Court of Appeals of North Carolina January 16, 1990, 8926SC617 (Swindell v. Federal National Mortgage Ass'n)

LEWIS, Judge.

Plaintiffs contend that the initial late charge of five percent violates G.S. Section 24-10(e) (now 24-10.1) and as such would therefore violate G.S. 24-2. G.S. 24-2 imposes a specific penalty for the charging or collecting of usurious interest. We hold this penalty does not apply to G.S. 24-10(e) (now G.S. 24-10.1). G.S.