Skip to main content

Search

Consumer Credit Regulation: North Carolina

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: North Dakota

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.

Consumer Credit Regulation: Ohio

Ohio Rev. Code Ann. §§ 1317.01 to 1317.99 (West) (Retail Installment Sales).

Scope: Installment sales of goods purchased primarily for personal, family, or household purposes and not for resale. § 1317.01. The base finance and service charge must exceed the sum of $15. § 1317.06(A)(2).

Licensure requirements: None.

Consumer Credit Regulation: Oregon

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.

Consumer Credit Regulation: Puerto Rico

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.

Consumer Credit Regulation: South Dakota

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.

Consumer Credit Regulation: Tennessee

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).

Consumer Credit Regulation: Texas

Tex. Fin. Code Ann. §§ 345.001 to 345.357 (West) (Retail Installment Sales).

Scope: Installment sales of goods (but not motor vehicles) and services purchased for personal, family, or household use. Revolving credit. §§ 345.001, 345.002 and 345.003.

Licensure requirements: Each holder must pay $10 annual fee per location at which a retail installment transaction is originated, serviced, or collected. § 345.351.

Consumer Credit Regulation: Utah

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 $25,000. §§ 70C-1-201, 70C-1-202.

Licensure requirements: None.

Consumer Credit Regulation: Vermont

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).

Consumer Credit Regulation: Virginia

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.

Consumer Credit Regulation: Washington

Wash. Rev. Code §§ 63.14.010 to 63.14.926 (Retail Installment Sales of Goods and Services).

Scope: Installment sales of goods and services purchased for personal, family, or household use. Revolving credit. § 63.14.010.

Licensure requirements: None.

Credit terms: The dollar amount or rate agreed to by contract. § 63.14.130.

Restrictions on points or prepaid interest: None.

Restrictions on length of term: None.

Consumer Credit Regulation: West Virginia

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: 12 U.S.C. § 1735f-7a. State constitution or laws limiting mortgage interest, discount points, and finance or other charges; exemption for obligations made after March 31, 1980

(a) Applicability to loan, mortgage, credit sale, or advance; applicability to deposit, account, or obligation

(1) The provisions of the constitution or the laws of any State expressly limiting the rate or amount of interest, discount points, finance charges, or other charges which may be charged, taken, received, or reserved shall not apply to any loan, mortgage, credit sale, or advance which is—

Consumer Credit Regulation: 12 C.F.R. § 190.2 Definitions.

For the purposes of this part, the following definitions apply:

(a) Loans mean any loans, mortgages, credit sales, or advances.

(b) Federally-related loans include any loan:

(1) Made by any lender whose deposits or accounts are insured by any agency of the Federal government;

(2) Made by any lender regulated by any agency of the Federal government;

Consumer Credit Regulation: 12 C.F.R. § 190.3 Operation.

(a) The provisions of the constitution or law of any state expressly limiting the rate or amount of interest, discount points, finance charges, or other charges which may be charged, taken, received, or reserved shall not apply to any Federally-related loan:

(1) Made after March 31, 1980; and

(2) Secured by a first lien on:

(i) Residential real property;

Consumer Credit Regulation: 12 C.F.R. § 190.4 Federally-related residential manufactured housing loans—consumer protection provisions.

(a) Definitions. As used in this section:

(1) Prepayment. A “prepayment” occurs upon—

(i) Refinancing or consolidation of the indebtedness;

(ii) Actual prepayment of the indebtedness by the debtor, whether voluntarily or following acceleration of the payment obligation by the creditor; or

(iii) The entry of a judgment for the indebtedness in favor of the creditor.

Consumer Credit Regulation: 12 C.F.R. § 190.100 Status of Interpretations issued under Public Law 96-161.

The OCC continues to adhere to the views expressed in the formal Interpretations issued under the authority of section 105(c) of Public Law 96-161, 93 Stat. 1233 (1979). These interpretations, which relate to the temporary preemption of state interest ceilings contained in Public Law 96-161, may be found at 45 FR 2840 (Jan. 15, 1980); 45 FR 6165 (Jan. 25, 1980); 45 FR 8000 (Feb. 6, 1980); 45 FR 15921 (Mar. 12, 1980).

Consumer Credit Regulation: 12 C.F.R. § 190.101 State criminal usury statutes.

(a) Section 501 provides that “the provisions of the constitution or laws of any state expressly limiting the rate or amount of interest, discount points, finance charges, or other charges shall not apply to any” Federally-related loan secured by a first lien on residential real property, a residential manufactured home, or all the stock allocated to a dwelling unit in a residential housing cooperative. 12 U.S.C. 1735f–7 note (Supp. IV 1980).