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NC interest ceiling assailed in Raleigh hearing
In Raleigh lawmakers and witnesses debated removing or altering the 6 percent interest ceiling on loans. Proponents argued freeing loan money would aid farmers and credit access, while opponents urged keeping some protections. A proposed plan would end the ceiling on loans over 5,000 dollars and set a 10 percent cap for smaller loans, drawing support from bankers and some legislators and opposition from Rep. Wade H. Penny Jr and others.
MENTIONED IN THIS ARTICLE
Raleigh
General Assembly
Penny
David Lesourd
North Carolina
Hal Johnson
Thela Research Triangle Institute
Progressive Farmer
Economist
Lesourd
House
Carolinas
Virginia
Senate
Amvsh
Earle Amee Oeneue
Wade H. Penny, Jr
D-Durham
North Carolina Consumers Council
Norman McGaskill
Charlotte
MAACP
William Shaw
Ments
Asso
Ciation
Alfred Baker Lewis
Wednes- Tom Collins
Day
North Carolina Wesleyan