(1) "Buyer"means a purchaser of a motor vehicle under the terms of a retail installmentcontract. "Buyer" shall include any co‑buyer on the retailinstallment contract.
(2) "Lease"means an agreement between a lessor and a lessee whereby the lessee obtains thepossession and use of a motor vehicle for the period of time, for the purposes,and for the consideration set forth in the agreement whether or not the agreementincludes an option to purchase the motor vehicle; provided, however,"lease" shall not include a residential rental agreement of amanufactured home which is subject to Chapter 42 of the General Statutes.
(3) "Lessor"means any person who in the regular course of business or as a part of regularbusiness activity leases motor vehicles under motor vehicle lease agreements,purchases motor vehicle lease agreements, or any sales finance company thatpurchases motor vehicle lease agreements.
(4) "Lessee" meansa person who obtains possession and use of a motor vehicle through a motorvehicle lease agreement. "Lessee" shall include any co‑lesseelisted on the motor vehicle lease agreement.
(5) "Person"means an individual, partnership, corporation, association or any other grouphowever organized.
(6) "Securityinterest" means an interest in personal property that secures performanceof an obligation.
(7) "Securedparty" means a lender, seller, or other person in whose favor there is asecurity interest, including a person to whom accounts or retail installmentsales contracts have been sold.
(8) "Sublease"means an agreement whether written or oral:
a. To transfer to athird party possession of a motor vehicle which is and will, while in thatthird party's possession, remain the subject of a security interest whichsecures performance of a retail installment contract or consumer loan; or
b. To transfer orassign to a third party any of the buyer's rights, interests, or obligationsunder the retail installment contract or consumer loan; or
c. To transfer to athird party possession of a motor vehicle which is and will, while in the thirdparty's possession, remain the subject of a motor vehicle lease agreement; or
d. To transfer orassign to a third party any of the lessee's or buyer's rights, interests, orobligations under the motor vehicle lease agreement.
(9) "Subleasearranger" means a person who engages in the business of inducing by anymeans buyers and lessees to enter into subleases as sublessors and inducingthird parties to enter into subleases as sublessees, however such contracts maybe called. "Sublease arranger" does not include the publisher,owner, agent or employee of a newspaper, periodical, radio station, televisionstation, cable‑television system or other advertising medium whichdisseminates any advertisement or promotion of any act governed by thissection.
(10) "Thirdparty" means a person other than the buyer or the lessee of the vehicle.
(11) "Transfer"means to transfer possession of a motor vehicle by means of a sale, loanassumption, lease, sublease, or lease assignment.
(b) A sublease arrangercommits an offense if the sublease arranger arranges a sublease of a motorvehicle and:
(1) Does not firstobtain written authorization for the sublease from the vehicle's secured partyor lessor; or
(2) Accepts a feewithout having first obtained written authorization for the sublease from thevehicle's secured party or lessor; or
(3) Does not disclosethe location of the vehicle on the request of the vehicle's buyer, lessee,secured party, or lessor; or
(4) Does not provide tothe third party new, accurate disclosures under the Consumer Credit ProtectionAct, 15 U.S.C. Section 1601, et seq.; or
(5) Does not provideoral and written notice to the buyer or lessee that he will not be releasedfrom liability; or
(6) Does not ensure thatall rights under warranties and service contracts regarding the motor vehicletransfer to the third party, unless a pro rata rebate for any unexpiredcoverage is applied to reduce the third party's cost under the sublease; or
(7) Does not takereasonable steps to ensure that the third party is financially able to assumethe payment obligations of the buyer or lessee according to the terms of thelease agreement, retail installment contract, or consumer loan.
(c) It is not a defenseto prosecution under subsection (b) of this section that the motor vehicle'sbuyer or lessee, secured party or lessor has violated a contract creating asecurity interest or lease in the motor vehicle, nor may any sublease arrangershift to the lessee, buyer or third party the arranger's duty under subdivision(b)(1) or (b)(2) to obtain prior written authorization for formation of asublease.
