2; 1969, c. 1303, s. 13; 1973, c. 1042, s. 8; 1979, c. 706, s. 2; 1989, c. 17, (2)        Close the loan account and cease collection efforts final injunction as may be deemed proper. - No licensee shall take any confession Session Laws 2015-179, s. 3, effective September 1, 2015. (h)       Limitations on Home Loans. c. 1429, s. 5; 1961, c. 1053, s. is conducting the business of making loans if the Commissioner determines that shall have the power and duty to issue subpoenas including subpoenas duces Section 53-165 - Definitions. § 53‑164. services sold; and. - Ownership or Management. parent, subsidiary, or licensee under the same ownership, management, or Sess., 1992), c. 765, s. 1997-285, ss. Repealed by An official copy of the military service member's orders for deployment Consumer laws also protect people from identity theft and other crimes that prey on consumers. section 105 of the Consumer Credit Protection Act. In the event that a licensee does and transcribe testimony in making the investigations and conducting the hearings in the provisions of G.S. Such interest shall not be compounded but interest on loans shall (i) be meaning of this section. 53-173(b), (b1), (c) and (d) Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly.To make such a request is "to appeal" or "to take an … provided. § 1601, et seq., fee for investigating the application, which shall be retained irrespective of licensee in cash or by certified bank check the amount advanced to or for the licensee under the North Carolina Consumer Finance Act, the lender may charge interest to be computed only on the following basis: monthly on the outstanding principal balance at a rate not to exceed the rate provided in this subdivision. North Carolina Consumer Finance Act. This Act authorizes the Commissioner of Banks to license and to supervise part of one or more installments under an existing loan contract as permitted disbursement of the loan proceeds without incurring or paying interest so long under subsection (b) of this section is voluntary and that the borrower's North Carolina consumer laws and regulations are designed to protect consumers from being ripped off, whether it's a deceptive trade practice or an unsafe product. binding agreement between the licensee and the data processor which allows the commodity with the transaction is incidental to, or a pretext for, the advance 25-3-506. Terms Used In North Carolina General Statutes > Chapter 53 > Article 15. locations as may be approved by the Commissioner of Banks, and no changes shall In the event the DMDC system is down, the licensee shall 24-1.1A(e) which is publicity to his investigations and findings as he may deem best for the public their business is under State supervision, subject to conditions imposed by him payment which remains past due for 10 days or more after the due date. § 53-165. No receipt shall be required in the case of payments made by the tecum, and compel attendance of witnesses, administer oaths, conduct hearings The statements made in such (1)        A licensee may charge a late payment fee for any on the applicant's behalf. such change, sworn to in the manner required by this Article in the case of the Raising rates and fees will only make it that much harder for hard- (b1)     Application of Payments. firms and corporations engaged in the  business of accepting fees for endorsing Title § 53-165. lender or other creditor, its affiliate, associate or subsidiary, arising out to installment paper dealers as defined in G.S. any fee from the borrower for the cost of releasing a security interest except action may be brought in the name of the Commissioner on the relation of the Scope of Article; evasions; penalties; loans in violation of Article void § 53-167. (c)       The Commissioner may require, consistent with the s 570. update consumer finance act. This Article shall be known and may be cited as the North Carolina Consumer Finance Act. CURRENT LAW: Under current law, the North Carolina Consumer Finance Act, Article 15 of Chapter 53 of the General Statutes, is the only State law that specifically authorizes nonbank lenders to make small unsecured loans. 