NC S761

Increases maximum loan amounts for personal installment loans from $2,000 to $2,000 (adjusted annually for inflation) and optional installment loans from $10,000 to $15,000, with maximum repayment terms extended from 84 to 96 months.

Replaces fixed interest rate caps with tiered monthly rates (2.5% per month up to $5,000, 2% per month for $5,000-$10,000, and 1.5% per month above $10,000) and increases allowable processing fees from $25 to $100 with annual adjustments for inflation.

Implements annual adjustment mechanism for loan limits and fees based on Consumer Price Index, with the Commissioner of Banks announcing adjustments by May 15 each year, effective July 1.

Adds late payment fees of up to $15 for personal installment loans and up to 5% or $20 (whichever is greater) for optional loans, and allows charges for returned checks up to $30 or the amount permitted by law, whichever is greater.

Establishes borrower protections including right to rescind loan within 3 days, prohibition on multiple concurrent loans unless prior loan paid in full, partial refund of fees for early prepayment, and requires lenders to provide timely responses to borrower complaints and inquiries.