(d) An offense undersubdivision (b)(1) or (b)(2) of this section is a Class I felony.
(e) All other offensesunder subsection (b) of this section are Class 1 misdemeanors. Each failure todisclose the location of the vehicle under subdivision (b)(3) shall constitutea separate offense.
(f) Any buyer, lessee,sublessee, secured party or lessor injured or damaged by reason of any act inviolation of this section, whether or not there is a conviction for theviolation, may file a civil action to recover damages based on the violationwith the following available remedies:
(1) Three times theamount of any actual damages or fifteen hundred dollars ($1500), whichever isgreater;
(2) Equitable relief,including a temporary restraining order, a preliminary or permanent injunction,or restitution of money or property;
(3) Reasonable attorneyfees and costs; and
(4) Any other reliefwhich the court deems just.
The rights and remediesprovided by this section are in addition to any other rights and remediesprovided by law.
(g) This section andG.S. 14‑114 and G.S. 14‑115 are mutually exclusive and prosecutionunder those sections shall not preclude criminal prosecution or civil actionunder this section. (1989 (Reg. Sess., 1990), c. 1011; 1993, c. 539, ss.347, 1254; 1994, Ex. Sess., c. 24, s. 14(c).)
(1) "Buyer"means a purchaser of a motor vehicle under the terms of a retail installmentcontract. "Buyer" shall include any co‑buyer on the retailinstallment contract.
(2) "Lease"means an agreement between a lessor and a lessee whereby the lessee obtains thepossession and use of a motor vehicle for the period of time, for the purposes,and for the consideration set forth in the agreement whether or not the agreementincludes an option to purchase the motor vehicle; provided, however,"lease" shall not include a residential rental agreement of amanufactured home which is subject to Chapter 42 of the General Statutes.
(3) "Lessor"means any person who in the regular course of business or as a part of regularbusiness activity leases motor vehicles under motor vehicle lease agreements,purchases motor vehicle lease agreements, or any sales finance company thatpurchases motor vehicle lease agreements.
(4) "Lessee" meansa person who obtains possession and use of a motor vehicle through a motorvehicle lease agreement. "Lessee" shall include any co‑lesseelisted on the motor vehicle lease agreement.
(5) "Person"means an individual, partnership, corporation, association or any other grouphowever organized.
(6) "Securityinterest" means an interest in personal property that secures performanceof an obligation.
(7) "Securedparty" means a lender, seller, or other person in whose favor there is asecurity interest, including a person to whom accounts or retail installmentsales contracts have been sold.
(8) "Sublease"means an agreement whether written or oral:
a. To transfer to athird party possession of a motor vehicle which is and will, while in thatthird party's possession, remain the subject of a security interest whichsecures performance of a retail installment contract or consumer loan; or
b. To transfer orassign to a third party any of the buyer's rights, interests, or obligationsunder the retail installment contract or consumer loan; or
c. To transfer to athird party possession of a motor vehicle which is and will, while in the thirdparty's possession, remain the subject of a motor vehicle lease agreement; or
d. To transfer orassign to a third party any of the lessee's or buyer's rights, interests, orobligations under the motor vehicle lease agreement.
(9) "Subleasearranger" means a person who engages in the business of inducing by anymeans buyers and lessees to enter into subleases as sublessors and inducingthird parties to enter into subleases as sublessees, however such contracts maybe called. "Sublease arranger" does not include the publisher,owner, agent or employee of a newspaper, periodical, radio station, televisionstation, cable‑television system or other advertising medium whichdisseminates any advertisement or promotion of any act governed by thissection.
(10) "Thirdparty" means a person other than the buyer or the lessee of the vehicle.
(11) "Transfer"means to transfer possession of a motor vehicle by means of a sale, loanassumption, lease, sublease, or lease assignment.
