June 27, 2017
The North Carolina Retail Installment Sales Act has been amended to increase the late charge to a flat fee of $15. The Act was amended pursuant to Session Law 2017-45, Senate Bill 577. The bill became law on June 26, 2017 when North Carolina's Governor failed to approve the bill within the time prescribed by law. The amended late charge applies to charges imposed on or after that date. Prior to the amendment, the late charge had been 5% of the late installment, not to exceed $6.