§ 22-5. Commercial loan commitments. - North Carolina Statutes

§22‑5.  Commercial loan commitments.

No commercial loan commitmentby a bank, savings and loan association, or credit union for a loan in excessof fifty thousand dollars ($50,000) shall be binding unless the commitment isin writing and signed by the party to be bound.  As used in this section, theterm "commercial loan commitment" means an offer, agreement,commitment, or contract to extend credit primarily for business or commercialpurposes and does not include charge or credit card accounts, personal lines ofcredit, overdrafts, or any other consumer account.  Offers, agreements,commitments, or contracts to extend credit primarily for aquaculture,agricultural, or farming purposes are specifically exempted from the provisionsof this section. (1989, c. 678.)