Cooper vetoes credit insurance measure, signs other bills
Raleigh, N.C. — Gov. Roy Cooper issued his ninth veto of the year on Thursday, sending a proposal on credit insurance back to lawmakers.
House Bill 140 initially dealt with disclosure of fees and policies on dental insurance plans, but provisions on credit property insurance were tacked on in the closing days of the legislative session. The provisions, which consumer advocates lobbied against, allow lenders to tack insurance onto loans in case borrowers cannot repay.
"Making small loans more expensive by expanding credit insurance can drive borrowers further into debt, especially those who can least afford it," Cooper said in a statement. "If this bill becomes law, consumers will have higher-cost loans because they will be borrowing the money to pay the credit insurance premiums. Borrowers who need short-term loans should not have to pay more for unnecessary insurance."
Lawmakers have overridden five of Cooper's vetoes already, and a special session is scheduled for Aug. 3 to consider other overrides.
Read more: http://www.wral.com/cooper-vetoes-credit-insurance-measure-signs-other-bills/16845419/