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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.

Consumer Credit Regulation: P.R. Laws Ann. tit. 10, §§ 731 to 793 (Retail Installment Sales of Goods and Services).

Scope: Installment sales of goods and services. Revolving credit. § 731.

Licensure requirements: Finance companies must be licensed. § 761.

Credit terms: Contract or revolving account plan may not include financing charges in excess of those allowed by the regulations approved by the Board of the Office of Commissioner of Financial Institutions. § 750.

Restrictions on points or prepaid interest: None.

Restrictions on length of term: None.

Consumer Credit Regulation: S.C. Code Ann. 37-1-101 to 37-13-90; 37-23-10 to 37-29-130 (South Carolina Consumer Protection Code).

Scope: Retail installment sales and consumer credit sales (including home solicitation sales and consumer leases of goods), services and interests in land purchased primarily for a personal, family, or household purposes. With respect to a sale of goods or services, the amount financed may not exceed $25,000, as adjusted using the Consumer Price Index as specified in § 37-1-109. § 37-2-104. From July 1, 2022 to June 30, 2024, the adjusted amount is $115,000. See .

Consumer Credit Regulation: S.D. Codified Laws §§ 54-3A-1 to 54-3A-25 (Consumer Installment Sales Contracts).

Scope: Installment sales of goods or services for personal, family, or household use. § 54-3A-1.

Licensure requirements: None.

Credit terms: Rate agreed upon by the creditor and the consumer by written agreement. The finance charge is expressed and compounded in the same manner as an interest rate. § 54-3A-3.

Restrictions on points or prepaid interest: None.

Restrictions on length of term: Installment sale defined as one or more installments. § 54-3A-1(6).

Consumer Credit Regulation: Tenn. Code Ann. §§ 47-11-101 to 47-11-111 (Retail Installment Sales Act).

Scope: Installment sales of goods and services, whether or not purchased for commercial or industrial use, not principally for the purpose of resale. Revolving credit. § 47-11-102.

Licensure requirements: None.

Credit terms: The seller or other holder under a retail installment contract may charge a time price differential that shall not exceed $11.75 per $100 per year on the principal balance. § 47-11-103(d).

Restrictions on points or prepaid interest: None.

Consumer Credit Regulation: Tex. Fin. Code Ann. §§ 348.001 to 348.518 (West) (Motor Vehicle Installment Sales); §§ 354.002 to 354.007 (West) (Debt Cancellation Agreements for Certain Retail Vehicle Installment Sales). See also 7 Tex. Admin. Code §§ 84.101 to 84.809 (Motor Vehicle Installment Sales).

Scope: Installment sales of motor vehicles. The term “motor vehicle” includes automobile, motor home, truck, truck tractor, trailer, semitrailer, or bus designed, and used primarily to transport persons or property on a highway, as well as a commercial vehicle or heavy commercial vehicle. § 348.001(4).

Consumer Credit Regulation: Utah Code Ann. §§ 70C-1-101 to 70C-8-203 (West) (Utah Consumer Credit Code).

Scope: All credit offered or extended by a creditor to an individual person primarily for personal, family, or household purposes. Does not include any extension of credit primarily for business, commercial or agricultural purposes and does not apply to any extension of credit in which amount financed exceeds $50,000, to be adjusted annually for inflation. §§ 70C-1-201, 70C-1-202. As of January 1, 2023, this amount is $66,400.

Licensure requirements: None.

Consumer Credit Regulation: Vt. Stat. Ann. tit. 9, §§ 2401 to 2410 (Retail Installment Sales).

Scope: Installment sales of goods (but not motor vehicles or mobile homes) and services purchased primarily for personal, family, or household use. § 2401.

Licensure requirements: Sales finance companies must be licensed. Vt. Stat. Ann. tit. 8 § 2201(a).

Credit terms: For a retail installment contract, the finance charge shall not exceed 18% per year of the first $500 of the balance and 15% on the balance in excess of $500. §§ 2405(k) and 41a(b)(2).

Restrictions on points or prepaid interest: None.

Consumer Credit Regulation: Va. Code Ann. § 6.2-311 (Closed-End Installment Loans by Sellers of Goods or Services)

Scope: Applies to seller of goods or services who extends credit under a closed-end installment credit plan or arrangement.

Licensure requirements: None.

Credit terms: The rate or rates agreed upon. Statute defines the components of the amount financed on which the finance charge may be computed.

Restrictions on points or prepaid interest: None.

Restrictions on length of term: None.

Consumer Credit Regulation: W. Va. Code §§ 46A-1-101 to 46A-8-102 (Consumer Credit and Protection Act).

Scope: Sales of goods, services or interest in land purchased primarily for personal, family, household, or agricultural purpose. With respect to a sale of goods or services, the amount financed may not exceed $45,000. However, the sale of a factory-built home is not subject to this dollar limit. § 46A-1-102(13).

Licensure requirements: A license is required to make regulated consumer loans. § 46A-4-102

Consumer Credit Regulation: Wis. Stat. §§ 421.101 to 427.105 (Wisconsin Consumer Act). See also Wis. Admin. Code §§ Dfi-Bkg. 76.01 to 76.13 (Sales Finance Companies).

Scope: Consumer credit transactions, including sales of goods, services (but not of common carriers if the tariffs, rates, charges, costs, or expenses are required by law to be filed with or approved by governmental entity) or interest in land purchased for personal, family, household, or agricultural purposes. Consumer leases. Open-end credit plans. § 421.102.

Consumer Credit Regulation: Wyo. Stat. Ann. §§ 40-14-101 to 40-14-649 (Wyoming Uniform Consumer Credit Code).

Scope: Sales of goods, services or an interest in land purchased primarily for a personal, family, or household purpose where either the debt is payable in installments or a credit service charge is made, and, with respect to a sale of goods or services, the amount financed does not exceed $75,000. Includes home solicitation sales and consumer leases. “Consumer lease” means a lease of goods in which the amount payable under the lease does not exceed $75,000 and which is for a term exceeding four months. Includes consumer loans. §§ 40-14-204, 40-14-206.