NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

 

 

CHAPTER 1186

SENATE BILL 813

 

 

AN ACT TO AMEND G.S. 58-56.1, REGARDING EXCEPTIONS TO LICENSE REQUIREMENTS FOR INSURANCE PREMIUM FINANCING.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 58-56.1 shall be amended by deleting the entire second sentence of subsection (b) thereof and enacting a new subsection (c).

Sec. 2.  That new subsection (c) shall read as follows:

"(c)       A fire and casualty insurance agent or an insurance broker duly licensed in this State who extends credit to and only to his own policyholders may charge and collect finance charges or other fees at a periodic (monthly) rate as provided in G.S. 24-11(a), after said amount has been outstanding for thirty days, and is hereby exempt from the provisions of this Article. Notwithstanding the exceptions set forth in subsections (a), (b) and (c) of this section, when any person, firm, or corporation shall exercise a power of attorney taken in connection with the financing of an insurance premium, such person, firm or corporation shall comply with the requirements of G.S. 58-60, as if it were an insurance premium financing company."

Sec. 3.  All laws and clauses of laws in conflict with this act are hereby repealed.

Sec. 4.  This act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 21st day of July, 1971.