buyer desiring such insurance coverage gives specific dated and separately signed affirmative written indication of such desire after receiving written disclosure to him of the cost of such insurance. (1971, c. 796, s. 1; 1993, c. 226, s. 15.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-19 - Acceleration.

§ 25A-19. Acceleration.
With respect to a consumer credit sale, the agreement may not provide for repossession of any goods or acceleration of the time when any part or all of the time balance becomes payable other than for breach by the buyer of any promise or condition clearly set forth in the agreement. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-20 - Disclaimer of warranty.

§ 25A-20. Disclaimer of warranty.
With respect to any consumer credit sale, the agreement may not contain any provision limiting, excluding, modifying or in any manner altering the terms of any express warranty given by any seller (excluding assignees) to any buyer and made a part of the basis of the bargain between the original parties. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-21 - Attorneys' fees.

§ 25A-21. Attorneys' fees.
With respect to a consumer credit sale:
(1) In the event that the seller institutes a suit and prevails in the litigation and obtains a money judgment, the presiding judge shall allow a reasonable attorney's fee to the duly licensed attorney representing the seller in such suit, said attorney's fee to be taxed to the buyer as part of the court costs.
(2) In the event that a seller instituting suit does not prevail in the litigation, the presiding judge shall allow a reasonable attorney's fee to the duly licensed attorney representing the buyer in such suit, said attorney's fee to be taxed to the seller as a part of the court costs. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-22 - Receipts for payments; return of title documents upon full payment.

§ 25A-22. Receipts for payments; return of title documents upon full payment.
(a) When any payment is made under any consumer credit sale transaction, the person receiving such payment shall, if the payment is made in cash, give the buyer a written receipt therefor. If the buyer specifies that the payment is made on one of several obligations, the receipt shall so state.
(b) Upon the payment of all sums for which the buyer is obligated under a consumer credit sale, the seller shall promptly release any security interest in accordance with the terms of G.S. 25-9-513 or G.S. 20-58.4, whichever is applicable. In the event a security interest in real property is involved, the seller shall take such action as is necessary to enable the lien to be discharged of record under the provisions of G.S. 45-37. (1971, c. 796, s. 1; 2000-169, s. 32.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-23 - Collateral taken by the seller.

§ 25A-23. Collateral taken by the seller.
(a) The seller in a consumer credit sale may take a security interest only in the following property of the buyer to secure the debt arising from the sale:
(1) The property sold,
(2) Property previously sold by the seller to the buyer and in which the seller has an existing security interest,
(3) Personal property to which the property sold is installed, if the amount financed is more than three hundred dollars ($300.00),
(4) Real property to which the property sold is affixed, if the amount financed is more than one thousand dollars ($1,000), and
(5) A self-propelled motor vehicle to which repairs are made, if the amount financed exceeds one hundred dollars ($100.00).
(6) Any property which is used for agricultural purposes, if the property sold is to be used in the operation of an agricultural business.
(b) A security interest taken in property other than that permitted in subsection (a) of this section shall be void and not enforceable.
(c) Nothing in this section shall affect any right or liens granted by Chapter 44A of the General Statutes.
(d) The provisions of G.S. 24-11(a), limiting the taking of a security interest in property under an open end credit or similar plan, shall not apply to revolving charge account contracts regulated by this Chapter; provided, however, the application of payments rule set out in G.S. 25A-27 shall apply to such contracts; provided further, that in any action initiated by the seller for the possession of such property, a judgment for the possession thereof shall be restricted to commercial units (as defined in G.S. 25-2-105(6)) for which the cash price was one hundred dollars ($100.00) or more. (1971, c. 796, s. 1; 1977, c. 508; c. 789, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-24 - Identification of instruments of indebtedness.

§ 25A-24. Identification of instruments of indebtedness.
With respect to consumer credit sales, each instrument of indebtedness shall be identified on the face of the instrument as a consumer credit document, or otherwise clearly indicate on its face that it arises out of a consumer credit sale, provided, that such designation of an instrument of indebtedness regarding as sale which is not by definition a "consumer credit sale," shall not solely because of such designation cause the transaction to be a consumer credit sale. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-25 - Preservation of consumers' claims and defenses.

