North Carolina Statutes
§ 22-5 — Commercial loan commitments
North Carolina § 22-5
JurisdictionNorth Carolina
Ch. 22Contracts Requiring Writing
This text of North Carolina § 22-5 (Commercial loan commitments) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
N.C. Gen. Stat. § 22-5 (2026).
Text
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.
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Legislative History
(1989, c. 678.)
Nearby Sections
4
Cite This Page — Counsel Stack
Bluebook (online)
North Carolina § 22-5, Counsel Stack Legal Research, https://law.counselstack.com/statute/nc/22-5.