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Can you summarize NCGS 24-11?
General Provisions. > Certain revolving credit charges.
Short Summary
This legal document governs the charges and fees associated with revolving credit. It applies to lenders and borrowers involved in open-end credit or similar plans, revolving credit loans, and credit card accounts. Under this document, lenders may charge and collect interest, finance charges, or other fees at a rate not exceeding one and one-half percent (1.5%) per month on the unpaid balance. If the lender chooses not to impose an annual charge, they may impose a service charge on unpaid balances. Additionally, there are restrictions on charging discounts or fees in excess of six percent (6%) of the principal amount of accounts acquired from vendors or others providing services. The document also addresses late payment charges, billing dates, and the imposition of annual or service charges on existing credit card accounts. It does not apply to certain types of loans and consumer credit sales regulated by Chapter 25A. No specific penalties are mentioned in this document.
Whom does it apply to?
Lenders and borrowers involved in open-end credit or similar plans, revolving credit loans, and credit card accounts
What does it govern?
Revolving credit charges
What are exemptions?
This document does not apply to loans made directly by a lender under a check loan, check credit, or similar plan. It also does not apply to consumer credit sales regulated by Chapter 25A, the Retail Installment Sales Act.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
North Carolina