Bill Text: NC S488 | 2017-2018 | Regular Session | Amended

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Bill Title: Motorcycle Financing Changes

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-03-30 - Ref To Com On Rules and Operations of the Senate [S488 Detail]

Download: North_Carolina-2017-S488-Amended.html

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GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2017

S                                                                                                                                                     1

SENATE BILL 488

 

 

Short Title:      Motorcycle Financing Changes.		(Public)
Sponsors:	Senator Brock (Primary Sponsor).
Referred to:	Rules and Operations of the Senate

March 30, 2017

A BILL TO BE ENTITLED

AN ACT to allow certain motorcycle financing programs in north carolina.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 25A‑34 reads as rewritten:

"§ 25A‑34.  Balloon payments.

With respect to a consumer credit sale, other than one pursuant to a revolving charge account, no scheduled payment may be more than ten percent (10%) (except the final payment may be twenty‑five percent (25%)) larger than the average of earlier scheduled payments. This provision section does not apply when the payment schedule is adjusted to the seasonal or irregular income of the buyer. This section does not apply to the sale of a motorcycle as defined in G.S. 20‑4.01(27)d."

SECTION 2.  This act is effective when it becomes law and applies to contracts entered into on or after that date.