NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

CHAPTER 849

SENATE BILL 709

AN ACT TO AMEND G.S. 24-10 BY AUTHORIZING THE PAYMENT OF FEES BY SELLERS IN REAL ESTATE SALES TRANSACTIONS.

The General Assembly of North Carolina enacts:

Section 1.  Subsection (a) of G.S. 24-10 is amended by rewriting the same to read as follows:

"(a)       No lender on loans made under G.S. 24-1.1 shall charge or receive from any borrower or any agent for a borrower, any fees or discounts unless otherwise allowed where the principal amount is less than three hundred thousand dollars ($300,000) and is secured by real property, which fees or discounts in the aggregate shall exceed two percent (2%) if a construction loan on other than a one or two family dwelling, and one percent (1%) on any other type of loan; provided, however, if a single lender makes both the construction loan and a permanent loan utilizing one note, the lender may collect the fees as if they were two separate loans; provided, in addition to the fees authorized above, a seller or any agent for a seller in a real estate sales transaction may pay to the lender fees or discounts in the aggregate not to exceed two percent (2%). Except as provided herein or otherwise allowed, no party shall pay for the benefit of the lender any other fees or discounts."

Sec. 2.  This act is effective upon ratification but the last proviso contained in subsection (a) of G.S. 24-10 shall expire on June 30, 1981.

In the General Assembly read three times and ratified, this the 8th day of June, 1979.