North Carolina General Statutes Chapter 25A. Retail Installment Sales Act § 25A-31. Consolidation and refinancing
Current as of January 01, 2020 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(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.
This part shall be cumulative in its nature, and in addition to any and all power and authority which any city may have under any other law.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 25A. Retail Installment Sales Act § 25A-31. Consolidation and refinancing - last updated January 01, 2020 | https://codes.findlaw.com/nc/chapter-25a-retail-installment-sales-act/nc-gen-st-sect-25a-31.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?