Bill Summary for S 577 (2017-2018)
Mar 31 2017
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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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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).