Amends GS 53-176 by changing the maximum amounts that a licensee may charge as a processing fee on a loan. Allows a fee not to exceed $50 for loans up to $5,000 and 1% of the cash advance for loans above $5,000 (was, not to exceed $25 for loans up to $2,500 and 1% of the cash advance for loans above $2,500 not to exceed a total of $40). Prohibits the charges (was, the charges may) from being assessed more than twice in 12 months. Applies to contracts entered into, renewed, or modified on or after October 1, 2019.
CONSUMER FINANCE ACT AMENDMENTS.
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| View NCGA Bill Details(link is external) | 2017-2018 Session |
AN ACT TO AMEND THE CONSUMER FINANCE ACT BY INCREASING THE MAXIMUM FEE A LICENSEE MAY CHARGE ON A LOAN.Intro. by D. Davis, Gunn.
Status: Ref To Com On Rules and Operations of the Senate (Senate Action) (Dec 4 2018)
Bill History:
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Mon, 3 Dec 2018 Senate: Filed(link is external)
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Tue, 4 Dec 2018 Senate: Passed 1st Reading(link is external)
S 831
Bill Summaries:
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Bill S 831 (2017-2018)Summary date: Dec 3 2018 - View Summary
View: All Summaries for Bill