Retail Installment Sales Act.
§ 25A‑1. Scope of act.
This Chapter applies only to consumer 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 a lender makes a direct loan to a borrower, and such lender is not regularly engaged, directly or indirectly, in the sale of goods or the furnishing of services as defined in this Chapter.
Except for G.S. 25A‑37, referral sales, those sales defined in G.S. 25A‑2(b), and those sales with 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 or transaction that is not also subject to the provisions of the Consumer Credit Protection Act (Federal Truth‑in‑Lending Act). (1971, c. 796, s. 1; 1983, c. 686, s. 1; 2005‑338, s. 1.)