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Loan companies ask for customer fees and higher interest rates
By Caitlin Coakley While the U.S. Congress crafts a bill tightening government control over the financial industry, legislators in North Carolina are considering loosening one such state regulation. A commission that includes members of the North Carolina Legislature and others connected to the financial industry recently discussed allowing consumer finance companies in the state to raise interest rates and charge late fees on installment loans. State Rep. Hugh Holliman, D-Davidson, who co-chaired the commission, said the proposal to grant those loan companies such leeway has surfaced often the past few years. “In the consumer-loan industry, they see what’s going on with banks, banks have these fees, these late fees, and they feel like they’re over-regulated,” Holliman said. “But we want to make sure before we change anything that we certainly have better information.”