§ 45-43. Real estate mortgage loans; commissions. - North Carolina Statutes

Article5.

Miscellaneous Provisions.

§ 45‑43.  Real estatemortgage loans; commissions.

Any individual or corporationauthorized by law to do a real estate mortgage loan business may make ornegotiate loans of money on notes secured by mortgages or deeds of trust onreal estate bearing legal interest payable semiannually at maturity orotherwise, and in addition thereto, may charge, collect and receive suchcommission or fee as may be agreed upon for making or negotiation of any suchloan, not exceeding, however, an amount equal to one and one‑half percent(1 1/2%) of the principal amount of the loan for each year over which therepayment of the said loan is extended: Provided, however, the repayment ofsuch loan shall be in annual installments extending over a period of not lessthan three nor more than 15 years, and that no annual installment, other thanthe last, shall exceed thirty‑three and one‑third percent (33 1/3%)of the principal amount of loans which are payable in installments extendingover a period of as much as three years and less than four years, twenty‑fivepercent (25%) of the principal amount of loans which are payable ininstallments extending over a period of not less than four years nor more thanfive years, and fifteen percent (15%) of the principal amount of loans whichare payable in installments extending over a period of more than five years andnot more than 15 years.  This section shall only apply to the counties of Ashe,Buncombe, Caldwell, Forsyth, Gaston, Henderson, McDowell, Madison, Rutherford,Watauga, and Yancey. (Ex. Sess. 1924, c. 35; 1925, cc. 28, 209; Pub. Loc.1925, c. 592, modified by 1927, c. 5; Pub. Loc. 1927, c. 187.)