Bill > H508

This bill amends North Carolina's existing law on credit card interest rates and charges by reducing the maximum monthly interest rate from 1.5% to 1.17% for revolving credit accounts and credit card plans. The legislation introduces several consumer protections, such as limiting late payment charges to $5 for accounts under $100 and $10 for accounts over $100, and requiring lenders to provide 30 days' notice before imposing new annual charges on existing credit card accounts. The bill also specifies that if a cardholder does not accept a new annual charge, they can pay off their existing balance without further account usage and are entitled to a prorated refund if they cancel the card within 12 months of the charge's initial imposition. Additionally, the law clarifies various technical definitions and language around credit charges, service fees, and billing practices. The changes will take effect on October 1, 2025, and will apply to interest, finance charges, and fees charged on or after that date, potentially providing financial relief and increased transparency for credit card users in North Carolina.

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https://www.ncleg.gov/BillLookUp/2025/H508