NC S489

Increases maximum loan amount from $10,000 to $15,000 for consumer finance licensees.

Modifies interest rate structure for loans exceeding $10,000, establishing tiered rates: 24% per annum on amounts $4,000-$8,000 and 18% per annum on amounts exceeding $8,000.

Extends loan repayment period from 84 months to 96 months and changes minimum repayment period from 6 months to 12 months.

Establishes new protections for military service members with E4 rank or below, including notification requirements to commanding officers, 30-day rescission rights, 8% interest rate penalty if lender fails to identify military borrowers, and restriction on collection contact during combat deployment.

Creates framework for late fees (maximum $15 per payment), deferral charges, and nonfiling/nonrecording insurance policies; requires payment application to late charges first, then interest, then principal.