§ 24-12. Applicability of Article. - North Carolina Statutes

Article2.

Loans Secured bySecondary or Junior Mortgages.

§ 24‑12.  Applicabilityof Article.

This Article shall apply onlyto loans of money:

(1)        Secured in whole orin part by a security instrument on real property, other than a first securityinstrument on real property; and

(2)        The principal amountof the loan does not exceed twenty‑five thousand dollars ($25,000);

(3)        The loan isrepayable 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.)