§ 53-164 – Title.
53-164. Title. This Article shall be known and may be cited as the North Carolina Consumer Finance Act. (1961, c. 1053, s. 1.)
§ 53-165 – Definitions.
53-165. Definitions. (a) "Amount of the loan" shall mean the aggregate of the cash advance and the charges authorized by G.S. 53-173 and G.S. 53-176. (b) "Borrower" shall mean any person who borrows money from any licensee or who pays or obligates himself to pay any money or otherwise furnishes any valuable consideration to any […]
§ 53-166 – Scope of Article; evasions; penalties; loans in violation of Article void.
53-166. Scope of Article; evasions; penalties; loans in violation of Article void. (a) Scope. – No person shall engage in the business of lending in amounts of fifteen thousand dollars ($15,000) or less and contract for, exact, or receive, directly or indirectly, on or in connection with any such loan, any charges whether for interest, […]
§ 53-167 – Expenses of supervision.
53-167. Expenses of supervision. For the purpose of defraying necessary expenses of the Office of Commissioner of Banks for supervision, each licensee shall pay to the Commissioner an assessment not to exceed eighteen dollars ($18.00) per one hundred thousand dollars ($100,000) of assets, or fraction thereof, plus a fee of three hundred dollars ($300.00) per […]
§ 53-168 – License required; showing of convenience, advantage and financial responsibility; investigation of applicants; hearings; existing businesses; contents of license; transfer; posting.
53-168. License required; showing of convenience, advantage and financial responsibility; investigation of applicants; hearings; existing businesses; contents of license; transfer; posting. (a) Necessity for License; Prerequisites to Issuance. – No person shall engage in or offer to engage in the business regulated by this Article unless and until a license has been issued by the […]
§ 53-169 – Application for license.
53-169. Application for license. The application for license shall be made on a form prepared and furnished by the Commissioner of Banks and shall state: (1) The fact that the applicant desires to engage in business under this Article; and (2) Whether the applicant is an individual, partnership, association or corporation; and (3) The name […]
§ 53-170 – Locations; change of ownership or management.
53-170. Locations; change of ownership or management. (a) Business Location. – A licensee may conduct and carry on his business only at such location or locations as may be approved by the Commissioner of Banks, and no changes shall be made from one location to another without the approval of the Commissioner. (b) Additional Places […]
§ 53-171 – Revocation, suspension or surrender of license.
53-171. Revocation, suspension or surrender of license. (a) If the Commissioner shall find, after due notice and hearing, or opportunity for hearing, that any such licensee, or an officer, agent, employee, or representative thereof has violated any of the provisions of this Article, or has failed to comply with the rules, regulations, instructions or orders […]
§ 53-172 – Conduct of other business in same office.
53-172. Conduct of other business in same office. (a) No licensee shall conduct the business of making loans under this Article within any office, suite, room, or place of business in which any other business is solicited or transacted. Installment paper dealers as defined in G.S. 105-83, the collection by a licensee of loans legally […]
§ 53-173 – Computation of interest; application of payments; limitation on interest after judgment; limitation on interest after maturity of the loan.
53-173. Computation of interest; application of payments; limitation on interest after judgment; limitation on interest after maturity of the loan. (a), (a1) Repealed by Session Laws 2013-162, s. 3, effective July 1, 2013. (b) Computation of Interest. – Interest on loans made pursuant to this section shall not be paid, deducted, or received in advance. […]
§ 53-175 – Fee for returned checks.
53-175. Fee for returned checks. A licensee may collect the fee for returned checks to the extent permitted by G.S. 25-3-506. This section shall apply to any loan made by any licensee under this Article. (1961, c. 1053, s. 1; 1969, c. 1303, s. 23; 1981, c. 561, s. 4; 1983, c. 68, s. 1; […]
§ 53-176 – Rates, maturities and amounts.
53-176. Rates, maturities and amounts. (a) A licensee may make installment loans in aggregate amounts not exceeding fifteen thousand dollars ($15,000) and which shall not be repayable in fewer than 12 months or more than 96 months and which shall not be secured by deeds of trust or mortgages on real estate and which are […]
§ 53-177 – Fees.
53-177. Fees. (a) Recording Fees. – The licensee may collect from the borrower the amount of any fees necessary to file or record its security interest with any public official or agency of a county or the State as may be required pursuant to Article 9 of Chapter 25 of the General Statutes or G.S. […]
§ 53-177.1 – Electronic transaction fees.
53-177.1. Electronic transaction fees. (a) The following definitions apply in this section: (1) Affiliate. – In relation to a licensee, an entity that directly or indirectly controls, is controlled by, or is under joint control with the licensee. (2) Control. – Any of the following: a. Own, directly or indirectly, at least fifty percent (50%) […]
§ 53-178 – No further charges; no splitting contracts; certain contracts void.
53-178. No further charges; no splitting contracts; certain contracts void. No further or other charges or insurance commissions shall be directly or indirectly contracted for or received by any licensee, affiliate, parent, subsidiary, or licensee under the same ownership, management, or control, whether partial or complete, except those specifically authorized by this Article, by the […]
§ 53-180 – Limitations and prohibitions on practices and agreements.
53-180. Limitations and prohibitions on practices and agreements. (a) Time and Payment Limitation. – Every loan contract shall provide for repayment of the amount loaned in substantially equal installments, either of principal or of principal and charges in the aggregate, at approximately equal periodic intervals of time. Nothing contained herein shall prevent a loan being […]
§ 53-180.1 – Military service members limitation.
53-180.1. Military service members limitation. (a) Definition. – For purposes of this section, the term "covered military service member" means a member of the Armed Forces who is either (i) on active duty under a call or order that does not specify a period of 30 days or fewer or (ii) on active Guard and […]
§ 53-181 – Statements and information to be furnished to borrowers; power of attorney or confession of judgment prohibited.
53-181. Statements and information to be furnished to borrowers; power of attorney or confession of judgment prohibited. (a) Contents of Statement Furnished to Borrower. – At the time a loan is made, the licensee shall deliver to the borrower, or if there be two or more borrowers, to one of them a copy of the […]
§ 53-182 – Payment of loans; receipts.
53-182. Payment of loans; receipts. (a) After each payment made on account of any loan, the licensee shall give to the person making such payment a signed, dated receipt showing the amount paid and the balance due on the loan. No receipt shall be required in the case of payments made by the borrower’s check […]
§ 53-183 – Advertising, broadcasting, etc., false or misleading statements.
53-183. Advertising, broadcasting, etc., false or misleading statements. No licensee subject to this Article shall advertise, display, distribute, telecast, or broadcast or cause or permit to be advertised, displayed, distributed, telecasted, or broadcasted, in any manner whatsoever, any false, misleading, or deceptive statement or representation with regard to the rates, terms, or conditions of loans. […]