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Consumer Credit Regulation: Mass. Gen. Laws ch. 255B, §§ 1 to 25 (Retail Installment Sales of Motor Vehicles).

Scope: Installment sales of motor vehicles upon or by which any person may be transported or drawn upon a highway, and which is used or bought for use primarily for personal, family, or household purposes. § 1.

Licensure requirements: Sales finance companies must be licensed. Includes retail sellers holding contracts. § 2.

Credit terms: A retail seller may charge for any new or used motor vehicle a finance charge not in excess of an annual percentage rate of 21%. § 14.

Consumer Credit Regulation: Miss. Code Ann. §§ 75-17-19 to 75-17-27.

Scope: This is a general law about interest that includes provisions regarding revolving charge agreements, closed end credit sales, and manufactured home financing.

Licensure requirements: None.

Credit terms: For closed-end credit sales, seller may contract for finance charge which will result in a yield not to exceed actuarial APR of 24% on unpaid balance of $2,500 or less and 21% on unpaid balance over $2,500. § 75-17-19(5).

Consumer Credit Regulation: Mo. Rev. Stat. §§ 408.250 to 408.380 (Retail Credit Sales Law).

Scope: Sales of goods, excluding motor vehicles, and services to be used primarily for personal, family, or household purposes and not primarily for business, commercial or agricultural purposes. § 408.250.

Licensure requirements: None.

Credit terms: The amount agreed to by the parties to the retail time contract or retail charge agreement. § 408.300.

Restrictions on points or prepaid interest: None.

Consumer Credit Regulation: Mo. Rev. Stat. §§ 365.010 to 365.200 (Motor Vehicle Time Sales Law).

Scope: Installment sales of motor vehicles, excluding manufactured homes. § 365.020.

Licensure requirements: Sales finance companies must be licensed. § 365.030.

Credit terms: A retail seller may charge any time price differential agreed to by the buyer. A minimum time price differential of $25 may be charged on any retail installment transaction. § 365.120.

Restrictions on points or prepaid interest: None.

Restrictions on length of term: None.

Consumer Credit Regulation: Mont. Code Ann. §§ 31-1-201 to 31-1-243 (Retail Installment Sales Act).

Scope: Installment sales of goods or services by a retail seller to a retail buyer pursuant to a retail charge account agreement or under a retail installment contract. Includes motor vehicles and mobile homes. § 31-1-202.

Licensure requirements: Sales finance companies must be licensed. § 31-1-221.

Credit terms: The finance charge included in a retail installment contract or a retail charge account agreement must be at a rate agreed upon by the parties, but the finance charge may not exceed 36% per year. § 31-1-241.

Consumer Credit Regulation: Neb. Rev. Stat. §§ 45-334 to 45-356 (Installment Sales Act).

Scope: Installment sales in which a buyer acquires goods or services from a seller pursuant to an agreement that provides for a time price differential and under which the buyer agrees to pay all or part of the price in one or more installments and within 145 months, except that installment contracts for the purchase of mobile homes may exceed this 145-month limitation. § 45-335.

Consumer Credit Regulation: Nev. Rev. Stat. §§ 97.015 to 97.335 (Retail Installment Sales of Goods and Services).

Scope: Installment sales of goods for use primarily for personal, family, or household purposes and services of any kind when purchased primarily for personal, family, or household use (other than services for which the price charged is required by law to be determined or approved by a governmental entity). §§ 97.035, 97.135.

Licensure requirements: None.

Credit terms: For both retail installment contracts and retail charge agreements, the finance charge may be any amount agreed upon by the parties. §§ 97.195, 97.245.

Consumer Credit Regulation: N.H. Rev. Stat. Ann. §§ 361-A:1 to 361-A:13 (Retail Installment Sales of Motor Vehicles).

Scope: Installment sales of motor vehicles. § 361-A:1.

Licensure requirements: Sales finance companies and retail sellers (defined by § 361-A:1(XII) as those selling pursuant to a retail installment contract) must be licensed. § 361-A:2.

Credit terms: The finance charge on any retail installment contract is any amount agreed upon by the buyer and the seller or sales finance company. A minimum finance charge of $25 may be charged on any retail installment transaction. § 361-A:8.

Consumer Credit Regulation: N.J. Stat. Ann. §§ 17:16C-1 to 17:16C-61 (West) (Retail Installment Sales Act).

Scope: Installment sales contracts, other than retail charge accounts, entered into between a retail seller and a retail buyer evidencing an agreement to pay the retail purchase price of goods (having a cash price of $10,000 or less) or services (other than services subject to the Home Repair Financing Act and insurance premiums financing subject to the Insurance Premium Finance Company Act) that are primarily for personal, family, or household purposes. Includes sales of motor vehicles. § 17:16C-1.

Consumer Credit Regulation: N.M. Stat. Ann. §§ 56-1-1 to 56-1-16 (Retail Installment Sales).

Scope: Installment sales of goods or services purchased primarily for personal, family, or household use. Includes mobile homes. Does not include motor vehicles. § 56-1-1.

Licensure requirements: None.

Credit terms: A retail installment contract may provide for a time price differential. No maximum rate specified. § 56-1-2(I). A retail charge agreement may provide for a time price differential for the privilege of paying in installments. No maximum rate specified. § 56-1-3(C).

Consumer Credit Regulation: N.M. Stat. Ann. §§ 58-19-1 to 58-19-14 (Motor Vehicle Sales Finance Act).

