NORTH CAROLINA GENERAL ASSEMBLY

1969 SESSION

CHAPTER 40

HOUSE BILL 58

AN ACT TO AMEND G.S. 24-10 RELATING TO 7% INTEREST ON RESIDENTIAL LOANS SO AS TO PERMIT 7% INTEREST ON CERTAIN CHURCH BUILDING AND IMPROVEMENT LOANS.

The General Assembly of North Carolina do enact:

Section 1.  G.S. 24-10, as the same appears in the 1967 Supplement to the 1965 Replacement Volume ID of the General Statutes, is hereby amended by striking out the period at the end of the first sentence, inserting a comma in lieu thereof, and adding the words "or where such loan is either a direct reduction loan or a construction or improvement loan and such loan in either instance is secured by a mortgage or deed of trust upon church property."

Sec. 2.  G.S. 24-10, as referred to above, is hereby further amended by adding a new Subdivision (4) at the end of the Section to read as follows:

"(4)      The term 'church property' shall mean a building or buildings owned by church organizations and used for a church, educational building, pastor's home, or any other building used directly or indirectly for church purposes."

Sec. 3.  G.S. 24-10, as above referred to, is hereby amended by striking out the Section title "Residential loans" and inserting in lieu thereof the words "Residential or church loans".

Sec. 4.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 5.  This Act shall become effective upon its ratification.

In the General Assembly read three times and ratified, this the 7th day of March, 1969.