SB 489: Consumer Finance Act Amendments

Summary: Eliminates the cap on interest rates (previously 36%) that a lender may charge on personal loans and eliminates maximum fee amounts a lender may charge. Eliminates limits on the length of loan terms. Eliminating these limits on personal or “pay day” loans may increase the cost of accessing credit for individuals who are not able to access traditional credit. Restricts lenders from providing personal loans to military service members with a rank of E4 or lower unless their company level commander is notified and specific disclosures are provided to the military service member. Click here for official bill history, bill text, and vote records.

Status: Introduced in the Senate, heard in the Senate Committee on Commerce and House Committee on Banking. Passed 6/11/2013. Signed in to law by Gov. McCrory on 6/19/2013.

WNC Legislators sponsoring the bill: 

  • Sponsors: Warren Daniel (SD46), Jim Davis (SD50), Ralph Hise (SD47)

Voting for SB 489
Rep. Roger West (R)
Rep. Michelle Presnell (R)
Rep. Tim Moffitt (R)
Rep. Nathan Ramsey (R)
Rep. Chris Whitmire (R)
Rep. Mike Hager (R)
Rep. Hugh Blackwell (R)
Rep. Josh Dobson (R)

Sen. Jim Davis (R)
Sen. Tom Apodaca (R)
Sen. Ralph Hise (R)
Sen. Warren Daniel (R)
Sen. Dan Soucek (R)
Voting Against SB 489
Rep. Susan Fisher (D)
Rep. Joe Sam Queen (D)
Rep. Chuck McGrady (R)
Rep. Jonathan Jordan (R)
Not Voting
Sen. Martin Nesbitt (D)