§ 25A-1. Scope of act. - North Carolina Statutes

Chapter 25A.

Retail Installment Sales Act.

§ 25A‑1.  Scope of act.

This Chapter applies only toconsumer 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 alender makes a direct loan to a borrower, and such lender is not regularlyengaged, directly or indirectly, in the sale of goods or the furnishing ofservices as defined in this Chapter.

Except for G.S. 25A‑37,referral sales, those sales defined in G.S. 25A‑2(b), and those saleswith 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 ortransaction that is not also subject to the provisions of the Consumer CreditProtection Act (Federal Truth‑in‑Lending Act). (1971, c. 796, s. 1; 1983, c.686, s. 1; 2005‑338, s. 1.)