North Carolina General Statutes Chapter 22. Contracts Requiring Writing § 22-5. Commercial loan commitments
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No commercial loan commitment by a bank, savings and loan association, or credit union for a loan in excess of fifty thousand dollars ($50,000) shall be binding unless the commitment is in writing and signed by the party to be bound. As used in this section, the term “commercial loan commitment” means an offer, agreement, commitment, or contract to extend credit primarily for business or commercial purposes and does not include charge or credit card accounts, personal lines of credit, overdrafts, or any other consumer account. Offers, agreements, commitments, or contracts to extend credit primarily for aquaculture, agricultural, or farming purposes are specifically exempted from the provisions of this section.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 22. Contracts Requiring Writing § 22-5. Commercial loan commitments - last updated January 01, 2020 | https://codes.findlaw.com/nc/chapter-22-contracts-requiring-writing/nc-gen-st-sect-22-5.html
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