Kessing v. National Mortgage Corporation

MOORE, Justice.

Defendant first contends that the court erred in ruling that G.S. 24-8 as amended was applicable to the loan in question.

Prior to its amendment on 2 July 1969, G.S. 24-8 provided that on loans of $30,000 or more to corporations the legal rate of interest was 8%.

By amendment effective 2 July 1969, G.S. 24-8 was rewritten to read, in pertinent part, as follows:

“Loans not in excess of $300,000; what interest, fees and charges permitted. — No lender shall charge or receive from any borrower or require in connection with a loan any borrower, directly or indirectly, to pay, deliver,…