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2022 North Carolina General Statutes
Chapter 24 - Interest
Article 1 - General Provisions.
§ 24-9.3 - Economic development loans.
Universal Citation: NC Gen Stat § 24-9.3 (2022)
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.)
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