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.

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