AN ACT TO INCREASE THE MAXIMUM PROCESSING FEE FOR RETURNED CHECKS. SL 2019-77. Enacted July 5, 2019. Effective October 1, 2019.
Bill Summaries: S529 (2019-2020 Session)
Summary date: Jul 8 2019 - View summary
Summary date: May 2 2019 - View summary
Senate committee substitute to the 1st edition makes the following changes.
Deletes the proposed changes to GS 53-176, which increased the maximum loan processing fee a licensee under the North Carolina Consumer Finance Act can assess.
Makes conforming changes to the act and the act's titles.
Summary date: Apr 2 2019 - View summary
Identical to H 327, filed 3/11/19.
Amends GS 25-3-506, increasing the maximum processing fee for returned checks accepted in payment for goods or services from $25 to $35. Makes language gender-neutral and makes further technical and clarifying changes. Applies to checks dated on or after October 1, 2019.
Amends GS 53-176, increasing the maximum loan processing fee a licensee under the North Carolina Consumer Finance Act can assess, from $25 for loans up to $2,500 and 1% of the cash advance for loans above $2,500, not exceeding a total fee of $40, to $50 for loans up to $5,000 and 1% of the cash advance for loans above $5,000, with no maximum total fee amount specified. Applies to contracts entered into, renewed, or modified on or after October 1, 2019.