Amends GS 25A-15 (pertaining to finance charges for consumer credit installment sale contracts) as follows. Changes the maximum finance charge rate imposed for a consumer credit installment sale contract to a flat 24%. (Currently, 24% is the maximum rate where the amount financed is less than $1,500 and the maximum rate decreases gradually to a maximum of 18% for amounts of $3,000 or more as the amount financed gets higher.) Increases the authorized finance charge rates for consumer credit installment sales contracts repayable in not less than six months for a self-propelled motor vehicle as follows:

· For vehicles one and two model years old, increases the rate from 18% to 20% per annum;

· For vehicles three model years old, increases the rate from 20% to 22% per annum;

· For vehicles four model years old, increases the rate from 22% to 24% per annum;

· For vehicles five model years old or older, increases the rate from 29% to 31% per annum.

Amends GS 25A-29 (default charges) to increase the default charge for past due payments on installment contracts from $15 to $20. Makes technical changes. 

Effective October 1, 2023 and applies to contracts entered into, modified, or renewed on or after that date.