McCrory Gets Consumer Loan Law

June 11, 2013
Triangle Business Journal 

North Carolina lawmakers have approved a revision of the state's consumer finance regulations, which now awaits Gov. Pat McCrory's signature. Under the rewrite -- the first in more than two decades -- the cap on installment loans would rise from $10,000 to $15,000. Additionally, two interest rate schedules based on loan size would be created. The interest rate would be set at 30 percent for loans up to $4,000, 24 percent for $4,000 to $8,000 loans, and 18 percent for $8,000 to $10,000 loans as part of a tiered schedule, and they would be set at 18 percent for loans higher than $10,000. North Carolina Attorney General Roy Cooper, as well as such consumer groups as AARP, opposes the measure.
Web Link

Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.