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NC S577

Bill

Official Source

Status

Passed

6/26/2017

Primary Sponsor

Richard Gunn

Click for details

Origin

Senate

2017-2018 Session

AI Summary

  • Amends G.S. 25A-29 to modernize default charges on consumer credit installment sale contracts in North Carolina.

  • Increases the maximum default charge from the lesser of 5% of the past due installment or $6.00 to a flat $15.00 charge.

  • Maintains existing protections that default charges can only be imposed once per default and prohibits multiple charges when a deduction results in a subsequent default.

  • Effective immediately upon becoming law and applies to all charges imposed on or after the law's effective date of June 26, 2017.

Legislative Description

Consumer Credit/Default Charge

Last Action

Ch. SL 2017-45

6/26/2017

Committee Referrals

Commerce and Job Development5/10/2017
Judiciary II5/8/2017
Rules, Calendar, and Operations of the House4/27/2017
Rules and Operations of the Senate4/26/2017
Commerce and Insurance4/24/2017
Rules and Operations of the Senate4/3/2017

Full Bill Text

No bill text available