Bill Text: NC S491 | 2015-2016 | Regular Session | Amended
Bill Title: Manufactured Home Purchase Agreement Change
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2016-06-29 - Re-ref Com On Rules, Calendar, and Operations of the House [S491 Detail]
Download: North_Carolina-2015-S491-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2015
S 2
SENATE BILL 491
Judiciary I Committee Substitute Adopted 4/21/15
Short Title: Manufactured Home Purchase Agreement Change. |
(Public) |
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Sponsors: |
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Referred to: |
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March 26, 2015
A BILL TO BE ENTITLED
AN ACT to amend the requirements related to manufactured home purchase agreements.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 143‑143.21A reads as rewritten:
"§ 143‑143.21A. Purchase agreements; buyer cancellations.
(a) A purchase agreement for a manufactured home shall include all of the following:
(1) A description of the manufactured home and all accessories included in the purchase.
(2) The purchase price for the home and all accessories.
(3) The amount of initial deposit or other payment
toward or payment of the purchase price of the manufactured home and
accessories that is made by the buyer.
(4) The date the retail purchase agreement is signed.
(5) The estimated terms of financing the
purchase, if any, including the estimated interest rate, number of years
financed, and monthly payment.
(6) The buyer's signature.
(7) The dealer's signature.
(b) The purchase agreement shall contain, in immediate proximity to the space reserved for the signature of the buyer and in at least ten point, all upper‑case Gothic type, the following statement:
"I UNDERSTAND THAT I HAVE THE RIGHT TO CANCEL THIS PURCHASE BEFORE MIDNIGHT OF THE THIRD BUSINESS DAY AFTER THE DATE THAT I HAVE SIGNED THIS AGREEMENT. I UNDERSTAND THAT THIS CANCELLATION MUST BE IN WRITING. IF I CANCEL THE PURCHASE AFTER THE THREE‑DAY PERIOD, I UNDERSTAND THAT THE DEALER MAY NOT HAVE ANY OBLIGATION TO GIVE ME BACK ALL OF THE MONEY THAT I PAID THE DEALER. I UNDERSTAND ANY CHANGE TO THE TERMS OF THE PURCHASE AGREEMENT BY THE DEALER WILL CANCEL THIS AGREEMENT."
(c) At the time the initial deposit or other
payment toward or payment for the purchase price is received by the
dealer, the dealer shall give the buyer a copy of the purchase agreement and a
completed form in duplicate, captioned "Notice of Cancellation,"
which shall be attached to the purchase agreement, be easily detachable, and
explain the buyer's right to cancel the purchase and how that right can be
exercised.
(d) The dealer shall return the initial deposit
or other payment toward or payment for the purchase price to the
buyer if the buyer cancels the purchase before midnight of the third business
day after the date the buyer signed the purchase agreement or if any of the
material terms of the purchase agreement are changed by the dealer. agreement.
To make the cancellation effective, the buyer shall give the dealer written
notice of the buyer's cancellation of the purchase. The dealer shall return the
initial deposit or other payment toward or payment for the
purchase price to the buyer within seven business days, or 15 business days
when payment is by personal check, after receipt of the notice of cancellation
or within three business days of any change by the dealer of the purchase
agreement. cancellation. For purposes of this section, "business
day" means any day except Sunday and legal holidays. Each time the
dealer gives the buyer a new set of financing terms, unless the financing terms
are more favorable to the buyer, the buyer shall be given another three‑day
cancellation period. The dealer shall not commence setup procedures until
after the final three‑day cancellation period has expired.
(e) If the buyer cancels the purchase after the three‑day cancellation period, but before the sale is completed, and if:
(1) The manufactured home is in the dealer's inventory,
the dealer may retain from any deposit or other payment received
from the buyer actual damages up to a maximum of ten percent (10%) of the
purchase price; or
(2) The manufactured home is specially ordered from the
manufacturer for the buyer, the dealer may retain actual damages up to the full
amount of the buyer's deposit or other payment initial deposits received
from the buyer.
(f) Repealed by Session Laws 2005‑451, s. 5, effective April 1, 2006."
SECTION 2. This act becomes effective October 1, 2015, and applies to purchase agreements entered into on or after that date.