Lender's License/ Privilege Taxes

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Statutes

"Every person, firm, or corporation engaged in any of the business of making loans or lending money, accepting liens on, or contracts of assignments of, salaries or wages, or other security or evidence of debt for repayment of such loans in installment payment or otherwise must pay $250 annually for each location where business is conducted.

Banks, industrial banks, trust companies, savings and loan associations, cooperative credit unions, the business of negotiating loans on real estate, or insurance premium finance companies are not covered under this requirement. N.C. Gen. Stat. § 105-88

A loan made by a person who does not comply with N.C. Gen. Stat. § 105-88 is not collectible and is not subject to execution in North Carolina. N.C. Gen. Stat. § 105-269.13"

Cases

Comments

N.C. Gen. Stat. § 105-269.13(c) (2012) further provides that “[a]n assignment to a person of a debt listed in subsection (a) of this section is subject to the collection restrictions imposed by this section.”

Contributors

Bryon Saintsing, Esq. Tom Gray, Esq.
Smith Debnam Narron Drake Saintsing & Myers, LLP

The statutory information was edited and reviewed with the support of MultiState

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