NC S572

Increases the monthly interest rate cap on open-end revolving credit from 1.5% to 1.833% (one and five-sixths percent) per month.

Raises the late payment charge on revolving credit accounts with balances of $100 or more from $10.00 to $25.00, keeping the limit at $5.00 for accounts under $100.

Changes default charges on consumer credit installment sale contracts from a tiered system (5% of installment or $6.00, whichever is less) to a flat maximum of $25.00 per default.

Applies all charges to fees imposed on or after the bill's effective date when it becomes law.