North Carolina General Statutes Chapter 24 Interest

Article 1 - General Provisions.

N.C. Gen. Stat. § 24-1. Legal rate is eight percent
The legal rate of interest shall be eight percent (8%) per annum for such time as interest may accrue, and no more. (1876-7, c....
N.C. Gen. Stat. § 24-1.1. Contract rates and fees
(a) Except as otherwise provided in this Chapter or other applicable law, the parties to a loan, purchase money loan, advance, commitment for a...
N.C. Gen. Stat. § 24-1.1A. Contract rates on home loans secured by first mortgages or first deeds of trust
(a) Notwithstanding any other provision of this Chapter, but subject to the provisions of G.S. 24-1.1E, parties to a home loan may contract in...
N.C. Gen. Stat. § 24-1.1B. Repealed by Session Laws 1979, c. 335
N.C. Gen. Stat. § 24-1.1C. Repealed by Session Laws 1998-119, s. 2
N.C. Gen. Stat. § 24-1.1D. Expired
N.C. Gen. Stat. § 24-1.1E. Restrictions and limitations on high-cost home loans
(a) Definitions. - The following definitions apply for the purposes of this section: (1) "Affiliate" means any company that controls, is controlled by, or...
N.C. Gen. Stat. § 24-1.1F. Rate spread home loans
(a) Repealed by Session Laws 2013-399, s. 3, effective October 1, 2013. (a1) A rate spread home loan is a loan that has an...
N.C. Gen. Stat. § 24-1.2. Repealed by Session Laws 1998-119, s. 2
N.C. Gen. Stat. § 24-1.2A. Equity lines of credit
(a) Notwithstanding any other provision of this Chapter, the parties to an equity line of credit, as defined in G.S. 45-81, may contract in...
N.C. Gen. Stat. § 24-1.3. Repealed by Session Laws 1979, 2nd Session, c. 1302, s. 3
N.C. Gen. Stat. § 24-1.4. Interest rates for savings and loan associations
(a) Notwithstanding any other provision of law, a savings and loan association domiciled in North Carolina may charge interest or collect fees with respect...
N.C. Gen. Stat. § 24-2. Penalty for usury; corporate bonds may be sold below par
The taking, receiving, reserving or charging a greater rate of interest than permitted by this chapter or other applicable law, either before or after...
N.C. Gen. Stat. § 24-2.1. Transactions governed by Chapter
(a) For purposes of this Chapter, any extension of credit shall be deemed to have been made in this State, and therefore subject to...
N.C. Gen. Stat. § 24-2.2. Interest on extensions of credit by banks and savings and loan associations; exceptions
Notwithstanding any other provision of law, banks and savings and loan associations chartered in North Carolina by the State of North Carolina or the...
N.C. Gen. Stat. § 24-2.3. State opt-out from federal preemption
(a) The provisions of section 501, of United States Public Law 96-221, as well as any modifications made to date, shall not apply to...
N.C. Gen. Stat. § 24-2.4. Prepayment of a loan if there are no prepayment terms or if the prepayment terms are not in accordance with law
A borrower may prepay a loan in whole or in part without penalty where the loan instrument does not explicitly state the borrower's rights...
N.C. Gen. Stat. § 24-2.5. Mortgage bankers and mortgage brokers
A mortgage broker or a mortgage banker originating a loan in a table-funded loan transaction in which the mortgage broker or mortgage banker is...
N.C. Gen. Stat. § 24-3. Time from which interest runs
Interest is due and payable on instruments, as follows: (1) All bonds, bills, notes, bills of exchange, liquidated and settled accounts shall bear interest...
N.C. Gen. Stat. § 24-4. Obligations due guardians to bear compound interest; rate of interest
Guardians shall have power to lend any portion of the estate of their wards upon bond with sufficient security, to be repaid with interest...
N.C. Gen. Stat. § 24-5. Interest on judgments
(a) Actions on Contracts. - In an action for breach of contract, except an action on a penal bond, the amount awarded on the...
N.C. Gen. Stat. § 24-6. Clerk to ascertain interest upon default judgment on bond, covenant, bill, note or signed account
When a suit is instituted on a single bond, a covenant for the payment of money, bill of exchange, promissory note, or a signed...
N.C. Gen. Stat. § 24-7. Interest from verdict to judgment added as costs
Except with respect to compensatory damages in actions other than contract as provided in G.S. 24-5, when the judgment is for the recovery of...
N.C. Gen. Stat. § 24-8. Loans not in excess of $300,000; what interest, fees and charges permitted
(a) If the principal amount of a loan is less than three hundred thousand dollars ($300,000), no lender shall charge or receive from any...
N.C. Gen. Stat. § 24-9. Loans exempt from rate and fee limitations
(a) As used in this section, the following definitions apply: (1) "Bank" means a bank, savings and loan association, savings bank, or credit union...
N.C. Gen. Stat. § 24-9.1. Certain repayments to consumers by public utilities not subject to claim or defense of usury
Notwithstanding any other provision of this Chapter or any other provision of law, any public utility, as defined by G.S. 62-3, shall pay to...
N.C. Gen. Stat. § 24-9.2. Repealed by Session Laws 1995, c. 351, s. 14
N.C. Gen. Stat. § 24-9.3. Economic development loans
Fees or other funds paid by borrowers for contribution to loss reserve accounts administered and controlled by nonprofit corporations that are part of State-funded...
N.C. Gen. Stat. § 24-10. Maximum fees on loans secured by real property
(a) No lender on loans made under G.S. 24-1.1 shall charge or receive from any borrower or any agent for a borrower, any fees...
N.C. Gen. Stat. § 24-10.1. Late fees
(a) Subject to the limitations contained in subsection (b) of this section, any lender may charge a party to a loan or extension of...
N.C. Gen. Stat. § 24-10.2. Consumer protections in certain home loans
(a) For purposes of this section, the term "consumer home loan" means a loan, including an open-end credit plan but excluding a reverse mortgage...
N.C. Gen. Stat. § 24-11. Certain revolving credit charges
(a) On the extension of credit under an open-end credit or similar plan (including revolving credit card plans, and revolving charge accounts, but excluding...
N.C. Gen. Stat. § 24-11.1. Disclosure requirements for credit cards
(a) This section applies to any application, solicitation of an application, offer of credit, or communication extending credit that is: (1) For an open-end...
N.C. Gen. Stat. § 24-11.2. Disclosure requirements for charge cards
(a) Applications and Other Communications. - This section applies to any application, solicitation of an application, offer of credit, or communication extending credit that...

