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Consumer Credit Regulation: Maine

Me. Stat. tit. 9-A, §§ 2-201 to 5-301 (Maine Consumer Credit Code).

Scope: Consumer credit sales, including sales and loans. § 2-102.

Licensure requirements: None.

Consumer Credit Regulation: Maryland

Md. Code Ann., Com. Law §§ 12-601 to 12-636 (West) (Retail Installment Sales Act).

Scope: Sales of goods (all tangible personal property that has a cash price of $100,000 or less) for use or consumption by the buyer, or for the benefit or satisfaction that the buyer may derive from the use or consumption of the goods by another, but not for resale by the buyer. § 12-601.

Licensure requirements: None.

Consumer Credit Regulation: Michigan

Mich. Comp. Laws §§ 445.851 to 445.873 (Retail Installment Sales Act).

Scope: Installment sales of goods purchased primarily for personal, family, or household use, excluding motor vehicles, and services for personal, family, or household use. § 445.852.

Licensure requirements: None.

Consumer Credit Regulation: Minnesota

Minn. Stat. §§ 53C.01 to 53C.14 (Motor Vehicle Retail Installment Sales Act).

Scope: Installment sales of motor vehicles not for resale and purchased primarily for personal, family, or household use. § 53C.01.

Licensure requirements: Sales finance companies must be licensed. Includes retail sellers holding contracts. § 53C.02.

Consumer Credit Regulation: Mississippi

Miss. Code Ann. §§ 63-19-1 to 63-19-57 (Motor Vehicle Sales Finance Law).

Scope: Sales of motor vehicles and commercial vehicles not for resale. § 63-19-3.

Licensure requirements: Sales finance companies must be licensed. Includes retail sellers holding retail installment contracts that exceed a total aggregate outstanding indebtedness of $500,000. § 63-19-7.

Consumer Credit Regulation: Missouri

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: Montana

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.

Consumer Credit Regulation: Nebraska

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: Nevada

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.

Consumer Credit Regulation: New Hampshire

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.

Consumer Credit Regulation: New Mexico

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.

Consumer Credit Regulation: New York

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).

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).