Bill Summary for S 489 (2013-2014)
|View NCGA Bill Details||2013-2014 Session|
A BILL TO BE ENTITLED AN ACT TO MODIFY THE MAXIMUM INTEREST RATE ALLOWED AND TO MAKE VARIOUS AMENDMENTS TO THE NORTH CAROLINA CONSUMER FINANCE ACT TO ENSURE CONTINUED ACCESS TO CREDIT.Intro. by Gunn, Newton, Clodfelter.
|View: All Summaries for Bill||Tracking:|
Senate amendment #1 makes the following changes to the 2nd edition.
Amends GS 53-180.1 (Military service members limitation), providing that no licensee will contact a military service member or member's spouse by phone or email, for the purposes of collecting on the loan, when the military service member has been deployed to a theater of combat (previously, only provided for no contact to the military service member, not spouse).
Senate amendment #2 makes the following changes to the 2nd edition.
Amends GS 53-177(b) (Late fees), providing that if a late payment fee has been imposed once, with respect to a particular late payment, no such fee can be imposed with respect to any future payment which would have been timely and sufficient but for the previous default.
Senate amendment #5 makes the following changes to the 2nd edition.
Deletes GS 53-176(a)(1), (2), and (3). Enacts new GS 53-176(1) and (2), providing that loans issued in accordance with GS 53-176(a) cannot charge interest that exceeds the following actuarial rates:
(1) With respect to a loan not exceeding $10,000, cannot exceed 30% per annum on that part of the unpaid principal balance not exceeding $5,000 and cannot exceed 24% per annum on that part of the remainder of the unpaid principal balance.
(2) With respect to a loan exceeding $10,000, cannot exceed 18% per annum on the outstanding principal balance.
Senate amendment #6 makes the following changes to the 2nd edition.
Makes technical and clarifying changes to GS 53-176(a).