§ 24-13 – Principal amount defined.
24-13. Principal amount defined. The aggregate of the amount or value actually received at the time of the loan, plus the charges allowed by G.S. 24-14(b) (c) and (f); plus the sum of all existing indebtedness of the borrower paid on his behalf by the lender, shall be deemed the principal amount of the loan. […]
§ 24-14 – Limitations on charges and interest.
24-14. Limitations on charges and interest. (a) No person, copartnership, association, trust, corporation or other legal entity making loans under this Article may charge, take or receive, directly or indirectly, simple interest in excess of one and one-half percent (1 %) per month or an annual rate equivalent to the Federal Discount Rate plus five […]
§ 24-16 – Itemized closing statements.
24-16. Itemized closing statements. Any person, copartnership, association, trust, corporation, or any other legal entity making on its own behalf, or as agent, broker or in other representative capacity on behalf of any other person, copartnership, association, trust, corporation or any other legal entity, a loan or real property financing transaction within the regulatory authority […]
§ 24-16.1 – Loans exempt from §§ 24-12 to 24-17.
24-16.1. Loans exempt from 24-12 to 24-17. G.S. 24-12 to 24-17 shall not apply to loans made by banks, insurance companies, or their duly designated agents compensated directly by the lender, duly licensed credit unions, production credit associations authorized by the Farm Credit Act of 1933, or savings and loan associations authorized to do business […]
§ 24-17 – Misdemeanors.
24-17. Misdemeanors. A wilful or knowing violation of G.S. 24-12 through G.S. 24-16 is hereby made a Class 1 misdemeanor. (1971, c. 1229, s. 2; 1993, c. 539, s. 400; 1994, Ex. Sess., c. 24, s. 14(c).)
§ 24-10 – Maximum fees on loans secured by real property.
24-10. Maximum fees on loans secured by real property. (a) No lender on loans made under G.S. 24-1.1 shall charge or receive from any borrower or any agent for a borrower, any fees or discounts unless otherwise allowed where the principal amount is less than three hundred thousand dollars ($300,000) and is secured by real […]
§ 24-10.1 – Late fees.
24-10.1. Late fees. (a) Subject to the limitations contained in subsection (b) of this section, any lender may charge a party to a loan or extension of credit governed by G.S. 24-1.1 or G.S. 24-1.1A a late payment charge as agreed upon by the parties in the loan contract. (b) All of the following limitations […]
§ 24-10.2 – Consumer protections in certain home loans.
24-10.2. Consumer protections in certain home loans. (a) For purposes of this section, the term "consumer home loan" means a loan, including an open-end credit plan but excluding a reverse mortgage transaction, in which (i) the borrower is a natural person, (ii) the debt is incurred by the borrower primarily for personal, family, or household […]
§ 24-11 – Certain revolving credit charges.
24-11. Certain revolving credit charges. (a) On the extension of credit under an open-end credit or similar plan (including revolving credit card plans, and revolving charge accounts, but excluding any loan made directly by a lender under a check loan, check credit or other such plan) under which no service charge shall be imposed upon […]
§ 24-11.1 – Disclosure requirements for credit cards.
24-11.1. Disclosure requirements for credit cards. (a) This section applies to any application, solicitation of an application, offer of credit, or communication extending credit that is: (1) For an open-end credit plan accessed through a credit card or a revolving credit loan accessed through a credit card; (2) Printed; (3) Mailed or otherwise delivered to […]