Law360 Publishes North Carolina Banking Updates Article by Gursharon Shergill

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Wagner Hicks financial services litigator Gursharon K. Shergill was published in Law360 on Jan. 18. Gursharon’s Expert Analysis article, NC Banking Brief: All The Notable Legal Updates In Q4, recaps noteworthy developments in North Carolina banking regulation and policymaking from the fourth quarter of 2023. Most notably, she provides readers with details of two new financial services laws that went into effect.

According to Gursharon, the new laws amend the North Carolina Retail Installment Sales Act and North Carolina Consumer Finance Act, and increase the maximum interest rates and default late charges that may be assessed for loans.

S.B. 329 modifies the Retail Installment Sales Act to increase the maximum finance charge rates that may be applied to consumer credit installment sale contracts and the default charge for past-due installment payments.

S.B. 331 amends the North Carolina Consumer Finance Act in several ways, including adding several defined terms, increasing the minimum loan amount for license requirements, increasing the application fee for a consumer finance license, and creating numerous new reporting requirements.

Both laws, which went into effect on Oct. 1, 2023, had been previously vetoed by Gov. Roy Cooper, but the vetoes were overridden by North Carolina’s General Assembly.

See Gursharon’s article in its entirety here.

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