NC S574

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

Increases the monthly interest rate cap on revolving credit loans from 1.5% to 1.833% per month.

Raises the late payment charge on accounts with an outstanding balance of $100 or more from $10.00 to $25.00 for payments 30 days or more past due.

Maintains the $5.00 late payment charge threshold for accounts with balances under $100.

Effective upon enactment and applies to all charges imposed after the bill becomes law.