NC H685

Licensees under the Consumer Finance Act may recover actual costs of third-party electronic transaction fees from borrowers for debit card payments, ACH transactions, and electronic disbursements of loan proceeds, effective October 1, 2021.

Licensees must make available at least one fee-free payment method and one fee-free loan disbursement option to borrowers.

Licensees must publish disclosures on their websites, display them at retail locations, and provide separate disclosures to borrowers when establishing loan accounts regarding which transaction types will incur third-party fees.

The definition of "official fees" in the Retail Installment Sales Act is clarified to include fees and charges prescribed by law paid to public officials for perfecting security interests, and insurance premiums in lieu of security interests.

Official fees under consumer credit installment sales contracts are included in the amount financed (when payment is deferred) but excluded from finance charge calculations, effective October 1, 2021.