NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

 

 

CHAPTER 684

HOUSE BILL 1088

 

 

AN ACT TO AMEND G.S. 24-10 TO AUTHORIZE LATE PAYMENT CHARGES ON LOANS.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 24-10 is amended by adding new subsections (e) and (f) to read:

"(e)       Any lender may charge a party to a loan made under G.S. 24-1.1A, a late payment charge on any installment of principal, interest, or both in an amount not to exceed four percent (4%) of such installment. The charges authorized by this subsection may not be charged by a lender unless an installment is more than 15 days past due; provided, however, for the purposes of this subsection, a late payment charge may not be charged until an installment is more than 30 days past due where interest on such installment is paid in advance.

"(f)       Any lender may charge a party to a mortgage loan made under G.S. 24-1.1 a late payment charge in an amount not to exceed four percent (4%) of any installment which is more than 15 days past due."

Sec. 2.  This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 29th day of May, 1979.