7bac97e1_NC_headed____NC_Justice_Center__Area_of_Interest
[Bill Number] HB 721 No alternate bill number [Summary] Allows car title lending in NC, authorizes lenders to make loans to borrowers that own their cars outright. The loans are secured by the borrower’s vehicle. The borrower gives the title of the vehicle to the lender, along with a copy of the keys to the vehicle. The loan period is a maximum of 30 days. If, at the end of the 30 day loan period, the borrower doesn’t repay the entire loan amount plus interest, the lender can simply take the borrower’s car. The interest on these loans is at an annual percentage rate of approximately 300%. [Rating] Legislation takes North Carolina in the wrong direction. [Area of Interest] 
Consumer Protection
Which direction is NC headed? | NC Justice Center