(a)        Adjustment for Inflation. – Beginning July 1, 2020, and every four years thereafter, the Division shall adjust the fees and rates imposed pursuant to the statutes listed in this subsection for inflation in accordance with the Consumer Price Index computed by the Bureau of Labor Statistics. The adjustment for per transaction rates in subdivision (8a) of this subsection shall be rounded to the nearest cent and all other adjustments under this subsection shall be rounded to the nearest twenty-five cents (25?):

(1)        N.C. Gen. Stat. § 20-7

(2)        N.C. Gen. Stat. § 20-11

(3)        N.C. Gen. Stat. § 20-14

(4)        N.C. Gen. Stat. § 20-16

(5)        N.C. Gen. Stat. § 20-26

(6)        N.C. Gen. Stat. § 20-37.15

(7)        N.C. Gen. Stat. § 20-37.16

(8)        N.C. Gen. Stat. § 20-42(b).

(8a)      N.C. Gen. Stat. § 20-43.1(e1), with respect to the per individual record fee set in that subsection.

(8b)      N.C. Gen. Stat. § 20-63(h), with respect to the per transaction rates set in that subsection.

(9)        N.C. Gen. Stat. § 20-85(a)(1) through (10).

(10)      N.C. Gen. Stat. § 20-85.1

(11)      N.C. Gen. Stat. § 20-87, except for the additional fee set forth in N.C. Gen. Stat. § 20-87(6) for private motorcycles.

(12)      N.C. Gen. Stat. § 20-88

(13)      N.C. Gen. Stat. § 20-289

(14)      N.C. Gen. Stat. § 20-385

(15)      N.C. Gen. Stat. § 44A-4(b)(1).

(b)        Computation. – In determining the rate of inflation to use when making an adjustment pursuant to subsection (a) of this section, the Division shall base the rate on the percent change in the annual Consumer Price Index over the preceding four-year period.

(c)        Rules. – The provisions of Chapter 150B of the N.C. Gen. Stat. do not apply to the inflation adjustment required by this section.

(d)       Consultation and Publication. – At least 90 days prior to making an adjustment pursuant to subsection (a) of this section, and notwithstanding any provision of N.C. Gen. Stat. § 12-3.1 to the contrary, the Division shall (i) consult with the Joint Legislative Commission on Governmental Operations, (ii) provide a report to the chairs of the Senate Appropriations Committee on Transportation and the House of Representatives Appropriations Committee on Transportation, and (iii) publish notice of the fees that will be in effect in the offices of the Division and on the Division’s website. After making the adjustment, the Division shall notify the Revisor of Statutes who shall adjust the amounts in statute.

(e)        Effective Date. – Any adjustment to fees or rates under this section applicable to a motor vehicle sold or leased by a motor vehicle dealer, as defined in N.C. Gen. Stat. § 20-286(11), is only applicable to a motor vehicle sale or lease made on or after the effective date of the fee or rate adjustment regardless of the date of submission of a title and registration application for the motor vehicle to the Division. No adjustment to fees or rates under this section applies to a motor vehicle sale or lease made prior to the effective date of the fee or rate adjustment. ?(2015-241, s. 29.30(s); 2016-120, s. 1; 2018-42, s. 8; 2021-180, s. 41.26; 2022-68, s. 10(b).)