NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

 

 

CHAPTER 1168

SENATE BILL 461

 

 

AN ACT TO PROVIDE FOR THE PAYMENT OF CHARGES TO BE FIXED BY COMMISSIONER OF INSURANCE UPON THE TRANSFER OF A LOAN BY A SAVINGS AND LOAN ASSOCIATION.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 24-10 is hereby amended by adding thereto a new subsection, to be designated subsection (d), which shall read as follows:

"(d)      Any lender may charge any person, persons, firm or corporation that assumes a loan made under the provisions of G.S. 24-1.1, where the principal amount assumed is not more than $50,000 and is secured by real property, a fee not to exceed one percent (1%) of the principal amount due or twenty-five dollars ($25.00), whichever is less."

Sec. 2.  This act shall become effective upon ratification.

In the General Assembly read three times and ratified, this the 21st day of July, 1971.