RALEIGH-The Tar Heel State's law defines "high cost" loans as ones with up front fees over 5% of the loan amount (excluding escrow for appraisals, attorneys fees, etc.); or where borrowers pay a rate 10% or more above the comparable Treasury bond. It prohibits "flipping" and the financing of upfront single premium credit insurance, among other tactics.
From the April-12, 2000 issue of Credit Union Times Magazine • Subscribe!
North Carolina law
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