A BILL TO BE ENTITLED
AN ACT to AMEND the discount rate of interest REGARDING structured settlement paymentS.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 1‑543.12(6) reads as rewritten:
"(6)	The discount rate used in determining the net amount payable to the payee, as provided in subdivision (2) of this section, does not exceed an annual percentage rate of prime plus six percentage points calculated as if the net amount payable to the payee, as provided in sub‑subdivision (2)f. of this section, was the principal of a consumer loan made by the transferee to the payee, and if the structured settlement payments to be transferred to the transferee were the payee's payments of principal plus interest on such loan. For purposes of this subdivision, the prime rate shall be as reported by the Federal Reserve Statistical Release H.15 on the first Monday of the month in which the transfer agreement is signed by both the payee and the transferee, except when the transfer agreement is signed prior to the first Monday of that month then the prime rate shall be as reported by the Federal Reserve Statistical Release H.15 on the first Monday of the preceding month;".
SECTION 2.  This act becomes effective October 1, 2007.