SECTION .1500 ‑ FINANCE COMPANIES: FINANCE CHARGES AND
17 NCAC 07B .1501 FINANCE COMPANIES
(a) If a finance company maintains a regular place of
business wherein repossessed tangible personal property is sold or placed on
display for sale as an adjunct to the principal business of the finance
company, such finance company must register with the department and collect and
remit the applicable state and local tax on its sales.
(b) If a finance company, as an incident only of its
finance business, has occasion, from time to time, to repossess articles of
tangible personal property upon which payments have become delinquent and sells
such tangible personal property either at public auction or at private sale,
such sales shall be deemed occasional sales and are not subject to the tax.
History Note: Authority G.S. 105‑164.3; 105‑164.4;
Eff. February 1, 1976;
Amended Eff. June 1, 1992; October 1, 1991.