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NC S590
Bill
AI Summary
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Adds new section 20-78.1 to North Carolina General Statutes clarifying that motor vehicle and trailer leases with terminal rental adjustment clauses do not constitute a sale or security interest.
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Specifies that lease transactions remain unaffected by terminal rental adjustment clauses, which allow rental prices to be adjusted based on proceeds from the vehicle's sale or disposition.
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Effective immediately upon becoming law on June 23, 2011.
Legislative Description
Terminal Rental Adjustment Clauses
Last Action
Ch. SL 2011-223
6/23/2011
Committee Referrals
Finance5/24/2011
Transportation5/2/2011
Finance4/14/2011
Full Bill Text
No bill text available