Company: North Carolina General Assembly

North Carolina Attorney General Opinion

§ 24‑9.3.  Economic development loans.
Fees or other funds paid by borrowers for contribution to loss reserve accounts administered and controlled by nonprofit corporations that are part of State‑funded programs that provide loans to promote economic development shall not be considered interest under this Chapter and shall not be subject to claims or defenses of usury. (1995, c. 252, s. 1.)

G.S. 24-9.3		Page