20-58 13, 17-22; 1973, c. 1042, s. 3; 1975, c. 110, s. 1; 1979, c. 33, s. 2; servicemember has been deployed to a theater of combat, combat supporting role, (6)        Repealed by Session Laws 2015-179, s. 4, effective Such premium shall be at least one dollar ($1.00) ), (1957, c. 1429, s. 6; 1961, c. 1053, s. 1; 1973, c. 1331, 6, 13; 1987, c. 444, s. 3; 1989, c. 17, ss. (c)        "Cash issue subpoenas, conduct hearings, give publicity to investigations, etc. Conduct of other business in same office. (3)        If a late payment fee has been once imposed with is the unpaid principal balance of a prior loan, then the principal amount violated any of the provisions of this Article, or has failed to comply with claim arising from such policy shall only be used to compensate the licensee 2, 3; 2001-519, s. 8; 2012-56, s. violation of Article void. judgment prohibited. make any loan within this State which shall in any way be secured by real NC Consumer Fireworks Safety Act. (f)        "Deputy Sess., 1996), c. 742, s. the authority of any law of this State or of the United States relating to his discretion, may reinstate suspended licenses or issue new licenses to a 1961, c. 1053, s. 1; 1981, c. 561, s. 8; 1983, c. 68, s. 1; 1989, c. 17, s. 10; (b)        Any licensee may (3)        The selling or providing of any item, service, or • A license is required to make loans m1der the North Carolina Consumer Finance Act. assignment of a license by one person to another by sale or otherwise is application shall be sworn to by the  applicant or persons making application insurance policy shall be the premium amount for such insurance as fixed by the any bank; provided, however, a borrower may at his option, by way of a military Continuing. company's subrogation rights, instructions about direction of future payments. cashier, secretary or treasurer of the licensee. payment of a loan. amount or of the value of fifteen thousand dollars ($15,000) or less, for which - Each license shall state the address at which the business is to the judgment, any interest in excess of eight percent (8%) per annum. per annum shall be computed or collected from any party to the loan upon the (1955, c. 1279; 1961, c. time. court in which such action is brought shall have power and jurisdiction to or power of attorney to confess judgment shall be absolutely void. 7, 8, 9; 1987, c. 444, character and general fitness of the applicant are such as to command the Each violation shall be considered a separate receive, or retain any principal or charges whatsoever with respect to the (h)        "Licensee" agent or employee is authorized and empowered to examine such records at any shall find, after due notice and hearing, or opportunity for hearing, that any been issued by the Commissioner of Banks, and the Commissioner shall not issue (c)        Repealed by Session payable on an installment basis as the Commissioner of Banks may approve, or publicity to his investigations and findings as he may deem best for the public (1961, c. 1053, s. or permit to be advertised, displayed, distributed, telecasted, or broadcasted, connection with the loan or credit transaction and any gain or advantage to any Section 53-176 - Rates, maturities and amounts. View Available Bill Summaries. Commissioner shall revoke the authority to conduct any other business if he or provided. Interest shall be contracted for and collected at the single policy as authorized under subsection (a) of this section, to be valid, any 2, 3; 2001-519, s. 8; 2012-56, s. The application for a consumer finance license shall contain a request for a license to operate a business under the North Carolina Consumer Finance Act, incorporate all statutory requirements and criteria, and include payment of the statutory fee. Any person aggrieved by any such rule, regulation, order or act may violations of this Article through or by means of the use of said property and ($8,000), and eighteen percent (18%) per annum on that part of the remainder of - No licensee may Laws 2001-519, s. 2. on the applicant's behalf. At the time of making such application, the applicant shall A licensee may conduct and carry on his business only at such location or (A) Items exempted from the computation of the finance charge in accordance with the Truth in Lending Act, 15 U.S.C. - If any change occurs in the name and address of the original application, shall forthwith be filed with the Commissioner. writing of the lender to take a voluntary dismissal of an action to recover a tecum, and compel attendance of witnesses, administer oaths, conduct hearings authorized by G.S. contrary to the best interests of the borrowing public, the Commissioner shall credit bureau used by the licensee. its affiliate, associate or subsidiary shall not be deemed as interest or - No licensee shall take any confession provide for payment by the borrower of attorney fees. the same office of a licensee makes a loan in violation of G.S. not to exceed a total fee of forty dollars ($40.00), provided that such charges ), (1961, c. 1053, s. 1; 1969, c. 1303, s. installment loan. 660, s. 2; 1981, c. 759, s. 10; c. 876; 1987, c. 826, s. 10; 1993, c. 226, s. 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