§ 24-5 – Interest on judgments.
24-5. Interest on judgments. (a) Actions on Contracts. – In an action for breach of contract, except an action on a penal bond, the amount awarded on the contract bears interest from the date of breach. The fact finder in an action for breach of contract shall distinguish the principal from the interest in the […]
§ 24-6 – Clerk to ascertain interest upon default judgment on bond, covenant, bill, note or signed account.
24-6. Clerk to ascertain interest upon default judgment on bond, covenant, bill, note or signed account. When a suit is instituted on a single bond, a covenant for the payment of money, bill of exchange, promissory note, or a signed account, and the defendant does not plead to issue thereon, upon judgment, the clerk of […]
§ 24-7 – Interest from verdict to judgment added as costs.
24-7. Interest from verdict to judgment added as costs. Except with respect to compensatory damages in actions other than contract as provided in G.S. 24-5, when the judgment is for the recovery of money, interest from the time of the verdict or report until judgment is finally entered shall be computed by the clerk and […]
§ 24-8 – Loans not in excess of $300,000; what interest, fees and charges permitted.
24-8. Loans not in excess of $300,000; what interest, fees and charges permitted. (a) If the principal amount of a loan is less than three hundred thousand dollars ($300,000), no lender shall charge or receive from any borrower or require in connection with any loan any borrower, directly or indirectly, to pay, deliver, transfer, or […]
§ 24-2.2 – Interest on extensions of credit by banks and savings and loan associations; exceptions.
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.
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.
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.
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.)
§ 24-3 – Time from which interest runs.
24-3. Time from which interest runs. Interest is due and payable on instruments, as follows: (1) All bonds, bills, notes, bills of exchange, liquidated and settled accounts shall bear interest from the time they become due, provided such liquidated and settled accounts be signed by the debtor, unless it is specially expressed that interest is […]
§ 24-1 – Legal rate is eight percent.
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, […]