Article 2 - Loans Secured by Secondary or Junior Mortgages.

N.C. Gen. Stat. § 24-12. Applicability of Article
This Article shall apply only to loans of money: (1) Secured in whole or in part by a security instrument on real property, other...
N.C. Gen. Stat. § 24-13. Principal amount defined
The aggregate of the amount or value actually received at the time of the loan, plus the charges allowed by G.S. 24-14(b) (c) and...
N.C. Gen. Stat. § 24-14. Limitations on charges and interest
(a) No person, copartnership, association, trust, corporation or other legal entity making loans under this Article may charge, take or receive, directly or indirectly,...
N.C. Gen. Stat. § 24-15. Repealed by Session Laws 1979, 2nd Session, c. 1157, s. 7
N.C. Gen. Stat. § 24-16. Itemized closing statements
Any person, copartnership, association, trust, corporation, or any other legal entity making on its own behalf, or as agent, broker or in other representative...
N.C. Gen. Stat. § 24-16.1. Loans exempt from �� 24-12 to 24-17
G.S. 24-12 to 24-17 shall not apply to loans made by banks, insurance companies, or their duly designated agents compensated directly by the lender,...
N.C. Gen. Stat. § 24-17. Misdemeanors
A wilful or knowing violation of G.S. 24-12 through G.S. 24-16 is hereby made a Class 1 misdemeanor. (1971, c. 1229, s. 2; 1993,...

Last modified: March 23, 2014