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Can you summarize NCGS 24-11.2?
General Provisions. > Disclosure requirements for charge cards.
Short Summary
This section of the North Carolina General Statutes governs the disclosure requirements for charge cards. It applies to any application, solicitation, offer of credit, or communication extending credit through a charge card that is printed and delivered to a person within North Carolina. The section defines a charge card as a card, plate, or device that allows the cardholder to access credit without a finance charge and without the ability to repay in installments. The section requires certain disclosures to be clearly and conspicuously made in or with the credit-related documents, including the annual fee and other charges applicable to the charge card, the due date for charges incurred, and any delinquency or late payment charges. The form and content of the disclosures may be consistent with federal Truth-in-Lending Act requirements. 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. The section includes a severability provision and clarifies that it does not authorize any fees, charges, surcharges, or penalties not otherwise authorized by law.
Whom does it apply to?
Any person who extends credit through a charge card and delivers credit-related documents to a person within North Carolina
What does it govern?
Disclosure requirements for charge cards
What are exemptions?
This section does not apply to credit agreements that are already in place or to credit-related documents printed in newspapers, magazines, or periodicals circulated outside and 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 the violation was unintentional and resulted from a bona fide error
Jurisdiction
North Carolina