Prepayment Penalty

"A borrower may prepay a loan in whole or in part without penalty where the loan instrument does not explicitly state the borrower's rights with respect to prepayment or where the provisions for prepayment are not in accordance with law. N.C. Gen. Stat. § 24-2.4

Any loan secured by real property for $100,000 or less may be prepaid in part or in full, after 30 days notice to the lender, with a maximum prepayment fee of 2% of the outstanding balance at any time within three years after the first payment of principal. After the three years, there may be no prepayment fee, as long as there is no prepayment fee charged or received in connection with any repayment of a construction loan; and except as any lender and any borrower may agree on any terms as to prepayment of a loan. N.C. Gen. Stat. § 24-10

A bank may charge and collect prepayment fees or penalties following the borrower's voluntary exercise of a right or option to repay all or any portion of the outstanding balance of a variable interest rate equity line of credit at a fixed interest rate over a specified period of time, subject to certain limitations. N.C. Gen. Stat. § 24-9

Otherwise, no prepayment penalty may be charged with respect to an equity line of credit. N.C. Gen. Stat. § 45-82.4