NC S829

Expands the definition of "official fees" in retail installment sales to include lien notation fees and fees paid to any person, not just public officials.

Increases finance charge rate thresholds by adjusting the dollar amounts at which lower interest rates apply: contracts under $3,500 (previously $1,500) charged at 24% maximum; $3,500-$5,000 (previously $1,500-$2,000) at 22%; $5,000-$7,500 (previously $2,000-$3,000) at 20%; and $7,500 or more (previously $3,000 or more) at 18%.

Clarifies that finance charges are calculated as simple interest rates rather than rates required under the Consumer Credit Protection Act.

Specifies that all balances due from buyers and endorsers/guarantors are included in the amount financed for interest calculation purposes.

Effective October 1, 2019 for contracts entered into, renewed, or modified on or after that date.