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NC S831
Bill
AI Summary
- Increases maximum processing fee for loans up to $5,000 from $25 to $50 at closing
- Changes fee structure for loans above $5,000 from 1% of cash advance (capped at $40 total) to 1% of the cash advance with no maximum cap
- Clarifies that processing fees shall not be assessed more than twice in any 12-month period
- Effective October 1, 2019, applying to contracts entered into, renewed, or modified on or after that date
Legislative Description
Consumer Finance Act Amendments
Last Action
Ref To Com On Rules and Operations of the Senate
12/4/2018
Committee Referrals
Rules and Operations of the Senate12/4/2018
Full Bill Text
No bill text available