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.)
Notes of Decisions
Capparelli v. AmeriFirst Home Improvement Fin. Co., 535 F. Supp. 2d 554 (E.D.N.C. 2008).
· cites it 4× “, which states that “[i]n 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 *565 defenses available against the original seller.”
State Ex Rel. Edmisten v. J. C. Penney Co., 233 S.E.2d 895 (N.C. 1977).
· cites it 2× “In addition, the General Assembly, in enacting detailed legislation to govern retail installment sales, left debt collection activities unregulated.”
Coggin v. Sears, Roebuck & Co. (In Re Coggin), 155 B.R. 934 (Bankr. E.D.N.C. 1993).
· cites it 2× “The Coggins contend that the liens are void because Sears failed to properly apply payments made on the account in violation of the North Carolina Retail Installment Sales Act (“NCRISA”), N.C.Gen.Stat. § 25A-1 et seq. The Coggins seek additional damages based on Sears’ violation…”
In Re Sherman, 126 B.R. 684 (Bankr. E.D.N.C. 1987).
· cites it 2× “This court held that the seller did not follow the statutorily imposed pro rata application of payments and therefore did not have a purchase money security interest in any goods sold except the goods sold in the last transaction.”
In re Vandeusen, 147 B.R. 9 (E.D.N.C. 1992).
“Even though the final resolution of the issue raised in this case is controlled by the application of the Retail Installment Sales Act, G.S. 25A-1 et seq., (hereinafter “RISA”) the analysis begins with G.”
Hill v. Carvana, LLC (M.D.N.C. 2022).
· cites it 2× “Hill asserts that Carvana and Bridgecrest violated RISA in three separate ways: by failing to give him a rebate when he paid the loan back early as required by § 25A-32; by charging unauthorized fees in excess of those allowed under RISA, § 25A-44(3); and by failing to provide a…”
Se. Auto., Inc. v. Genuine Parts Co., 2017 NCBC 33 (N.C. Bus. Ct. 2017).
· cites it 2× “The Court has surveyed the use of these terms in the General Statutes and cannot conclude that either “loan agreement” or “loan transaction” have such fixed and consistent meanings that the intent of section 22B-3 is made clear. 5 The Court’s research found that the term “loan…”
Collins v. Horizon Hous., Inc., 519 S.E.2d 534 (N.C. Ct. App. 1999).
· cites it 2× “Yet that Act specifically states that it “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…”
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