North Carolina General Statutes § 54B-156 Loan expenses and fees

(a)        Subject to the provisions of N.C.G.S. Chapter 24, an association may require borrowers to pay all reasonable expenses incurred by the association in connection with making, closing, disbursing, extending, adjusting or renewing loans. Such charges may be collected by the association from the borrower and paid to any persons, including any director, officer or employee of the association who may render services in connection with the loan, or such charges may be paid directly by the borrower.

(b)        An association may require a borrower to pay a reasonable charge for late payments made during the course of repayment of a loan. Subject to the provisions of G.S. 24-10.1, such payments may be levied only upon such terms and conditions as shall be fixed by the association's board of directors and agreed to by the borrower in the loan contract. (1981, c. 282, s. 3; 1989 (Reg. Sess., 1990), c. 806, s. 16.)

Sections:  Previous  54B-147  54B-150  54B-151  54B-152  54B-153  54B-154  54B-155  54B-156  54B-157  54B-158  54B-159  54B-160  54B-161  54B-162  54B-163  Next

Last modified: March 23, 2014