or Login to see your representatives.

Access Candidates' and Representatives' Biographies, Voting Records, Interest Group Ratings, Issue Positions, Public Statements, and Campaign Finances

Simply enter your zip code above to get to all of your candidates and representatives, or enter a name. Then, just click on the person you are interested in, and you can navigate to the categories of information we track for them.

Key Votes

HB 810 - Consumer Finance Act Amendments - Key Vote

North Carolina Key Votes

Stages

Family

Issues

Stage Details

Legislation - Bill Passed (House) (61-54) - (Key vote)

Title: Consumer Finance Act Amendments

Vote Smart's Synopsis:

Vote to pass a bill that amends various provisions of the Consumer Finance Act concerning licensed lenders.

Highlights:
  • Increases the minimum amount of loans authorized by the Consumer Finance Act from $10,000 to $15,000, and requires a license from the Commissioner of Banks (Sec. 1).
  • Authorizes licensed lenders, for loans up to $3,000, to charge interest rates of 36 percent on outstanding balances up to $1,500, and 15 percent on the remainder of the unpaid balance, whereas existing law authorizes 36 percent interest rates on outstanding balances up to $600 (Sec. 3).
  • Authorizes licensed lenders, for loans up to $15,000, to charge 30 percent interest rate on outstanding balances up to $5,000, 24 percent on outstanding balances up to $10,000, and 18 percent on the remainder of the unpaid balance, whereas existing law authorized 30 percent interest rates on outstanding balances up to $1,000 and 18 percent on the remainder of the unpaid balance (Sec. 4).
  • Prohibits licensed lenders from all of the following (Sec. 3):
    • Lending to a borrower before the 91st day after the origination of an existing loan made under these provisions or with less than 50 percent of the indebtedness of the existing loan reduced in the current balance, unless the borrower receives the greater of $100 or 20 percent in cash in excess of the principle amount of the original loan;
    • Lending to a borrower in order for the borrower to pay an existing loan with the licensee without providing a notice, approved by the Commissioner, of the "benefits of disciplined consistent repayment of installment credit and the potential of increasing costs when obtaining a new loan before final payment;"
    • Refusing to accept semimonthly or weekly payments from borrowers made before regularly scheduled payments are due; and
    • Lending to a borrower when there is already an outstanding loan between that licensee and that borrower, unless the existing loan is paid in full by the proceeds of the new loan.
  • Requires military service members to submit a signed written authorization from the service member's company commander in order to receive a loan (Sec. 8).
Note:

NOTE: THIS IS A SECOND READING VOTE TO END DEBATE ON THE BILL AND ADVANCE IT TO THE THIRD READING IN WHICH AN UP-OR-DOWN VOTE FOR PASSAGE WILL OCCUR ONLY IF VOTES CHANGE OR THE THIRD READING OCCURS ON A DIFFERENT LEGISLATIVE DAY.

Legislation - Introduced (House) -

Title: Consumer Finance Act Amendments

Sponsors

  • Harold J. 'Bru' Brubaker (NC - R) (Out Of Office)
  • William Clarence 'Bill' Owens Jr. (NC - D) (Out Of Office)
  • Fred F. Steen II (NC - R) (Out Of Office)

Co-sponsors

Back to top