NC S587

Increases maximum finance charge rates for consumer credit installment sale contracts, raising thresholds: 24% for amounts under $3,500 (previously $1,500), 22% for $3,500-$5,000 (previously $1,500-$2,000), 20% for $5,000-$7,500 (previously $2,000-$3,000), and 18% for $7,500 and above (previously $3,000 and above)

Expands the definition of "official fees" to include insurance premiums paid in lieu of perfecting a security interest, not to exceed the amount of otherwise-required official fees

Specifies that official fees must be included in the amount financed and excluded from finance charge calculations

Maintains a minimum finance charge of $5.00 and preserves existing special rates for motor vehicles and residential manufactured homes

Becomes effective October 1, 2019, and applies to contracts entered into, renewed, or modified on or after that date