24-1. Legal rate is eight percent. Except as otherwise provided in G.S. 136-113, the legal rate of interest shall be eight percent (8%) per annum for such time as interest may accrue, and no more. (1876-7, c. 91; Code, s. 3835; 1895, c. 69; Rev., s. 1950; C.S., s. 2305; 1979, 2nd Sess., c. 1157, […]
24-1.1. Contract rates and fees. (a) Except as otherwise provided in this Chapter or other applicable law, the parties to a loan, purchase money loan, advance, commitment for a loan, or forbearance, other than a credit card, open-end, or similar loan, may contract in writing for the payment of interest not in excess of the […]
24-1.1A. Contract rates on home loans secured by first mortgages or first deeds of trust. (a) Notwithstanding any other provision of this Chapter, but subject to the provisions of G.S. 24-1.1E, parties to a home loan may contract in writing as follows: (1) Where the principal amount is ten thousand dollars ($10,000) or more the […]
24-1.1D. Expired.
24-1.1E. Restrictions and limitations on high-cost home loans. (a) Definitions. – The following definitions apply for the purposes of this section: (1) "Affiliate" means any company that controls, is controlled by, or is under common control with another company, as set forth in the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.), […]
24-1.1F. Rate spread home loans. (a) Repealed by Session Laws 2013-399, s. 3, effective October 1, 2013. (a1) A rate spread home loan is a loan that has an annual percentage rate that exceeds the limits set out in 15 U.S.C. 1639c(c)(1)(B)(ii) and any regulations promulgated thereunder. (b) Repealed by Session Laws 2013-399, s. 3, […]
24-1.2A. Equity lines of credit. (a) Notwithstanding any other provision of this Chapter, the parties to an equity line of credit, as defined in G.S. 45-81, may contract in writing for interest at rates which shall not exceed the maximum rates permitted under G.S. 24-1.1(c); provided, however, that the parties may contract for interest rates […]
24-1.4. Interest rates for savings and loan associations. (a) Notwithstanding any other provision of law, a savings and loan association domiciled in North Carolina may charge interest or collect fees with respect to any loan to the same extent as if the provisions of section 501 of Public Laws 96-221, as interpreted by the Federal […]
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. (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. (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. (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. (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 […]
24-11.2. Disclosure requirements for charge cards. (a) Applications and Other Communications. – This section applies to any application, solicitation of an application, offer of credit, or communication extending credit that is: (1) For credit accessed through a charge card; (2) Printed; (3) Mailed or otherwise delivered to a person at any address within this State; […]
24-2. Penalty for usury; corporate bonds may be sold below par. The taking, receiving, reserving or charging a greater rate of interest than permitted by this chapter or other applicable law, either before or after the interest may accrue, when knowingly done, shall be a forfeiture of the entire interest which the note or other […]
24-2.1. Transactions governed by Chapter. (a) For purposes of this Chapter, any extension of credit shall be deemed to have been made in this State, and therefore subject to the provisions of this Chapter if the lender offers or agrees in this State to lend to a borrower who is a resident of this State, […]
24-2.2. Interest on extensions of credit by banks and savings and loan associations; exceptions. Notwithstanding any other provision of law, banks and savings and loan associations chartered in North Carolina by the State of North Carolina or the federal government shall each be entitled to charge on extensions of credit those interest rates allowed any […]
24-2.3. State opt-out from federal preemption. (a) The provisions of section 501, of United States Public Law 96-221, as well as any modifications made to date, shall not apply to loans, mortgages, credit sales and advances made in this State. (b) Effective July 1, 1995, sections 521-524 of United States Public Law 96-221, shall apply […]
24-2.4. Prepayment of a loan if there are no prepayment terms or if the prepayment terms are not in accordance with law. A borrower may prepay a loan in whole or in part without penalty where the loan instrument does not explicitly state the borrower’s rights with respect to prepayment or where the provisions for […]
24-2.5. Mortgage bankers and mortgage brokers. A mortgage broker or a mortgage banker originating a loan in a table-funded loan transaction in which the mortgage broker or mortgage banker is identified as the original payee of the note shall be considered a lender for purposes of this Chapter. (1999-332, s. 3.)
