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.
The governor also signed five bills into law on Thursday:
- House Bill 84 allows the Division of Motor Vehicles to develop a driver's license designation for people who are deaf or hard of hearing.
- House Bill 138 enhances criminal penalties for gang members and gang-related offenses.
- House Bill 161 bars any state investment in or contracts with companies that boycott Israel.
- Senate Bill 410 allows areas off the North Carolina coast to be leased for fish farming.
- Senate Bill 599 overhauls the state's teacher training and lateral-entry programs.
Five bills remain on Cooper's desk. He has until Sunday to sign them, veto them or allow them to become law without his signature.