SECTION .1500 ‑ FINANCE COMPANIES: FINANCE CHARGES AND

CARRYING CHARGES

 

 

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;

105‑262;

Eff. February 1, 1976;

Amended Eff. June 1, 1992; October 1, 1991.