Senate committee substitute to the 1st edition makes the following changes. 

Makes the following further changes to Article 15, the North Carolina Consumer Finance Act, in GS Chapter 53. 

Amends GS 55-173(b) (pertaining to computation of interest) to specify that the interest on loans made under the section will not be compounded but computed and paid only as a percentage of the unpaid portion of the amount financed, in addition to other statutory directive on calculation of interest (was, calculated as a percentage of the amount financed in addition to other statutory directive).

Amends GS 55-176 (pertaining to rates, maturities and amounts) to change the interest rate on loans not exceeding $12,000 from 36% to 33% on the part of the balance not exceeding $4,000. Specifies that interest will be contracted for and collected at the applicable simple interest rate applied to the unpaid portion of the amount financed (was, just the amount financed). Amends GS 55-176(b) to cap the 1% fee of amount financed exclusive of the loan processing fee charged for loan amounts in excess of $3,000 at $150 (was, just 1% fee of amount financed exclusive of the loan processing fee).

Deletes proposed new GS 53-176.2 (pertaining to inflation adjustment for loan amounts and certain loan fees).  Amends  GS 53-177 (pertaining to fees) to reduce the cap on late fees from $20 to $18.