Amends GS 53-176 by changing the maximum amounts that a licensee may charge as a processing fee on a loan. Allows a fee not to exceed $50 for loans up to $5,000 and 1% of the cash advance for loans above $5,000 (was, not to exceed $25 for loans up to $2,500 and 1% of the cash advance for loans above $2,500 not to exceed a total of $40). Prohibits the charges (was, the charges may) from being assessed more than twice in 12 months. Applies to contracts entered into, renewed, or modified on or after October 1, 2019.
Bill Summaries: S 831 CONSUMER FINANCE ACT AMENDMENTS.
Printer-friendly: Click to view
Tracking:
-
Bill S 831 (2017-2018)Summary date: Dec 3 2018 - View Summary