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2022 North Carolina General Statutes
Chapter 24 - Interest
Article 2 - Loans Secured by Secondary or Junior Mortgages.
§ 24-12 - Applicability of Article.
Universal Citation: NC Gen Stat § 24-12 (2022)
24-12. Applicability of Article.
This Article shall apply only to loans of money:
(1) Secured in whole or in part by a security instrument on real property, other than a first security instrument on real property; and
(2) The principal amount of the loan does not exceed twenty-five thousand dollars ($25,000);
(3) The loan is repayable in no less than six nor more than 181 successive monthly payments, which payments shall be substantially equal in amount. (1971, c. 1229, s. 2; 1979, 2nd Sess., c. 1157, ss. 2, 3.)
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