Any party violating this Chapter is liable to any other party suffering a loss due to that violation for that other party’s actual damages plus reasonable attorneys’ fees. In addition, any party violating this Chapter shall pay to the party or parties suffering a loss an amount equal to one thousand dollars ($1,000) or double the amount of interest payable on any loan for the first 60 days after the loan closing, whichever amount is greater. (1995 (Reg. Sess., 1996), c. 714, s. 1.)

Terms Used In North Carolina General Statutes 45A-7

  • Closing: means the time agreed upon by the purchaser, seller, and lender (if applicable), when the execution and delivery of the documents necessary to consummate the transaction contemplated by the parties to the contract occurs, and includes a loan closing. See North Carolina General Statutes 45A-3
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • parties: means the seller, purchaser, borrower, lender, and settlement agent, as applicable to the subject transaction. See North Carolina General Statutes 45A-3
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