Bill Summary for H 718 (2019-2020)

Summary date: 

Apr 11 2019

Bill Information:

View NCGA Bill Details2019-2020 Session
House Bill 718 (Public) Filed Thursday, April 11, 2019
AN ACT TO AMEND STATUTES ON INTEREST RATES TO USE THE TERM "FEDERALLY INSURED DEPOSITORY INSTITUTION" AND TO ESTABLISH EXPRESS AUTHORITY TO ENFORCE THOSE STATUTES.
Intro. by Howard, Bell, Carney, Lucas.

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Bill summary

Enacts GS 24-1.05 to define federally insured depository institution as used in the Chapter (Interest) to mean an insured depository institution as defined in specified federal law, or an insured credit union as defined in specified federal law; excludes a subsidiary or affiliate of a federally insured depository institution that is not itself a federally insured depository institution. 

Enacts GS 24-1.010 to authorize the Attorney General, the Commissioner of Banks, and the Administrator of Credit Unions to enforce GS Chapter 24's provisions. 

Amends GS 24-1.1, GS 24-2.2 and GS 24-11 to refer to a federally insured depository institution rather than bank or banking institution. Further amends GS 24-2.2, concerning interest on extensions of credit, and GS 24-11, concerning certain revolving credit changes, to make technical and clarifying changes. Makes language in GS 24-11 gender neutral.

Effective October 1, 2019.

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