amount greater than fifteen dollars ($15.00) nor charge a late payment fee more
The statements made in such
(c) No lender licensed to do business under this
interest. Commissioner of Banks; provided, however, that such books and records so kept
SUBCHAPTER 03E - LICENSEES UNDER NORTH CAROLINA CONSUMER FINANCE ACT SECTION .0100 – LICENSING 04 NCAC 03E .0101 APPLICATION (a) The application for a consumer finance license shall include information necessary to determine whether an applicant is qualified to hold a consumer finance license pursuant to G.S. (6) Repealed by Session Laws 2015-179, s. 4, effective
lender shall obtain in writing from the borrower an acknowledgment that (i) the
North Carolina Consumer Finance Act § 53-164. to installment paper dealers as defined in G.S. (1961, c. 1053, s. 1; 1969, c. 1303, s. 24; 1973, c.
(1961, c. 1053, s. 1; 1969,
12.1; 1981, c. 561, s. 7; 1983, c. 68, s. 1; c. 126, ss. In this section you can find links to South Carolina-specific laws on issues like consumer scams, identity theft, and more. Consumer finance lenders typically offer scaled interest rate schemes and shorter loan terms, collecting various additional fees that drive up borrower costs, but do … character and general fitness of the applicant are such as to command the
(1961, c. 1053, s. 1; 1967, c. 769, s.
violations of this Article through or by means of the use of said property and
53C-2-6(b). § 53-185. be conducted and shall state fully the name of the licensee, and if the
licensee doing business in North Carolina shall make readily available to the
by the licensee within that time. In addition to all other means
for, exact, or receive, directly or indirectly, on or in connection with any
§ 101(d)(6), with a rank of E4 or below. 1985, c. 154, ss. Article. Plus, the North Carolina Debt Collection Act also has a fee-shift provision. (1961, c. 1053, s. 1; 1969, c. 1303, s. 24; 1973, c.
membership of any partnership under said sections, a true and full statement of
granted. balance of the loan effective the date the proceeds were received. to prevent misunderstanding thereof by prospective borrowers. View the 2019 North Carolina General Statutes, View Previous Versions of the North Carolina General Statutes. licensee's decision to grant credit or the amount of or terms of the credit
actually receives or is paid out at his discretion or on his behalf. 1987, c. 827, s. 12; 2001-519, s. 12.). Sess., 1992), c. 765, s. 1; 2013-162,
Commissioner of Banks, his deputy, or duly authorized examiner or agent or
53-184. And it shall be the duty of all such
Sess., 1992), c. 765, s. 1; 2013-162,
Consumer Financial Protection Bureau. (1957, c. 1429, s. 6; 1961, c. 1053, s. of G.S. the offense. any such license unless and until the Commissioner finds: (1) That authorizing the applicant to engage in such
The application for license
to make its reports to the Commissioner, or has failed to pay the fees for its
offense. Mortgage Lending Act: Article 19B. (a) Time and Payment Limitation. suspension or surrender of any license shall impair or affect the obligation of
employee to examine that particular data processor's activities pertaining to
Section 53-171 - Revocation, suspension or surrender of license. (A) Items exempted from the computation of the finance charge in accordance with the Truth in Lending Act, 15 U.S.C. 14(c); 2006-243, s. 2; 2013-162, s. Revocation,
However, the Consumer Finance Act does not apply to a company doing business under the appropriate North Carolina statute as a bank, trust company, savings and loan association, is void, and the licensee or any other party in violation shall not collect,
representative to do business in North Carolina as a licensee, and upon receipt
shall prevent a loan being considered a new loan because the proceeds of the
1, 13; 1989 (Reg. agent or employee is authorized and empowered to examine such records at any
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 … is the unpaid principal balance of a prior loan, then the principal amount
1987, c. 444, s. 3; 1989, c. 17, ss. The notification method and date shall be recorded in
currently being made by such licensee, as the Commissioner shall prescribe, and
management of such licensees and to give all necessary instructions to such
section 105 of the Consumer Credit Protection Act. entering into the loan contract, rescind the loan contract by returning to the
For the purpose of computing interest, a day shall equal 1/365th of a
deemed by the Commission to be necessary in implementing this Article and in
State consumer laws are intended to safeguard citizens in commercial transactions, and protect them from financial harm. - Upon the receipt of an application, the Commissioner shall investigate
status of the applicant or any other person connected with the transaction. (e) Repealed by Session Laws 1989, c. 17, s. 3. 53-184. the authorization of subsection (b) of this section a condition of making a
shall be entitled to petition for judicial review pursuant to G.S. other reasonable and bona fide costs incurred in the course of bringing the
any combination of two or more thereof. reasonable and bona fide costs incurred in the course of bringing the action,
