A BILL TO BE ENTITLED
AN ACT to amend the consumer finance act by increasing the maximum fee a licensee may charge on a loan.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 53‑176(b) reads as rewritten:
"(b)	In addition to the interest permitted in this section, a licensee may assess at closing a fee for processing the loan as agreed upon by the parties, not to exceed fifty dollars ($50.00) for loans up to five thousand dollars ($5,000) and one percent (1%) of the cash advance for loans above five thousand dollars ($5,000). These charges shall not be assessed more than twice in any 12‑month period."
SECTION 2.  This act becomes effective October 1, 2019, and applies to contracts entered into, renewed, or modified on or after that date.