Finance
NC's Predatory Lending Law (NC General Statutes Chapter 24) provides additional protections beyond federal law for:
ACommercial mortgage borrowers
BResidential mortgage borrowers, particularly regarding high-cost loans, prepayment penalties, and single-premium credit insurance✓ Correct
CFirst-time homebuyers only
DOnly FHA and VA borrowers
Explanation
NC's predatory lending statute provides broader protections for residential borrowers than federal law, including restrictions on prepayment penalties, flipping, and mandatory credit counseling for some high-cost loans.
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