Compliance Alerts

Compliance Alert

North Carolina - 6/28/2017

The following information is presented by the Carleton Research Department. In order to keep our customers abreast of what is happening in the consumer credit and credit insurance industries, the following law changes have been compiled for your review.  Please check to see if any of the listed changes will impact your operations.

*This alert is intended to convey general information only and not to provide legal advice or opinions.
 

State Law Changes

North Carolina

The maximum delinquency charge associated with a consumer credit installment sale has been increased. SB 577 amended Sec. 25A-29 and now allows for the following:

  • Maximum charge of $15.
  • Grace period of 9 days.
  • Delinquency charge may be assessed only once to a scheduled payment.

The bill became effective without the Governor’s signature on June 26, 2017.