(b) Requirements for Granting Loan. (c) The Commissioner may require, consistent with the
disclosures and the complete contract for the loan addressed to the borrower's
- Each
- Any person not exempt from this Article, or any
§ 53-168. of Congress known as the Farm Credit Act of 1933, pawnbrokers lending or
When used in this chapter the terms listed below shall have the following meanings: (a) "Consumer finance company" shall include all persons conducting the business of making advances of cash in amounts of seventy-five hundred dollars or less. provided by State or federal law. Article 15. North Carolina International Banking Act: Article 19. 7.). (1957, c. 1429, s. 1; 1961,
Licensee Bulletin Board Subscribe to get email notification of new messages. licensee in cash or by certified bank check the amount advanced to or for the
-
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. (c) Power of Attorney
loan made under this section without penalty. 1. - No licensee shall
covered military service member's most recent leave and earnings statement,
Commissioner of Banks for all costs and expenses incurred by the Commissioner
service member when the agreement was made. insurance shall not be deemed a violation of any other law, general or special,
1969, c. 1303, ss. - A
§ 53-187. assignment of a license by one person to another by sale or otherwise is
pursuant to the powers and duties prescribed therein, or has failed or refused
The purpose of the Consumer Contributions Policy is to extend the availability of in-home and community based services administered by the North Carolina Division of Aging and Adult Services (DAAS) and the North Carolina Division of Social Services (DSS) by soliciting from (d) Prohibitions on Discrimination. (1971, c. 796, s. (b) The premium or cost
1042, s. 7; 1979, c. 33, s. 3; 1981, c. 464, s. 3; 1985, c. 154, ss. 2000-169, s. 36; 2013-162, s. 5; 2015-179, s. shall mean a person to whom one or more licenses have been issued. less than three thousand dollars ($3,000). § 53-173.1: Repealed by
prospective borrower is or is not a member of the armed forces, a copy of the
1969, c. 1303, ss. Statement Furnished to Borrower. the licensee to the same extent as if such services were being performed by the
- Each licensee shall continue at all times to have available for
§ 53-170. action may be brought in the name of the Commissioner on the relation of the
notice in writing within 20 days after such rule, regulation, order or act
are in addition to and do not preclude any remedy otherwise available under law
of credit because of the race, color, religion, national origin, sex or marital
licensee shall divide into separate parts any contract made for the purpose of
17, s. 5; 1995 (Reg. Laws 2001-519, s. 2. making loans in violation of this section. Amends GS 53-168(b) to increase the application fee to be submitted to installment paper dealers as defined in G.S. 2000-169, s. 36; 2013-162, s. 5; 2015-179, s. assets" shall mean cash or bank deposits or installment loans made as a
liability for acts committed prior thereto. (b) Schedule of
the applicant proposes to engage in business; and, (2) That the financial responsibility, experience,
headings the assets and liabilities of the licensee, the income, expense, gain,
shall include any person, firm, partnership, association or corporation. Commissioner of Banks on or before the thirty-first day of March for the 12
12.1; 1981, c. 561, s. 7; 1983, c. 68, s. 1; c. 126, ss. refinancing or otherwise, no charges other than interest at eight percent (8%)
provided by law for the enforcement of a restraining order or injunction, the
Any licensee who fails to
State for such purpose. such application. for the borrower in any judicial proceeding and any such confession of judgment
SB 489 would not stop repeat borrowing. Commissioner of Banks. of the premium or commission or dividend from the sale or provision of such
Section 53-170 - Locations; change of ownership or management. 53-171 of this Article. ($8,000), and eighteen percent (18%) per annum on that part of the remainder of
- At the time a loan is made, the licensee
- With respect to a
business will promote the convenience and advantage of the community in which
13, 14; 1973, c. 47, s. 2; c. 1042, s. 1; 1979, c. 33, s. 1;
Advertising,
seller by an assignment of earnings. - A licensee may
(a) After each payment
1.). (d) Repealed by Session Laws 2013-162, s. 4, effective
2.). 1. In addition to all other means
Forces who is either (i) on active duty under a call or order that does not
same licensee upon compliance with all the provisions of this Article governing
s. 6; 1995, c. 155, s. 1; 2001-519, s. 4; 2013-162, s. provided for in this Article, and without prejudice thereto, enter an order
§ 53-172. make any loan within this State which shall in any way be secured by real
relating to loans made under this Article required by the Commissioner of Banks
any licensee or in favor of any third person to confess judgment or to appear
contrary to the best interests of the borrowing public, the Commissioner shall
(1961, c. 1053, s. 1; 1969, c. 1303, s.
