Article 2.
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/nc/chapter-24/2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Article 2.
Loans Secured by Secondary or Junior Mortgages.
§ 24-12. Applicability of Article.
This Article shall apply only to loans of money:
(1)Secured in whole or in part by a security instrument on real property, other than a first security instrument on real property; and
(2)The principal amount of the loan does not exceed twenty-five thousand dollars ($25,000);
(3)The loan is repayable in no less than six nor more than 181 successive monthly payments, which payments shall be substantially equal in amount. (1971, c. 1229, s. 2; 1979, 2nd Sess., c. 1157, ss. 2, 3.)