§ 25A-14. Finance charge rates and service charge for revolving charge account contracts.
§25A‑14. Finance charge rates and service charge for revolving chargeaccount contracts.
(a) The finance‑chargerate and either the annual charge or the monthly service charge for a consumercredit sale made under a revolving charge account contract may not exceed therates and charge provided for revolving credit by G.S. 24‑11.
(b) In the event therevolving charge account contract is secured in whole or in part by a securityinterest in real property, then the finance‑charge rate shall not exceedthe rate set out in G.S. 25A‑15(d).
(c) No default ordeferral charge shall be imposed by the seller in connection with a revolvingcharge‑account contract, except as specifically provided for in G.S. 24‑11(d1).(1971, c. 796, s. 1; 1983, c. 126, s. 7; 1991, c. 506, s. 7.)