Senate committee substitute to the 1st edition makes the following changes. Amends GS 25A-15 (pertaining to finance charges for consumer credit installment sale contracts) as follows. Deletes proposed maximum finance charge rate imposed for a consumer credit installment sale contract at a flat 24%. Instead, caps the finance rate charge at 24% where the amount financed is less than $3,000 per annum and 21% per annum where amount financed is over $3,000.

Changes the proposed increases to the authorized finance charge rates for consumer credit installment sales contracts repayable in not less than six months for a self-propelled motor vehicle as follows. Deletes provision pertaining to vehicles one and two model years old, which would have increased the rate from 18% to 20% per annum. Instead, permits a rate of 20% per annum for vehicles 1-3 model years old. Deletes proposed rates per annum for vehicles three (22%), four (24%), and five+ (31%) model years old. Instead allows a rate of 26% per annum for vehicles 4-5 model years old. For vehicles six model years old or older, permits a rate of 30% per annum.

Amends GS 25A-29 (default charges) to change the default charge for past due payments on installment contracts from $15.00 to $18.00 (was, $20.00).