North Carolina General Statutes 25A-14. Finance charge rates and service charge for revolving charge account contracts
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(a) The finance-charge rate and either the annual charge or the monthly service charge for a consumer credit sale made under a revolving charge account contract may not exceed the rates and charge provided for revolving credit by N.C. Gen. Stat. § 24-11
(b)? In the event the revolving charge account contract is secured in whole or in part by a security interest in real property, then the finance-charge rate shall not exceed the rate set out in N.C. Gen. Stat. § 25A-15(d).
(c) No default or deferral charge shall be imposed by the seller in connection with a revolving charge-account contract, except as specifically provided for in N.C. Gen. Stat. § 24-11(d1). (1971, c. 796, s. 1; 1983, c. 126, s. 7; 1991, c. 506, s. 7.)
Terms Used In North Carolina General Statutes 25A-14
- Contract: A legal written agreement that becomes binding when signed.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC