House amendments make the following changes to 2nd edition. Amendment #1 creates the 16-member North Carolina Legislative Study Commission on Improvement in Small-Dollar Lending (Commission). Details the purpose of, and issues to be studied by the Commission. Sets forth details on appointment of membership, reimbursement of members in the performance of their duties, and reporting requirements. Effective when it becomes law.
Amendment #2 removes proposed subsection(c) from GS 53-177 that allowed a licensee to collect any actual charges paid by the licensee related to payments submitted by the borrower or at the borrower’s request through electronic or other means not affiliated with the licensee.
Amendment #3 creates a new subsection (l) to GS 53-180 to prohibit licensees from making loans to a borrower who is a military service member unless the military service member obtains a written authorization signed by the service member’s company commander. Provides additional requirements a licensee must perform before making a loan to a military service member.