§ 25A-30. Deferral charges. - North Carolina Statutes

§25A‑30.  Deferral charges.

(a)        A seller may, byagreement with the buyer, defer the due date of all or any part of one or moreinstallments under an existing consumer credit installment sale contract.

(b)        Except as providedby subsections (e) and (f) of this section, a deferral agreement must be inwriting, dated and signed by the parties.

(c)        A deferralagreement may provide for a deferral charge not to exceed the rate of one andone‑half percent (1 1/2%) of each installment for each month from thedate which such installment or part thereof would otherwise have been payableto the date when such installment or part thereof is made payable under thedeferral agreement.

(d)        If a deferralcharge is made pursuant to a deferral agreement, a default charge provided inG.S. 25A‑29 may be imposed only if the installment as deferred is notpaid when due and no new deferral agreement is entered into with respect tothat installment.

(e)        If the deferralagreement extends the due date of only one installment, the agreement need notbe in writing.

(f)         A deferralagreement for which no charge is made shall not be subject to subsections (b),(c) or (d) of this section. (1971, c. 796, s. 1.)