(b) A sublease arrangercommits an offense if the sublease arranger arranges a sublease of a motorvehicle and:
(1) Does not firstobtain written authorization for the sublease from the vehicle's secured partyor lessor; or
(2) Accepts a feewithout having first obtained written authorization for the sublease from thevehicle's secured party or lessor; or
(3) Does not disclosethe location of the vehicle on the request of the vehicle's buyer, lessee,secured party, or lessor; or
(4) Does not provide tothe third party new, accurate disclosures under the Consumer Credit ProtectionAct, 15 U.S.C. Section 1601, et seq.; or
(5) Does not provideoral and written notice to the buyer or lessee that he will not be releasedfrom liability; or
(6) Does not ensure thatall rights under warranties and service contracts regarding the motor vehicletransfer to the third party, unless a pro rata rebate for any unexpiredcoverage is applied to reduce the third party's cost under the sublease; or
(7) Does not takereasonable steps to ensure that the third party is financially able to assumethe payment obligations of the buyer or lessee according to the terms of thelease agreement, retail installment contract, or consumer loan.
(c) It is not a defenseto prosecution under subsection (b) of this section that the motor vehicle'sbuyer or lessee, secured party or lessor has violated a contract creating asecurity interest or lease in the motor vehicle, nor may any sublease arrangershift to the lessee, buyer or third party the arranger's duty under subdivision(b)(1) or (b)(2) to obtain prior written authorization for formation of asublease.
(d) An offense undersubdivision (b)(1) or (b)(2) of this section is a Class I felony.
(e) All other offensesunder subsection (b) of this section are Class 1 misdemeanors. Each failure todisclose the location of the vehicle under subdivision (b)(3) shall constitutea separate offense.
(f) Any buyer, lessee,sublessee, secured party or lessor injured or damaged by reason of any act inviolation of this section, whether or not there is a conviction for theviolation, may file a civil action to recover damages based on the violationwith the following available remedies:
(1) Three times theamount of any actual damages or fifteen hundred dollars ($1500), whichever isgreater;
(2) Equitable relief,including a temporary restraining order, a preliminary or permanent injunction,or restitution of money or property;
(3) Reasonable attorneyfees and costs; and
(4) Any other reliefwhich the court deems just.
The rights and remediesprovided by this section are in addition to any other rights and remediesprovided by law.
(g) This section andG.S. 14‑114 and G.S. 14‑115 are mutually exclusive and prosecutionunder those sections shall not preclude criminal prosecution or civil actionunder this section. (1989 (Reg. Sess., 1990), c. 1011; 1993, c. 539, ss.347, 1254; 1994, Ex. Sess., c. 24, s. 14(c).)
(1) "Buyer"means a purchaser of a motor vehicle under the terms of a retail installmentcontract. "Buyer" shall include any co‑buyer on the retailinstallment contract.
(2) "Lease"means an agreement between a lessor and a lessee whereby the lessee obtains thepossession and use of a motor vehicle for the period of time, for the purposes,and for the consideration set forth in the agreement whether or not the agreementincludes an option to purchase the motor vehicle; provided, however,"lease" shall not include a residential rental agreement of amanufactured home which is subject to Chapter 42 of the General Statutes.
(3) "Lessor"means any person who in the regular course of business or as a part of regularbusiness activity leases motor vehicles under motor vehicle lease agreements,purchases motor vehicle lease agreements, or any sales finance company thatpurchases motor vehicle lease agreements.
(4) "Lessee" meansa person who obtains possession and use of a motor vehicle through a motorvehicle lease agreement. "Lessee" shall include any co‑lesseelisted on the motor vehicle lease agreement.
(5) "Person"means an individual, partnership, corporation, association or any other grouphowever organized.
(6) "Securityinterest" means an interest in personal property that secures performanceof an obligation.
(7) "Securedparty" means a lender, seller, or other person in whose favor there is asecurity interest, including a person to whom accounts or retail installmentsales contracts have been sold.
