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Can you summarize NCGS 24-11.1?
General Provisions. > Disclosure requirements for credit cards.
Short Summary
This section of the North Carolina General Statutes governs the disclosure requirements for credit cards. It applies to any application, solicitation, offer of credit, or communication extending credit for an open-end credit plan accessed through a credit card or a revolving credit loan accessed through a credit card. The disclosures that must be made include the annual percentage rate, the circumstances under which the rate may vary, any limitations on the increase, the effects of the increase on other terms of the agreement, the date or occasion when the finance charge begins to accrue, the duration of any grace period, whether an annual fee is charged and its amount, and any delinquency charge, late charge, or collection charge that may be assessed. The form and content of the disclosures may be consistent with similar requirements under the federal Truth-in-Lending Act and Regulation Z. Violations of this section may result in penalties under G.S. 75-1.1, unless the creditor can demonstrate that the violation was unintentional and resulted from a bona fide error.
Whom does it apply to?
Any person in North Carolina who receives an application, solicitation, offer of credit, or communication extending credit for an open-end credit plan accessed through a credit card or a revolving credit loan accessed through a credit card
What does it govern?
Disclosure requirements for credit cards
What are exemptions?
This section does not apply to documents delivered pursuant to an existing credit agreement or printed in a newspaper, magazine, or periodical generally circulated outside as well as inside the State
What are the Penalties?
A violation of this section constitutes a violation of G.S. 75-1.1, but the creditor may not be liable for fines, civil penalties, treble damages, or attorney's fees if they can show that the violation was not intentional and resulted from a bona fide error despite maintaining procedures to avoid such errors
Jurisdiction
North Carolina