Knowledge Tree
North Carolina Predatory Lending Law
Also known as: NCPLL
Facts (12)
Sources
Regulatory - American Predatory Lending predatorylending.duke.edu 12 facts
claimThe structure and specific provisions of the North Carolina Predatory Lending Law (NCPLL) were adopted by subsequent state laws, including those in Georgia and Massachusetts.
accountNorth Carolina enacted the North Carolina Predatory Lending Law (NCPLL) in 1999, which was the first state-level anti-predatory lending law in the United States.
accountThe North Carolina state bankers’ association supported the North Carolina Predatory Lending Law (NCPLL) and provided input during the legislative process.
claimThe North Carolina Predatory Lending Law (NCPLL) explicitly banned the practice of 'flipping', which is defined as inducing a borrower into repeated refinancing without tangible benefits for the purpose of capturing fees.
referenceThe Georgia Fair Lending Act (GFLA), enacted in 2002, was modeled after the North Carolina Predatory Lending Law and utilized interest rate thresholds to trigger restrictions on loan terms.
claimThe North Carolina Predatory Lending Law (NCPLL) defined 'high-cost home loans' based on interest rates, fees, and prepayment penalty cutoffs.
accountMortgage brokers opposed the North Carolina Predatory Lending Law (NCPLL).
claimThe Georgia Fair Lending Act (GFLA) of 2002 was modeled after the North Carolina Predatory Lending Law.
referenceThe North Carolina Predatory Lending Law (NCPLL) defined high-cost home loans based on interest rates, fees, and prepayment penalty cutoffs, and restricted or banned certain loan terms for these products.
claimThe North Carolina Predatory Lending Law (NCPLL) banned 'flipping', which is defined as inducing a borrower into repeated refinancing without tangible benefits in order to capture fees.
claimThe structure and provisions of the North Carolina Predatory Lending Law (NCPLL) were adopted in subsequent state laws in Georgia and Massachusetts.
accountThe North Carolina state bankers’ association supported the North Carolina Predatory Lending Law (NCPLL) and provided input during the legislative process, while many mortgage brokers opposed the legislation.