Lowers cap on credit card interest rates in North Carolina.

The bill revises North Carolina's General Statutes to lower the cap on credit card interest rates. It sets the maximum monthly periodic rate at one and one-quarter percent (1.25%) for open-end credit plans. The bill also includes provisions for annual charges, service fees, and late payment charges, with specific limits on these fees. It mandates that lenders provide at least 30 days' notice before imposing new charges on existing accounts. The changes apply to interest, finance charges, and fees charged on or after October 1, 2025.

Lowers cap on credit card interest rates in North Carolina.

The bill revises North Carolina's General Statutes to lower the cap on credit card interest rates. It sets the maximum monthly periodic rate at one and one-quarter percent (1.25%) for open-end credit plans. The bill also includes provisions for annual charges, service fees, and late payment charges, with specific limits on these fees. It mandates that lenders provide at least 30 days' notice before imposing new charges on existing accounts. The changes apply to interest, finance charges, and fees charged on or after October 1, 2025.