Bill Text: NC S831 | 2017-2018 | Regular Session | Amended
Bill Title: Consumer Finance Act Amendments
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2018-12-04 - Ref To Com On Rules and Operations of the Senate [S831 Detail]
Download: North_Carolina-2017-S831-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2017
S 1
SENATE BILL 831
Short Title: Consumer Finance Act Amendments. |
(Public) |
|
Sponsors: |
Senators D. Davis and Gunn (Primary Sponsors). |
|
Referred to: |
Rules and Operations of the Senate |
|
December 4, 2018
A BILL TO BE ENTITLED
AN ACT to amend the consumer finance act by increasing the maximum fee a licensee may charge on a loan.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 53‑176(b) reads as rewritten:
"(b) In addition to the
interest permitted in this section, a licensee may assess at closing a fee for
processing the loan as agreed upon by the parties, not to exceed twenty‑five
dollars ($25.00) fifty dollars ($50.00) for loans up to two
thousand five hundred dollars ($2,500) five thousand dollars ($5,000) and
one percent (1%) of the cash advance for loans above two thousand five
hundred dollars ($2,500), not to exceed a total fee of forty dollars ($40.00), five
thousand dollars ($5,000). provided that such These charges may
shall not be assessed more than twice in any 12‑month
period."
SECTION 2. This act becomes effective October 1, 2019, and applies to contracts entered into, renewed, or modified on or after that date.