NORTH CAROLINA BANKING INSTITUTE Volume 8 | Issue 1 Article 17 2004 Preemption and the North Carolina Predatory Lending Law C. Bailey King Jr. Follow this and additional works at: http://scholarship.law.unc.edu/ncbi Part of the Banking and Finance Law Commons Recommended Citation C. B. King Jr., Preemption and the North Carolina Predatory Lending Law, 8 N.C. Banking Inst. 377 (2004). Available at: http://scholarship.law.unc.edu/ncbi/vol8/iss1/17 This Notes is brought to you for free and open access by Carolina Law Scholarship Repository. It has been accepted for inclusion in North Carolina Banking Institute by an authorized administrator of Carolina Law Scholarship Repository. For more information, please contact
[email protected]. Preemption and the North Carolina Predatory Lending Law I. INTRODUCTION "This [North Carolina law] is the toughest law against predatory lending in the country. I am confident this will be a model law for all state legislatures."' When former North Carolina Attorney General Mike Easley made this statement, it embodied his belief that the North Carolina Predatory Lending Law,2 passed on July 22, 1999, would not only protect North Carolina home buyers, but also lead the nation in fighting predatory lending. It appears, however, that the North Carolina predatory lending law may be vulnerable to a claim of preemption by the Office of the Comptroller of the Currency ("OCC") with respect to national banks.3 Despite questions about the constitutionality of preemption in state consumer protection laws,4 history shows that the OCC has a predetermined course of action - preemption of state law.