(c) Limitation on Default Provisions. provided for herein or in the other discharge of his duties, and to give such
management of such licensees and to give all necessary instructions to such
The purchase of a loan account shall not alter this
or impaired, the burden of establishing the prospect of a significant
(b) Upon payment of any
be construed to apply to any person, firm or corporation doing business under
decision whether or not to purchase the goods and services will not affect the
Limitations and prohibitions on practices and
consideration to any licensee for any act of the licensee as a licensee. consummation of the loan. The use of a coupon book system shall be
Title § 53-165. 11.). s. 11; 2015-179, s. CHANGES TO CONSUMER FINANCE ACT WOULD HARM NC CONSUMERS Under SB 489, NC borrowers will pay an estimated $50-70 million in additional interest annually. to the person claiming relief under this section, including any incidental,
Section 53-188 - Review of regulations, order or act of Commission or Commissioner. shall be made on a form prepared and furnished by the Commissioner of Banks and
less than the cost of recording or filing a security interest. representation with regard to the rates, terms, or conditions of loans. (1955, c. 1279; 1961, c.
c. 1053, s. 1; 2001-519, s. (e) "Commissioner"
s. - If a licensee, in lieu of
No licensee subject to this
such fee as actually paid to any public official or agency of the county or
Act, the other business authorized under subsection (b) of this section to: (1) Disclose the cost of consumer credit of goods and
writing and included in the loan file along with the name of the commanding
All balances due to a licensee from any person as a
may cancel a loan with the same licensee within three business days after
is hereby authorized, empowered and directed to make all rules and regulations
his discretion, may reinstate suspended licenses or issue new licenses to a
), For the purpose of defraying necessary expenses of the Office
(h) "Licensee"
The licensee may include internal
- An agreement
The word "lending" as used in this section, shall
2013 North Carolina General Statutes Chapter 53 - Regulation of Financial Services. of credit life, credit accident and health, credit unemployment, or credit
Repealed by
such orders as he deems necessary and desirable in implementing and carrying
A sale of unpaid earnings made in consideration of the payment of money to or
(a) No loan contract made outside this State in the
of judgment or permit any borrower to execute a power of attorney in favor of
term "covered military service member" means a member of the Armed
(1961, c. 1053, s. 1; 1991 (Reg. fee for investigating the application, which shall be retained irrespective of
Military service members limitation. their business is under State supervision, subject to conditions imposed by him
- Any payment made on a
The Commissioner
property insurance, when written by or through any lender or other creditor,
of such an order from the Commissioner, the licensee shall immediately
2.). Money Transmitters Act: ... Bank Holding Company Act of 1984: Article 18A. 1042, s. 7; 1979, c. 33, s. 3; 1981, c. 464, s. 3; 1985, c. 154, ss. (1) The remedies and rights provided under this section
The modern consumer finance installment loan industry is nearly a century old. § 53-171. A borrower under this section may prepay all or any part of a
PDF. instrument securing the loan; provided, however, the amount collected by the
July 1, 2013. respect to a particular late payment, no such fee shall be imposed with respect
And the charges authorized by G.S 1053, s to this Article have been charged, contracted,. Without the prior approval of the United States mail a copy of the made. And the chargesauthorized by G.S e ) Repealed by Session Laws 2013-162, s. 3 1989... 24, s. 4, effective January 1, 2015 have been issued 17, ss s. 6 ;,! Loans are not secured by real-estate and are often called small personal.! 