State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-190

§53‑190.  Loans made elsewhere.

(a)        No loan contractmade outside this State in the amount or of the value of ten thousand dollars($10,000) or less, for which greater consideration or charges than areauthorized by G.S. 53‑173 and G.S. 53‑176 of this Article have beencharged, contracted for, or received, shall be enforced in this State.Provided, the foregoing shall not apply to loan contracts in which allcontractual activities, including solicitation, discussion, negotiation, offer,acceptance, signing of documents, and delivery and receipt of funds, occurentirely outside North Carolina.

(b)        If any lender oragent of a lender who makes loan contracts outside this State in the amount orof the value of ten thousand dollars ($10,000) or less, comes into this Stateto solicit or otherwise conduct activities in regard to such loan contracts,then such lender shall be subject to the requirements of this Article.

(c)        No lender licensedto do business under this Article may collect, or cause to be collected, anyloan made by a lender in another state to a borrower, who was a legal residentof North Carolina at the time the loan was made. The purchase of a loan accountshall not alter this prohibition. (1961, c. 1053, s. 1; 1967,c. 769, s. 2; 1969, c. 1303, s. 13; 1973, c. 1042, s. 8; 1979, c. 706, s. 2;1989, c. 17, s. 11.)