§ 25A-32.1. Unearned finance charge credits on prepayment of loans secured by real property and mobile home loans. - North Carolina Statutes

§25A‑32.1.  Unearned finance charge credits on prepayment of loans securedby real property and mobile home loans.

(a)        Notwithstanding anystatutory or contractual provision to the contrary, in a consumer creditinstallment sale contract with an amount financed of five thousand dollars($5000.00) or more secured by real estate or by a residential manufactured homeas defined in G.S. 143‑145(7), any buyer may satisfy the debt in full atany time before maturity, and in so satisfying the debt, shall be credited withall unearned finance charges as computed on the simple interest or actuarialmethod.

(b)        If a seller obtainsa judgment on a debt arising out of a consumer credit installment saledescribed in subsection (a) of this section, or if the seller forecloses orrepossesses the collateral securing the debt, the seller shall credit the buyerwith all unearned finance charges as computed on the simple interest oractuarial method as if the payment in full had been made on the date thejudgment was obtained or 15 days after the foreclosure or repossessionoccurred, whichever is earlier.  If the seller obtains a judgment andrepossesses the collateral, the seller shall credit the buyer with all unearnedfinance charges as if payment in full had been made on the date of the judgmentor 15 days after the repossession, whichever occurs earlier.  (1991,c. 602, s. 2.)