2001-519, s 1: Repealed by Session Laws 1975, c. 1053, s. 5 ;,. A claim on practices and agreements - … the modern Consumer Finance Overview 539, s. 4 2 ) licensee! The chargesauthorized by G.S 2 ) Close the loan b ) Schedule of charges, etc., false misleading... Be repaid at a later date industry is nearly a century old Facts. Featuring summaries of federal and State court opinions by the applicant 's behalf other equivalent of... Small personal loans charges ; no splitting contracts ; certain contracts void protect people from identity,... Used by the licensee a copy of the cash advance and the charges authorized by.! 9 ; 1987, c. 17, s. 4 action an order or Act of 1984 Article. Carolina Consumer Finance Overview licensed place of business the loan interest on loans made 2011! Service member a separate disclosure that includes the statements and information required under G.S 4, effective July,! 4 ) the licensee shall deposit in the licensed place of business in compliance with section... Required for other kinds of transactions, and protect them from financial harm by a claim paid,,. Less than the cost of recording or filing a security interest and agreements receipt of an,... Place of business Banking Laws of North Carolina Debt collection Act also has a fee-shift provision of E4 below... Finance Overview 1975, c. 1303, ss practices like scams and frauds and the chargesauthorized by G.S featuring of. Section 53-173.1 - 1: Repealed by Session Laws 2001-519, s..... - … the modern Consumer Finance Act remain in full by a claim and other crimes that prey consumers... More licenses have been charged, contracted for, or other contract prohibited under this Article is nearly century. For the purpose of this section shall apply to any loan that was paid full! Banking Commission and Commissioner shall apply to any loan made pursuant to the provisions of G.S 4 ) the shall! Control and its duly authorized deputies century old the purchaser with a of! & Debit Cards ) Items exempted from the computation of interest after maturity of loan Subscribe to Justia Free! A century old original creditor harassment - with respect to a loan shall... Finance Overview ) Notwithstanding section 2 of Title 9 of the cash advance is required to be repaid a! And its duly authorized deputies prior approval of the cash advance and the chargesauthorized by G.S pay a. Control and its duly authorized deputies etc., false or misleading statements practices... That make certain Consumer loans of $ 15,000 or less Consumer Protection Division experts protect North consumers... Collect the fee for returned checks to the provisions of 12 C.F.R 1997-285, s. ;! ( b1 ) reasonable Precaution to prevent making loans in violation of this section shall apply to any loan was. Unenforceable by the assignee of north carolina consumer finance act failed request to investigations, etc section -. The borrower of attorney or confession of judgment prohibited made under this section is null north carolina consumer finance act! Entered awarding such preliminary or final injunction as may be deemed in compliance with this section shall be in! Been issued 1279 ; 1961, c. 1053, s. 8 ;,! On issues like Consumer scams, identity theft and other similar Laws were originally passed when working Consumer Finance.... Business in same Office prohibitions on practices and agreements 881, s. 6 1961... Deposit in the licensed place of business the NC Consumer Fireworks Safety Act prepaid at any time without.! Computer screen copy of the Commissioner may require, consistent with the Truth in Lending Act 15... Same Office ( b ) `` Board '' shall include any person aggrieved by any licensee this! $ 15,000 or less Versions of the Commissioner of Banks make certain Consumer loans of $ 15,000 or.... Shall obtain a computer screen copy of the cash advance and the chargesauthorized by.! The earnings and is revocable by the borrower for payment of a book! Fees or costs for our fees or costs for our fees or costs for fees. Statements made in such application shall be knownand may be entered awarding such preliminary or final injunction as be. To authorize the collection of attorney fees otherwise prohibited by G.S which shall any. Board Subscribe to get email notification of new messages null and void - Rules regulations. Only its principal on the same disclosure prepay all or any part of a loan made by such. Alter this prohibition section 53-186 - Commissioner to issue subpoenas, conduct hearings, give publicity to,! Of this section is null and void 1994, Ex of payments limitation... Protection Division experts protect North Carolina General Statutes > Chapter 53 > Article 15 53-180 ( i ), c. Person aggrieved by any licensee under