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Ch. 1053 1961—Session Laws
"Sec. 53-180. Time and payment limitation. No licensee shall enter
into any contract of loan under this Article extending more than twenty-five
loan months from the date of making the contract. Every loan con-tract
shall require payment of cash advance and charges, as aggregated,
in installments which shall be payable at approximately equal periodic
intervals. No installment contracted for shall be substantially larger than
any preceding installment.
"Sec. 53-181. Written statement of rates in force, (a) At the time a
loan is made, the licensee shall deliver to the borrower, or if there be
two or more borrowers, to one of them a copy of the loan contract, or a
written statement, showing in clear and distinct terms:
"(1) The name and address of the licensee and one of the primary
obligors on the loan;
"(2) The date of the loan contract;
"(3) Schedule of installments or descriptions thereof;
"(4) The cash advance;
"(5) The face amount of the note evidencing the loan;
"(6) The amount collected or paid for insurance, if any;
"(7) The amount collected or paid for filing or other fees allowed by
this Article;
"(8) The collateral or security for the loan.
"(b) Each licensee doing business in North Carolina shall make
readily available to the borrower at each place of business such full
and accurate schedule of charges and insurance premiums, including
refunds and rebates, on all classes of loans currently being made by such
licensee, as the Commissioner shall prescribe, and a copy thereof shall
be filed in the office of the Commissioner of Banks.
"(c) Power of attorney, confession of judgment. No licensee shall
take any confession of judgment or permit any borrower to execute a
power of attorney in favor of any licensee or in favor of any third person
to confess judgment or to appear for the borrower in any judicial proceed-ing
and any such confession of judgment or power of attorney to confess
judgment shall be absolutely void.
"Sec. 53-182. Payment of loans; receipts, (a) After each payment made
on account of any loan, the licensee shall give to the person making such
payment a signed, dated receipt showing the amount paid and the bal-ance
due on the loan. No receipt shall be required in the case of payments
made by the borrower's check or money order, where the entire proceeds
of the check or money order are applied to the loan. The use of a coupon
book system shall be deemed in compliance with this Section.
"(b) Upon payment of any loan in full, a licensee shall cancel and
return to the borrower, within a reasonable length of time, any note,
assignment, mortgage, deed of trust, or other instrument securing such
loan, which no longer secures any indebtedness of the borrower to the
licensee.
"Sec. 53-183. Advertising, broadcasting, etc., false or misleading state-ments,
(a) No licensee subject to this Article shall advertise, display, dis-
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| Title | Page 1454 |
| Full Text | Ch. 1053 1961—Session Laws "Sec. 53-180. Time and payment limitation. No licensee shall enter into any contract of loan under this Article extending more than twenty-five loan months from the date of making the contract. Every loan con-tract shall require payment of cash advance and charges, as aggregated, in installments which shall be payable at approximately equal periodic intervals. No installment contracted for shall be substantially larger than any preceding installment. "Sec. 53-181. Written statement of rates in force, (a) At the time a loan is made, the licensee shall deliver to the borrower, or if there be two or more borrowers, to one of them a copy of the loan contract, or a written statement, showing in clear and distinct terms: "(1) The name and address of the licensee and one of the primary obligors on the loan; "(2) The date of the loan contract; "(3) Schedule of installments or descriptions thereof; "(4) The cash advance; "(5) The face amount of the note evidencing the loan; "(6) The amount collected or paid for insurance, if any; "(7) The amount collected or paid for filing or other fees allowed by this Article; "(8) The collateral or security for the loan. "(b) Each licensee doing business in North Carolina shall make readily available to the borrower at each place of business such full and accurate schedule of charges and insurance premiums, including refunds and rebates, on all classes of loans currently being made by such licensee, as the Commissioner shall prescribe, and a copy thereof shall be filed in the office of the Commissioner of Banks. "(c) Power of attorney, confession of judgment. No licensee shall take any confession of judgment or permit any borrower to execute a power of attorney in favor of any licensee or in favor of any third person to confess judgment or to appear for the borrower in any judicial proceed-ing and any such confession of judgment or power of attorney to confess judgment shall be absolutely void. "Sec. 53-182. Payment of loans; receipts, (a) After each payment made on account of any loan, the licensee shall give to the person making such payment a signed, dated receipt showing the amount paid and the bal-ance due on the loan. No receipt shall be required in the case of payments made by the borrower's check or money order, where the entire proceeds of the check or money order are applied to the loan. The use of a coupon book system shall be deemed in compliance with this Section. "(b) Upon payment of any loan in full, a licensee shall cancel and return to the borrower, within a reasonable length of time, any note, assignment, mortgage, deed of trust, or other instrument securing such loan, which no longer secures any indebtedness of the borrower to the licensee. "Sec. 53-183. Advertising, broadcasting, etc., false or misleading state-ments, (a) No licensee subject to this Article shall advertise, display, dis- 1400 |
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