17 NCAC 07B .4413          CONDITIONAL SALES CONTRACT

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 one hundred dollars ($100.00) or one percent of the total required payments.

Any applicable statutory state and local sales and use tax for a conditional sales contract is due upon delivery of the tangible personal property to the purchaser.

 

History Note:        Authority G.S. 105-164.4; 105-164.6; 105-262;

Eff. February 1, 1976;

Amended Eff. August 1, 2009; October 1, 1993.