Bill Text: NC H1155 | 2011-2012 | Regular Session | Amended

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Bill Title: Motor Vehicle Loan Balloon Payments

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-05-30 - Ref To Com On Judiciary Subcommittee C [H1155 Detail]

Download: North_Carolina-2011-H1155-Amended.html

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GENERAL ASSEMBLY OF NORTH CAROLINA

 SESSION 2011

H                                                                                                                                                    1

HOUSE BILL 1155

 

 

Short Title:        Motor Vehicle Loan Balloon Payments.		(Public)
Sponsors:	Representative T. Moore (Primary Sponsor). For a complete list of Sponsors, see Bill Information on the NCGA Web Site.
Referred to:	Judiciary Subcommittee C.

May 30, 2012

A BILL TO BE ENTITLED

AN ACT to increase revenue to the highway trust fund from the highway use tax by stimulating the sale of motor vehicles by allowing balloon payments on Motor vehicle loans that exceed ten thousand dollars.

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 does not apply when the payment schedule is adjusted to the seasonal or irregular income of the buyer. This provision does not apply to a consumer credit installment sale contract for a self‑propelled motor vehicle in which the loan amount exceeds ten thousand dollars ($10,000)."

SECTION 2.  This act becomes effective October 1, 2012.