Bill Law

Dear Coalition Supporters, This update covers important predatory lending developments over the past few months, including action at the NC General Assembly, challenge of the payday rule in Congress (spoiler, we won!), threats to our state usury cap, rollback of federal student loan protections, and recent CRL research. NC General Assembly: What Happened? House Bill 810, backed by the NC-based...

Dear Coalition supporters, At a time when victories are hard to come by, please take a minute to celebrate a big win! We stopped Congress from rolling back the Consumer Financial Protection Bureau’s national payday rule. Last week, the clock ran out on efforts to use the fast-track Congressional Review Act to repeal the rule and prevent the bureau from...

Our top priorities for the 2017 NC General Assembly session were to keep payday and car title lenders out of North Carolina, to defend our strong debt buyer and debt collection protections and our strong mortgage lending protections, and to look for opportunities to strengthen other lending protections while guarding against any proposals to weaken them. This 2017 session of...

Dear Coalition Supporters, Last week, the Consumer Financial Protection Bureau (CFPB) released its final rule to rein in arbitration abuses and improve access to the judicial system for all consumers. This week, US House and Senate members have introduced Congressional Review Act (CRA) Resolutions to overturn this CFPB rule. We expect the US House to vote on its CRA resolution...

Dear Coalition Supporters, This update discusses serious threats from the federal level to our NC protections against predatory lending as well as several positive actions in NC and nationally. It includes recent developments about payday lending, student lending, housing finance reform and the new arbitration ban. And it discusses the threat of Congress dismantling the Consumer Financial Protection Bureau (CFPB)...

The 2015 NC General Assembly adjourned yesterday, months after we first expected them to wrap-up their session. They will reconvene for the short session on April 25, 2016. Because of your calls and letters, three very dangerous bills did not pass: Senate Bill 681, which would have legalized 80 to 125% loans, never even got a committee hearing, House Bill...

The 2015 NC General Assembly adjourned yesterday, months after we first expected them to wrap-up their session. They will reconvene for the short session on April 25, 2016. Because of your calls and letters, three very dangerous bills did not pass: Senate Bill 681, which would have legalized 80 to 125% loans, never even got a committee hearing, House Bill...

SB 1400 requires that foreclosures must proceed through the judicial foreclosure process (rather than power of sale) when the homeowner is on active military duty and the mortgage was entered into prior to active duty service. The bill is meant to complement the Servicemembers Civil Relief Act (SCRA). SCRA already required that a hearing be held before a judge to...

Full Session Law This legislation, effective October 1, 2010, provides basic protections for North Carolinians against foreclosure "rescue" scams, and abuses related to option-to-purchase and contract-for-deed contracts. Violations of this law constitute an unfair trade practice and the injured party may sue to recover damages, obtain declaratory or equitable relief, or rescind the transaction, in addition to any other remedy...

Full Session Law This legislation has two major components: (1) it extends the reach of the State Home Foreclosure Prevention Project, and (2) it modifies the points and fees trigger for determining that a mortgage is high-cost. Extending the State Home Foreclosure Prevention Project (SHFPP) Since 2008, the SHFPP has helped over 4,200 homeowners with subprime loans avoid foreclosure in...