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.
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