Bill Summary for S 489 (2013-2014)

Summary date: 

Jun 4 2013
S.L. 2013-162

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 489 (Public) Filed Wednesday, March 27, 2013
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 BillTracking:

Bill summary

House amendment to the 4th edition makes the following changes. Amends GS 53-180.1(c) to provide that any credit agreement, promissory note, or other contract prohibited by the statutes is null and void [no longer provides for an exception from the provision as provided in (b)(6), which requires a licensee to take precautions to prevent making loans that violate the statute and sets the interest rate at 8% for loans where a licensee does not take resonable precautions to identify covered members].

© 2021 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view