Bill Summary for S 577 (2017-2018)

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Bill: CONSUMER CREDIT/DEFAULT CHARGE.

Summary date: 

Mar 31 2017
S.L. 2017-45

Bill Information:

View NCGA Bill Details2017-2018 Session
Senate Bill 577 (Public) Filed Thursday, March 30, 2017
AN ACT TO MODERNIZE NORTH CAROLINA'S CONSUMER CREDIT INSTALLMENT SALE CONTRACT DEFAULT CHARGE IN ORDER TO LEVEL THE PLAYING FIELD WITH OUT-OF-STATE BUSINESSES.
Intro. by Gunn.

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Bill summary

Amends GS 25A-29 to provide that if any installment is past due for 10 days or more according to the original terms of the consumer credit installment sale contract, a default charge can be made in an amount not to exceed $25 (was, not to exceed the lesser of 5% of the installment past due or $6).