(8) "Sublease"means an agreement whether written or oral:
a. To transfer to athird party possession of a motor vehicle which is and will, while in thatthird party's possession, remain the subject of a security interest whichsecures performance of a retail installment contract or consumer loan; or
b. To transfer orassign to a third party any of the buyer's rights, interests, or obligationsunder the retail installment contract or consumer loan; or
c. To transfer to athird party possession of a motor vehicle which is and will, while in the thirdparty's possession, remain the subject of a motor vehicle lease agreement; or
d. To transfer orassign to a third party any of the lessee's or buyer's rights, interests, orobligations under the motor vehicle lease agreement.
(9) "Subleasearranger" means a person who engages in the business of inducing by anymeans buyers and lessees to enter into subleases as sublessors and inducingthird parties to enter into subleases as sublessees, however such contracts maybe called. "Sublease arranger" does not include the publisher,owner, agent or employee of a newspaper, periodical, radio station, televisionstation, cable‑television system or other advertising medium whichdisseminates any advertisement or promotion of any act governed by thissection.
(10) "Thirdparty" means a person other than the buyer or the lessee of the vehicle.
(11) "Transfer"means to transfer possession of a motor vehicle by means of a sale, loanassumption, lease, sublease, or lease assignment.
(b) A sublease arrangercommits an offense if the sublease arranger arranges a sublease of a motorvehicle and:
(1) Does not firstobtain written authorization for the sublease from the vehicle's secured partyor lessor; or
(2) Accepts a feewithout having first obtained written authorization for the sublease from thevehicle's secured party or lessor; or
(3) Does not disclosethe location of the vehicle on the request of the vehicle's buyer, lessee,secured party, or lessor; or
(4) Does not provide tothe third party new, accurate disclosures under the Consumer Credit ProtectionAct, 15 U.S.C. Section 1601, et seq.; or
(5) Does not provideoral and written notice to the buyer or lessee that he will not be releasedfrom liability; or
(6) Does not ensure thatall rights under warranties and service contracts regarding the motor vehicletransfer to the third party, unless a pro rata rebate for any unexpiredcoverage is applied to reduce the third party's cost under the sublease; or
(7) Does not takereasonable steps to ensure that the third party is financially able to assumethe payment obligations of the buyer or lessee according to the terms of thelease agreement, retail installment contract, or consumer loan.
(c) It is not a defenseto prosecution under subsection (b) of this section that the motor vehicle'sbuyer or lessee, secured party or lessor has violated a contract creating asecurity interest or lease in the motor vehicle, nor may any sublease arrangershift to the lessee, buyer or third party the arranger's duty under subdivision(b)(1) or (b)(2) to obtain prior written authorization for formation of asublease.
(d) An offense undersubdivision (b)(1) or (b)(2) of this section is a Class I felony.
(e) All other offensesunder subsection (b) of this section are Class 1 misdemeanors. Each failure todisclose the location of the vehicle under subdivision (b)(3) shall constitutea separate offense.
(f) Any buyer, lessee,sublessee, secured party or lessor injured or damaged by reason of any act inviolation of this section, whether or not there is a conviction for theviolation, may file a civil action to recover damages based on the violationwith the following available remedies:
(1) Three times theamount of any actual damages or fifteen hundred dollars ($1500), whichever isgreater;
(2) Equitable relief,including a temporary restraining order, a preliminary or permanent injunction,or restitution of money or property;
(3) Reasonable attorneyfees and costs; and
(4) Any other reliefwhich the court deems just.
The rights and remediesprovided by this section are in addition to any other rights and remediesprovided by law.
(g) This section andG.S. 14‑114 and G.S. 14‑115 are mutually exclusive and prosecutionunder those sections shall not preclude criminal prosecution or civil actionunder this section. (1989 (Reg. Sess., 1990), c. 1011; 1993, c. 539, ss.347, 1254; 1994, Ex. Sess., c. 24, s. 14(c).)
