GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 1991
CHAPTER 965
The General Assembly of North Carolina enacts:
Section 1. G.S. 105-67 is repealed.
Sec. 2. G.S. 78A-37(b) reads as rewritten:
"(b) Every applicant for
initial or renewal registration shall pay a filing fee of two hundred dollars
($200.00) in the case of a dealer and forty-five dollars ($45.00) fifty-five
dollars ($55.00) in the case of a salesman. The Administrator may by rule
reduce the registration fee proportionately when the registration will be in
effect for less than a full year."
Sec. 3. G.S. 105-83 reads as rewritten:
"§ 105-83. Installment paper dealers.
(a) Every person,
firm, or corporation, foreign or domestic, person engaged in the
business of dealing in, buying, and/or or discounting installment
paper, notes, bonds, contracts, or evidences of debt and/or other
securities, debt, where at the time of or in connection with the
execution of said instruments, a lien is reserved or taken upon personal
property located in this State to secure the payment of such obligations, shall
apply for and obtain from the Secretary of Revenue a State license for
the privilege of engaging in such business or for the purchasing of such
obligations in this State, and shall pay for such license an annual tax of one
hundred dollars ($100.00).
(b) In addition to obtaining
a State license from the Secretary, each person subject to the tax levied
in subsection (a) of this section, such person, firm, or corporation shall
submit to the Revenue Secretary quarterly no later than the twentieth day
of January, April, July, and October of each year, upon forms prescribed by the
said Secretary, a full, accurate, and complete statement, verified by
the officer, agent, or person making such the statement, of the
total face value of the installment paper, notes, bonds, contracts, and evidences
of debt, and/or other securities described in this section debt dealt
in, bought and/or bought, or discounted within the preceding
three calendar months and, at the same time, shall pay a tax of two hundred and
seventy-five thousandths of one percent (.275%) of the face value of such
obligations dealt in, bought and/or discounted for such period. these
obligations.
(c) If any person,
firm, or corporation, foreign or domestic, shall deal person deals in,
buy and/or discount buys, or discounts any such paper, notes,
bonds, contracts, evidences of debt and/or other securities obligations described
in this section without applying for and obtaining a the license
for the privilege of engaging in such business of dealing in such
obligations, or shall fail, refuse, or neglect to pay the taxes levied in this
section, such obligation shall not be recoverable or the collection thereof
enforceable at law or by suit in equity in any of the courts of this State
until and when the license taxes prescribed in this section have been paid,
together with any and all penalties prescribed in this Article for the
nonpayment of taxes. required by this section or paying a tax imposed by
this section, the person may not bring an action in a State court to enforce
collection of an obligation dealt in, bought, or discounted during the period
of noncompliance with this section until the person obtains the license and
pays the amount of tax, penalties, and interest due.
(d) This section does not apply to corporations liable for the tax levied under G.S. 105-102.3.
(e) Counties, cities cities,
and towns shall not levy any license tax on the business taxed under this
section."
Sec. 4. Section 1 of this act is effective upon ratification and applies to the 1992-93 tax year and subsequent years. Section 2 of this act becomes effective January 1, 1993. The remaining sections of this act are effective upon ratification.
In the General Assembly read three times and ratified this the 16th day of July, 1992.
James C. Gardner
President of the Senate
Daniel Blue, Jr.
Speaker of the House of Representatives