45A-7. Penalty.
Any party violating this Chapter is liable to any other party suffering a loss due to that violation for that other party's actual damages plus reasonable attorneys' fees. In addition, any party violating this Chapter shall pay to the party or parties suffering a loss an amount equal to one thousand dollars ($1,000) or double the amount of interest payable on any loan for the first 60 days after the loan closing, whichever amount is greater. (1995 (Reg. Sess., 1996), c. 714, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 45A - Good Funds Settlement Act
§ 45A-4 - Duty of settlement agent.
§ 45A-5 - Duty of lender, purchaser, or seller.
§ 45A-6 - Validity of loan documents.
§ 45A-8 - Embezzlement of closing funds by settlement agent.
§ 45A-9 - Interest on settlement agent's real estate trust and escrow accounts.