25A-22. Receipts for payments; return of title documents upon full payment.
(a) When any payment is made under any consumer credit sale transaction, the person receiving such payment shall, if the payment is made in cash, give the buyer a written receipt therefor. If the buyer specifies that the payment is made on one of several obligations, the receipt shall so state.
(b) Upon the payment of all sums for which the buyer is obligated under a consumer credit sale, the seller shall promptly release any security interest in accordance with the terms of G.S. 25-9-513 or G.S. 20-58.4, whichever is applicable. In the event a security interest in real property is involved, the seller shall take such action as is necessary to enable the lien to be discharged of record under the provisions of G.S. 45-37. (1971, c. 796, s. 1; 2000-169, s. 32.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 25A - Retail Installment Sales Act
§ 25A-2 - "Consumer credit sale" defined.
§ 25A-3 - "Payable in installments" defined.
§ 25A-7 - "Cash price" defined.
§ 25A-8 - "Finance charge" defined.
§ 25A-9 - "Amount financed" defined.
§ 25A-10 - "Official fees" defined.
§ 25A-11 - "Revolving charge account contract" defined.
§ 25A-12 - "Consumer credit installment sale contract" defined.
§ 25A-13 - "Consumer Credit Protection Act" defined.
§ 25A-14 - Finance charge rates and service charge for revolving charge account contracts.
§ 25A-15 - Finance charge rates for consumer credit installment sale contracts.
§ 25A-16 - Transfer of equity.
§ 25A-17 - Additional charges for insurance.
§ 25A-18 - Confession of judgment.
§ 25A-20 - Disclaimer of warranty.
§ 25A-22 - Receipts for payments; return of title documents upon full payment.
§ 25A-23 - Collateral taken by the seller.
§ 25A-24 - Identification of instruments of indebtedness.
§ 25A-25 - Preservation of consumers' claims and defenses.
§ 25A-26 - Substitution of collateral.
§ 25A-27 - Application of payments.
§ 25A-28 - Form of consumer credit installment sale contract.
§ 25A-31 - Consolidation and refinancing.
§ 25A-32 - Rebates on prepayment.
§ 25A-35 - Statement of account.
§ 25A-36 - Certificates of insurance and rebates.
§ 25A-38 - "Home-solicitation sale" defined.
§ 25A-39 - Buyer's right to cancel.
§ 25A-40 - Form of agreement or offer; statement of buyer's rights.
§ 25A-41 - Restoration of down payment; retention of goods.