1874 - The North Carolina Usury Law

Policy Name: The North Carolina Usury Law

Date: Enacted 1874; last revised in 2019

Code Location: Chapter 24 of North Carolina General Statues: Interest. (N.C. G.S. §24.)

Chapter 24 of the North Carolina General Statutes provides the foundation for North Carolina’s consumer protection regime by regulating interest rates and terms of credit. Since its enactment in 1874, the North Carolina Usury Law has undergone many revisions to modernize its language and function. Among its many purposes, Chapter 24 establishes the legal annual interest rate of 8% for all loans in North Carolina, unless otherwise noted by N.C. G.S. §136-113.

The North Carolina Usury Law, as amended, also contains key provisions that establish consumer protections against predatory lending. Established by the North Carolina Predatory Lending Law, many of these provisions are discussed throughout this timeline.