On April 1, 2019 Gov. Roy Cooper (D) signed into law NC SB 162 (2019), which amends the late fee restrictions promulgated under N.C. Gen. Stat. Ann. § 24-10.1. While some of the restrictions remain the same (e.g. a maximum percentage of 4% on the full amount of a delinquent payment), there are certain provisions which are new, including capping the amount to what is disclosed on the LE and CD (or TILs) for “Late Payment”, if such amount is less than the 4% maximum charge (see https://www.ncleg.gov/BillLookUp/2019/S162).
“This act is effective when it becomes law” – which is 60 days after the adjournment of the 2019 legislative session.
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (https://compliance.docutech.com/).