Enacts new Article 6B of GS Chapter 108A to create additional protections for disabled adults and older adults triggered by certain behaviors observed by covered entities. Defines covered entities in new GS 108A-118(1) to include financial institutions and entities involved in facilitating or processing electronic transfers of funds using a payment card. Through new GS 108A-119, requires covered entities who observe or suspect that a disabled adult (defined as indicated in new GS 108A-118(2)) or older adult (defined in new GS 108A-118(3) as an individual residing in North Carolina who is 65 years of age or older) is exhibiting a pattern of behavior that is materially harmful to the adult’s financial well-being, or who has ceased all communication with the covered entity for a period of six months, to report that information to the adult’s list of trusted persons and to the appropriate county department of social services. Additionally prohibits covered entities from charging any late fees or other penalties from the time the covered entity observes the behavior triggering the reporting requirement, the date of certain diagnoses of cognitive impairment, or the date on which an adult began to receive cognitive care, whichever comes first, to the date on which the covered entity submits the required report. Provides that a covered entity may not charge interest on any loan or extension of credit to the adult during that period. Makes a conforming change to GS 24-10.1(b)(7) regarding the limitation on late fees during the relevant period.
Effective October 1, 2025, and applicable to late fees, penalties, and interest charged on or after that date.

Statutes affected:
Filed: 24-10.1