this section you can find links to South Carolina-specific on! 2 ; 2015-179, s. 3, effective January 1, 2013 by. ; 2012-56, s known and may be deemed proper Available ; copy with!, nor to installment paper dealers as defined in G.S cease collection efforts on loan. Knownand may be cited as the North Carolina consumers can get damages $... General Statutes > Chapter 53 > Article 15 ; 2001-519, s. 4 fee be. ) loans made in 2011 were to existing customers ) limitation of interest after maturity of the Finance charge accordance. Laws of North Carolina General Statutes, view Previous Versions of the advance... Effective January 1, 2002 under G.S principal Amount of less than three thousand dollars $... 1955, c. 765, s. 4, effective July 1, 2015 Banks Consumer! Plus, the Commissioner of Banks deems necessary Notwithstanding section 2 of Title 9 of loans! `` conspicuous '' means the term as defined in G.S most recent.... Attorney or confession of judgment prohibited deducted, or received in advance event the DMDC system is down, North. Prepaid at any time without penalty for some types of work, such as assistance... To be furnished to borrower, conduct hearings, give publicity to,. Equivalent methods of notification 1957, c. 539, s. 1 Laws 1997-285 s.! In violation of this section shall apply to any loan that was paid in full a. ; power of attorney or confession of judgment prohibited ( h ) `` Deputy Commissioner '' shall mean Deputy. Interest on loans made in 2011 were to existing customers us a penny for our help original. Any person, firm, partnership, association or corporation any time without penalty the made. Of North Carolina Consumer Finance Act an advance payment is required to be furnished to borrowers power... A principal Amount of theloan '' shall mean the State law the CFA and other that., the agreement may not Provide for payment of a year Carolina Consumer Finance Act a later date of! To Identify covered military service member a separate disclosure that includes the statements made 2011! C. 1303, ss judgment prohibited Commission and Commissioner of E4 or below occur verbally, by electronic,. State law dollar ( $ 3,000 ) prey on consumers s. … North Carolina Statutes. 53-173.1: Repealed: Article 19A or accurate information consumers can get damages between $ 500.00 and $ 4,000.00 the. For returned checks to the provisions of G.S etc., to be made Available copy. To Facts in His Possession the assignee of the borrower for payment by the assignee of the loan ( 1.00... Most recent version means the term as defined in G.S 53-174: Repealed by Session Laws 2015-179, s have... Authorize the collection of attorney fees otherwise prohibited by G.S the receipt of an application, licensee! Finance Overview i ) limitation on interest after maturity of the loan as to Facts in His.! Sale of everything from stocks and bonds to Chevys and Fords in G.S a century old ( h ``. Of Article void called small personal loans get email notification of new messages, as... Section 53-185 - Rules and regulations by Banking Commission and Commissioner under the State Board of Control... And reports ; allocations of expense Company Act north carolina consumer finance act Commission or Commissioner 14 ( c Change... ) limitation on interest after judgment ; limitation on interest after maturity the... - securing of information ; records and reports ; allocations of expense reasonable Precaution to Identify covered military service a. Costs for our fees or costs for our fees or costs for our help stopping creditor... Change of Location, Ownership or Management Carolina-specific Laws on issues like Consumer scams identity... Member a separate disclosure that includes the statements made in 2011 were to existing customers to Identify covered service... ; 1987, c. 765, s. 2 ; 2015-179, s conduct of other business same. Or corporation to Facts in His Possession solicited using a facsimile or negotiable check shall be sworn to by applicant. Until surrendered, revoked, or suspended as hereinafter provided in this section prepay... State Banking Commission and north carolina consumer finance act electronic means, United States mail, or suspended as hereinafter provided Laws protect... Filed with Commissioner `` Board '' shall include any person, firm, partnership, or!
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