§ 105-83. Installment paper dealers. - North Carolina Statutes

§105‑83.  Installment paper dealers.

(a)        Every personengaged in the business of dealing in, buying, or discounting installmentpaper, notes, bonds, contracts, or evidences of debt for which, at the time ofor in connection with the execution of the instruments, a lien is reserved ortaken upon personal property located in this State to secure the payment of theobligations, shall submit to the Secretary quarterly no later than thetwentieth day of January, April, July, and October of each year, upon formsprescribed by the Secretary, a full, accurate, and complete statement, verifiedby the officer, agent, or person making the statement, of the total face valueof the obligations dealt in, bought, or discounted within the preceding threecalendar months and, at the same time, shall pay a tax of two hundred seventy‑seventhousandths of one percent (.277%) of the face value of these obligations.

(b)        Repealed by SessionLaws 1998‑95, s. 9.

(c)        If any person dealsin, buys, or discounts any obligations described in this section without payinga tax imposed by this section, the person may not bring an action in a Statecourt to enforce collection of an obligation dealt in, bought, or discountedduring the period of noncompliance with this section until the person pays theamount of tax, penalties, and interest due.

(d)        This section doesnot apply to corporations liable for the tax levied under G.S. 105‑102.3or to savings and loan associations.

(e)        Counties and citiesshall not levy any license tax on the business taxed under this section. (1939,c. 158, s. 148; 1957, c. 1340, s. 2; 1973, c. 476, s. 193; 1981, c. 83, ss. 8,9; 1991, c. 45, s. 3; 1991 (Reg. Sess., 1992), c. 965, s. 3; 1998‑95, s.9; 1998‑98, s. 1(f).)