Bill Summaries: H475 (2015-2016 Session)

Tracking:
  • Bill H 475 (2015-2016)
    Summary date: Apr 1 2015 - View summary

    Enacts new GS 53-173.3 as follows. Prohibits a licensee from making a loan under the North Carolina Consumer Finance Act without first getting documentation from the borrower showing that the borrower is reasonably likely to be able to repay the loan according to the loan terms without needing to defer a payment or enter into a new agreement. Provides that if a borrower enters into a new loan agreement with a licensee while there remains any unpaid principal balance of a prior loan, no charges other than 8% interest per annum can be computed or collected from any party to the loan upon the unpaid principal balance of the new loan. Effective October 1, 2015.
    Banking and Finance
    GS 53

© 2022 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.