§ 24-9.3. Economic development loans. - North Carolina Statutes

§ 24‑9.3.  Economicdevelopment loans.

Fees or other funds paid byborrowers for contribution to loss reserve accounts administered and controlledby nonprofit corporations that are part of State‑funded programs thatprovide loans to promote economic development shall not be considered interestunder this Chapter and shall not be subject to claims or defenses of usury. (1995,c. 252, s. 1.)