§ 25A-25. Preservation of consumers' claims and defenses.
(a) In a consumer credit sale, a buyer may assert against the seller, assignee of the seller, or other holder of the instrument or instruments of indebtedness, any claims or defenses available against the original seller, and the buyer may not waive the right to assert these claims or defenses in connection with a consumer credit sales transaction. Affirmative recovery by the buyer on a claim asserted against an assignee of the seller or other holder of the instrument of indebtedness shall not exceed amounts paid by the buyer under the contract.
(b) Every consumer credit sale contract shall contain the following provision in at least ten-point boldface type:
ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER.
(c) Compliance with the requirements of the Federal Trade Commission rule on preservation of consumer claims and defenses is considered full compliance with this act. (1971, c. 796, s. 1; 1977, c. 921.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-26 - Substitution of collateral.

§ 25A-26. Substitution of collateral.
Subject to the provisions of G.S. 25A-23, if all involved parties agree, there may be a substitution of collateral under a security instrument in a consumer credit sale. For such substitution, the seller may impose a fee not to exceed ten percent (10%) of the unpaid balance of the debt or fifteen dollars ($15.00), whichever is less. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-29 - Default charges.

§ 25A-29. Default charges.
(a) If any installment is past due for 10 days or more according to the original terms of the consumer credit installment sale contract, a default charge may be made in an amount of eighteen dollars ($18.00). A default charge may be imposed only one time for each default.
(b) If a default charge is deducted from a payment made on the contract and the deduction results in a subsequent default on a subsequent payment, no default charge shall be imposed for the default.
(c) If a default charge has been once imposed with respect to a particular default in payment, no default charge shall be imposed with respect to any future payments that would not have been in default except for the previous default.
(d) A default charge for any particular default is deemed to have been waived by the seller unless, within 45 days following the default, (i) the charge is collected or (ii) written notice of the charge is sent to the buyer. (1971, c. 796, s. 1; 2017-45, s. 1; 2023-60, s. 2.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-30 - Deferral charges.

§ 25A-30. Deferral charges.
(a) A seller may, by agreement with the buyer, defer the due date of all or any part of one or more installments under an existing consumer credit installment sale contract.
(b) Except as provided by subsections (e) and (f) of this section, a deferral agreement must be in writing, dated and signed by the parties.
(c) A deferral agreement may provide for a deferral charge not to exceed the rate of one and one-half percent (1 1/2%) of each installment for each month from the date which such installment or part thereof would otherwise have been payable to the date when such installment or part thereof is made payable under the deferral agreement.
(d) If a deferral charge is made pursuant to a deferral agreement, a default charge provided in G.S. 25A-29 may be imposed only if the installment as deferred is not paid when due and no new deferral agreement is entered into with respect to that installment.
(e) If the deferral agreement extends the due date of only one installment, the agreement need not be in writing.
(f) A deferral agreement for which no charge is made shall not be subject to subsections (b), (c) or (d) of this section. (1971, c. 796, s. 1.)
2023 North Carolina General Statutes › Chapter 25A - Retail Installment Sales Act › § 25A-31 - Consolidation and refinancing.

§ 25A-31. Consolidation and refinancing.
(a) A seller and a buyer may agree at any time to refinance an existing consumer credit installment sale contract or to consolidate into a single debt repayable on a single schedule of payments, two or more consumer credit installment sale contracts.
(b) A refinancing or consolidation agreement must be in writing, dated and signed by the parties.
(c) The refinancing or consolidation agreement may provide for a finance charge which shall not exceed the rates provided in G.S. 25A-15, with the amount financed being the unpaid time balance of the contract or contracts refinanced or consolidated, less the rebate provided by G.S. 25A-32. In computing the rebate to be credited to the previous time balances for purposes of this section, no prepayment charge shall be imposed. (1971, c. 796, s. 1.)