17 N.C. Admin. Code 7B.4413

Current through Register Vol. 39, No. 9, November 1, 2024

Section 07B .4413 - CONDITIONAL SALES CONTRACT

(a) A conditional sales contract is an agreement that requires the following:

(1) The transfer of title under a security agreement or deferred payment plan, upon completion of the required payments; or

(2) The transfer of title upon completion of required payments and payment of an option price that does not exceed the greater of one hundred dollars ($100.00) or one percent of the total required payments.

(b) An agreement that meets the requirements of Paragraph (a) of this Rule does not constitute a lease or rental, as defined in G.S. 105-164.3, and is considered a conditional sales contract. Any applicable sales and use tax for a conditional sales contract is due upon delivery of the item, as the term item is defined in G.S. 105-164.3, to the purchaser.

17 N.C. Admin. Code 07B .4413

Authority G.S. 105-164.4; 105-164.6; 105-262;
Eff. February 1, 1976;
Amended Eff. August 1, 2009; October 1, 1993.

Authority G.S. 105-164.3; 105-164.4; 105-164.6; 105-262; 105-264
Eff. February 1, 1976;
Amended Eff. August 1, 2009; October 1, 1993.

Readopted by North Carolina Register Volume 38, Issue 13, January 2, 2024 effective 1/1/2024.