Scope: Installment sales of motor vehicles for personal, family, or household purposes, and not for resale. Does not include any motor vehicle having a gross vehicle weight of 10,000 pounds or more purchased primarily for business or commercial purposes. § 58-19-2.

Licensure requirements: Sales finance companies must be licensed. § 58-19-3. Includes retail sellers engaged in whole or in part in the business of creating and holding retail installment contracts that exceed a total aggregate outstanding indebtedness of $100,000. § 58-19-2(K).

Consumer Credit Regulation: N.Y. Pers. Prop. Law §§ 401 to 422 (McKinney) (Retail Installment Sales Act).

Scope: Installment sales of goods (but not motor vehicles) for other than a commercial or business use or for purpose of resale, and services for other than a commercial or business use and other than services for which tariffs or rates are required by law to be filed with or determined or approved by a governmental entity. Revolving credit. § 401.

Licensure requirements: None.

Credit terms: Rate agreed to by the buyer. § 404(1).

Restrictions on points or prepaid interest: None.

Consumer Credit Regulation: N.Y. Pers. Prop. Law §§ 301 to 316 (McKinney) (Motor Vehicle Retail Installment Sales Act).

Scope: Installment sales, other than for a commercial or business use or for the purpose of resale, of a motor vehicle by a retail seller to a retail buyer. Includes “mobile home” or “manufactured home.” § 301.

Licensure requirements: None.

Credit terms: Rate agreed to by the seller and buyer. § 303(1).

Restrictions on points or prepaid interest: None.

Restrictions on length of term: Installment sale defined as two or more installments. § 301.

Consumer Credit Regulation: N.C. Gen. Stat. §§ 25A-1 to 25A-45 (Retail Installment Sales Act).

Scope: Consumer credit sales of goods and services (but not those for which the cost is by law fixed, approved by or filed with a governmental entity) purchased primarily for a personal, family, household, or agricultural purpose. The amount financed may not exceed $75,000, except that there is no maximum limit for manufactured homes. §§ 25A-1, 25A-2.

Licensure requirements: None.

Consumer Credit Regulation: N.D. Cent. Code §§ 51-13-01 to 51-13-08 (Retail Installment Sales Act).

Scope: Installment sales of personal property not for purpose of resale by a retail seller to a retail buyer. § 51-13-01. The Act does not apply if the cash price of the personal property exceeds $25,000 or if the personal property is to be used primarily for a business, commercial or agricultural purpose rather than a personal, family, or household purpose. § 51-13-06.2.

Licensure requirements: None.

Credit terms: No maximum rate specified. § 51-13-03.

Restrictions on points or prepaid interest: None.

Consumer Credit Regulation: Okla. Stat. tit. 14A, §§ 2-201 to 9-101 (Oklahoma Uniform Consumer Credit Code).

Scope: Consumer credit sales, including home solicitation sales, consumer leases, and consumer loans. § 2-102. “Consumer credit sale” is a sale of goods, services or an interest in land in which the goods, services or interest in land are purchased primarily for a personal, family, or household purpose, either the debt is payable in installments or a credit service charge is made, and the amount financed in a sale of goods or services does not exceed $50,000, to be adjusted annually in the manner specified in subsection (e).

Consumer Credit Regulation: Or. Rev. Stat. §§ 83.010 to 83.190 (Retail Installment Contracts).

Scope: Installment sales of goods, other than motor vehicles, for personal, family, or household use, and services purchased primarily for personal, family, or household use but not including services for which the price charged is required by law to be determined, approved by or filed with a governmental entity. Revolving credit. § 83.010.

Licensure requirements: None.

Credit terms: A retail seller in a retail installment contract may contract for a service charge computed by the actuarial method. No maximum rate specified. § 83.095.

Consumer Credit Regulation: Or. Rev. Stat. §§ 83.510 to 83.990 (Retail Installment Contracts—Motor Vehicles; Mobile Homes).

Scope: Installment sales of motor vehicles not for resale. § 83.510.

Licensure requirements: None.

Credit terms: A dealer may contract for a finance charge agreed upon by the parties. No maximum rate specified. § 83.560.

Restrictions on points or prepaid interest: None.

Restrictions on length of term: Installment sale defined as one or more installments. § 83.510(12)(a).

Restrictions on prepayment penalties: None.

Consumer Credit Regulation: 12 Pa. Cons. Stat. Ann. §§ 6301 to 6355 (West) (Goods and Services Installment Sales Act).

Scope: Goods and services installment sales where seller offers or agrees to sell to Pennsylvania resident or a Pennsylvania resident accepts or makes an offer in Pennsylvania, regardless of the situs specified in the agreement. “Goods” are defined as personal property bought for personal, family, or household use, including coupons, certificates and gift cards that are exchangeable for goods, electronic media items, and items purchased via the Internet, but excluding motor vehicles, and securities.

Consumer Credit Regulation: 12 Pa. Cons. Stat. Ann. §§ 6201 to 6275 (West) (Motor Vehicle Sales Finance Act).

Scope: Motor vehicle sales finance. § 6201. Terms are defined at § 6202. “Installment sale contract” is defined by § 6202 to include extensions, deferments, or renewals, or other revisions of an installment sale contract but to exclude a sale on an open book account where the seller does not retain a security interest in the vehicle, the buyer is not required to pay any sum other than the purchase price, and the buyer is required to pay in full within ninety days.