NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

 

 

CHAPTER 33

HOUSE BILL 216

 

 

AN ACT TO AMEND THE NORTH CAROLINA CONSUMER FINANCE ACT.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 53-166(a) is amended by striking the words and numerals "fifteen hundred dollars ($1,500)" in the second line and substituting in lieu thereof the words and numerals "three thousand dollars ($3,000)."

Sec. 2.  G.S. 53-173(a) is amended by striking the words and numerals "fifteen hundred dollars ($1,500)" in the third line and substituting in lieu thereof the words and numerals "three thousand dollars ($3,000)."

Sec. 3.  G.S. 53-180(a) is amended by rewriting the first sentence of that subsection to read:

"Except as otherwise provided in this Article, no licensee making a loan pursuant to G.S. 53-173 shall enter into any contract of loan under this Article providing for any scheduled repayment of principal more than 25 months from the date of making the contract if the cash advance is six hundred dollars ($600.00) or less; more than 37 months from the date of making the contract if the cash advance is in excess of six hundred dollars ($600.00) but not in excess of fifteen hundred dollars ($1,500); more than 49 months from the date of making the contract if the cash advance is in excess of fifteen hundred dollars ($1,500) but not in excess of two thousand five hundred dollars ($2,500); or more than 61 months if the cash advance is in excess of two thousand five hundred dollars ($2,500)."

Sec. 4.  This act is effective 60 days after ratification.

In the General Assembly read three times and ratified, this the 13th day of February, 1979.