24-2.4. Prepayment of a loan if there are no prepayment terms or if the prepayment terms are not in accordance with law.
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. (1985, c. 681, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 1 - General Provisions.
§ 24-1 - Legal rate is eight percent.
§ 24-1.1 - Contract rates and fees.
§ 24-1.1A - Contract rates on home loans secured by first mortgages or first deeds of trust.
§ 24-1.1E - Restrictions and limitations on high-cost home loans.
§ 24-1.1F - Rate spread home loans.
§ 24-1.2A - Equity lines of credit.
§ 24-1.4 - Interest rates for savings and loan associations.
§ 24-2 - Penalty for usury; corporate bonds may be sold below par.
§ 24-2.1 - Transactions governed by Chapter.
§ 24-2.2 - Interest on extensions of credit by banks and savings and loan associations; exceptions.
§ 24-2.3 - State opt-out from federal preemption.
§ 24-2.5 - Mortgage bankers and mortgage brokers.
§ 24-3 - Time from which interest runs.
§ 24-4 - Obligations due guardians to bear compound interest; rate of interest.
§ 24-5 - Interest on judgments.
§ 24-7 - Interest from verdict to judgment added as costs.
§ 24-8 - Loans not in excess of $300,000; what interest, fees and charges permitted.
§ 24-9 - Loans exempt from rate and fee limitations.
§ 24-9.3 - Economic development loans.
§ 24-10 - Maximum fees on loans secured by real property.
§ 24-10.2 - Consumer protections in certain home loans.
§ 24-11 - Certain revolving credit charges.