§ 24-2 – Penalty for usury; corporate bonds may be sold below par.
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.
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, […]
§ 24-1 – 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, […]
§ 24-1.1 – Contract rates and fees.
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.
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.
24-1.1D. Expired.
§ 24-1.1E – Restrictions and limitations on high-cost home loans.
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.
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 (a) Repealed by Session Laws 2013-399, s. 3, effective October 1, 2013.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.
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 […]