Bill Summary for S 489 (2013-2014)
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Summary date:
Jun 4 2013
S.L. 2013-162
Bill Information:
| 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.
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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].