North Carolina Consumer Protections: North Carolina banned payday lending in 2001, becoming one of the first states to do so. Consumer finance companies are regulated with rate caps. Consumers can file complaints with the Commissioner of Banks or the Attorney General's Consumer Protection Division.
Interest Rate Cap: North Carolina usury cap: 8% general; 30% for consumer finance loans under $10,000; payday lending banned since 2001.
Payday lending is banned in this state.
Key Regulations: - Payday lending banned since 2001 when the Check Cashers Act authorization expired.
- Consumer finance companies limited to 30% APR on loans under $10,000.
- The North Carolina Consumer Finance Act regulates all licensed consumer lending.
- NC was one of the first states to ban payday lending, setting a national precedent.
Federal protections: The FCRA gives you the right to dispute inaccurate credit report information for free. Credit repair companies cannot charge before performing services (Credit Repair Organizations Act).
Free resources: Get a free credit report annually at AnnualCreditReport.com.
File complaints with North Carolina Attorney General Consumer Protection Division.
