§ 25A-31. Consolidation and refinancing. - North Carolina Statutes

§25A‑31.  Consolidation and refinancing.

(a)        A seller and abuyer may agree at any time to refinance an existing consumer creditinstallment sale contract or to consolidate into a single debt repayable on asingle schedule of payments, two or more consumer credit installment salecontracts.

(b)        A refinancing orconsolidation agreement must be in writing, dated and signed by the parties.

(c)        The refinancing orconsolidation agreement may provide for a finance charge which shall not exceedthe rates provided in G.S. 25A‑ 15, with the amount financed being theunpaid time balance of the contract or contracts refinanced or consolidated,less the rebate provided by G.S. 25A‑32. In computing the rebate to becredited to the previous time balances for purposes of this section, noprepayment charge shall be imposed. (1971, c. 796, s. 1.)