AN ACT TO AMEND THE CONSUMER FINANCE ACT BY INCREASING THE MAXIMUM FEE A LICENSEE MAY CHARGE ON A LOAN.
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.
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