(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.)
Notes of Decisions
Schewel Furniture Co. v. Goard (In Re Goard), 26 B.R. 316 (Bankr. M.D.N.C. 1982).
· cites it 7× “*318 In 1971, the North Carolina General Assembly recognized the right of a seller and buyer to consolidate one consumer credit installment sale contract with another by enacting the following statute: § 25A-31. Consolidation and refinancing. (a) A seller and a buyer may agree…”
— N.C. Gen. Stat. § 25A-31(b) — 1 case
Schewel Furniture Co. v. Goard (In Re Goard), 26 B.R. 316 (Bankr. M.D.N.C. 1982).
“*318 In 1971, the North Carolina General Assembly recognized the right of a seller and buyer to consolidate one consumer credit installment sale contract with another by enacting the following statute: § 25A-31. Consolidation and refinancing. (a) A seller and a buyer may agree…”
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