Applicability of Article
Applied in 1 court decision — leading case 313 F. Supp. 2d 544 - Faircloth v. National Home Loan Corp. (2003)
Most recently applied in 313 F. Supp. 2d 544 - Faircloth v. National Home Loan Corp. (March 2003)
1971, c. 1229, s. 2; 1979, 2nd Sess., c. 1157, ss. 2, 3.
This Article shall apply only to loans of money:
(1) Secured in whole or in part by a security instrument on real property, other than a first security instrument on real property; and
(2) The principal amount of the loan does not exceed twenty-five thousand dollars ($25,000);
(3) The loan is repayable in no less than six nor more than 181 successive monthly payments, which payments shall be substantially equal in amount.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.