North Carolina 2019-2020 Session Status: In Committee 3 R cosponsors

HB 787 — Consumer Credit/Finance Charge Rates.

Last action — Passed 1st Reading

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2019-2020 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

86 added · 85 removed

Plain-language change summary

The updated version of House Bill 787 clarifies how finance charge rates are applied to consumer credit installment sales, particularly for servicemembers. Specifically, it maintains the same maximum interest rates but removes a provision allowing a higher interest rate for amounts financed over $2,000. This change matters because it potentially protects servicemembers from paying higher interest rates, ensuring they have more manageable repayment options for their loans.

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GENERAL ASSEMBLY OF NORTH CAROLINA H.B.
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2019 H 1 HOUSE BILL 787 Short Title:
787 Apr 16, 2019 SESSION 2019 HOUSE PRINCIPAL CLERK H D HOUSE BILL DRH40364-MU-25D Short Title:
For a complete list of sponsors, refer to the North Carolina General Assembly web site.
A BILL TO BE ENTITLED AN ACT TO INCREASE THE MAXIMUM FINANCE CHARGE RATES FOR CONSUMER CREDIT INSTALLMENT SALE CONTRACTS IN WHICH THE BUYER IS NOT A SERVICEMEMBER AND TO EXPAND THE DEFINITION OF OFFICIAL FEES AS APPLIED TO THOSE CONTRACTS.
Banking, if favorable, Rules, Calendar, and Operations of the House April 18, 2019 A BILL TO BE ENTITLED AN ACT TO INCREASE THE MAXIMUM FINANCE CHARGE RATES FOR CONSUMER CREDIT INSTALLMENT SALE CONTRACTS IN WHICH THE BUYER IS NOT A SERVICEMEMBER AND TO EXPAND THE DEFINITION OF OFFICIAL FEES AS APPLIED TO THOSE CONTRACTS.
(1) For the purposes of this section, the finance charge rates are the rates that are required to be disclosed by the Consumer Credit Protection Act, except that *DRH40364-MU-25D* General Assembly Of North Carolina Session 2019 official fees under G.S.
*H787-v-1* General Assembly Of North Carolina Session 2019 (1) For the purposes of this section, the finance charge rates are the rates that are required to be disclosed by the Consumer Credit Protection Act, except that official fees under G.S.
(c1) A finance charge rate not to exceed the higher of the rate established in subsection (b1) of this section or the rate set forth below may be imposed in a consumer credit installment sale contract (i) that is repayable in not less than six installments for a self-propelled motor vehicle and (ii) in which the buyer is not a servicemember:
(c1) A finance charge rate not to exceed the higher of the rate established in subsection (b1) of this section or the rate set forth below may be imposed in a consumer credit installment Page 2 House Bill 787-First Edition General Assembly Of North Carolina Session 2019 sale contract (i) that is repayable in not less than six installments for a self-propelled motor vehicle and (ii) in which the buyer is not a servicemember:
Page 2 DRH40364-MU-25D General Assembly Of North Carolina Session 2019 (2) Twenty percent (20%) per annum for vehicles two model years old.
(2) Twenty percent (20%) per annum for vehicles two model years old.
DRH40364-MU-25D Page 3
House Bill 787-First Edition Page 3
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Action History

  1. Passed 1st Reading

  2. Ref to the Com on Banking, if favorable, Rules, Calendar, and Operations of the House

  3. Filed

Sponsors

Sponsorship breakdown

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2 sponsors · 2 co-sponsors · 175 not signed on

Sponsors (2)

Co-sponsors (2)

Not signed on (175)

175 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors HB 787?
HB 787 is sponsored by Szoka, Chris Humphrey (Republican), Kyle Hall (Republican), and Brenden H. Jones (Republican).
What is the current status of HB 787?
This bill died with 2019-2020 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 787?
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