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STEED v. FIRST UNION NAT. BANK

No. 8126SC1100.

293 S.E.2d 217 (1982)

Morris STEED and Ruth Steed v. FIRST UNION NATIONAL BANK.

Court of Appeals of North Carolina.

July 6, 1982.

Attorney(s) appearing for the Case

Smith, Moore, Smith, Schell & Hunter by David M. Moore, II, Benjamin F. Davis, Jr., and Timothy Peck, Greensboro, for defendant-appellant/appellee.

Edmund D. Aycock, Raleigh, for the North Carolina Bankers Association, amicus curiae.

WELLS, Judge.

The portions of the Retail Installment Sales Act pertinent to this appeal are as follows:

§ 25A-29. Default charges. If any installment is past due for 10 days or more according to the original terms of the consumer credit installment sale contract, a default charge may be made in an amount not to exceed five percent (5%) of the installment past due or six dollars ($6.00), whichever is the lesser. A default charge may be imposed...

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