GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1995

S	1 

SENATE BILL 412

Short Title:  Opt-Out Usury Preemption.	(Public)

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Sponsors: Senators Warren, Soles, Parnell, Carpenter, Dannelly, Hoyle, Edwards, Ledbetter, Rand, Gulley, Sherron, Plyler, McKoy, Foxx, Little, and Albertson.

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Referred to:  Commerce

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March 20, 1995

A BILL TO BE ENTITLED
AN ACT TO MODIFY THE LAW CONCERNING THE FEDERAL PREEMPTION OF STATE USURY LAWS.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 24-2.3 reads as rewritten:
"§ 24-2.3.  State opt-out from federal preemption.
(a)	The provisions of section 501, of United States Public Law 96-221, as well as any modifications made to date, shall not apply to loans, mortgages, credit sales and advances made in this State.
(b)	Effective July 1, 1995, sections 521-524 of United States Public Law 96-221, shall apply to loans, mortgages, credit sales, and advances made in this State on or after that date as if North Carolina had never opted out of sections 521-524 of United States Public Law 96-221."
Sec. 2.  This act becomes effective July 1, 1995.