NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

 

 

CHAPTER 1212

SENATE BILL 689

 

 

AN ACT RELATING TO THE CONDUCT OF OTHER BUSINESS IN THE SAME OFFICE AS A SMALL LOAN BUSINESS.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 53-172, as the same appears in the 1969 Cumulative Supplement to the General Statutes, is hereby amended to read as follows:

"§ 53-172.  Conduct of other business in same office. — No licensee shall conduct the business of making loans under this Article within any office, suite, room, or place of business in which any other business is solicited or engaged in unless, in the opinion of the Commissioner, such other business would not be contrary to the best interests of the borrowing public and is authorized by the Commissioner in writing.

If the conduct of any other business authorized by the Commissioner should, in the opinion of the Commissioner, prove contrary to the best interests of the borrowing public, the authority granted to conduct such business shall be withdrawn in writing by the Commissioner.

Installment paper dealers as defined in G.S. 105-83, and the collection by a licensee of loans legally made in North Carolina, or another state by another government regulated lender or lending agency, shall not be considered as being any other business within the meaning of this section. This section shall not be construed as authorizing the collection of any loans or charges in violation of the prohibitions contained in G.S. 53-190. The books, records, and accounts relating to loans shall be kept in such manner as the Commissioner of Banks prescribes as to delineate clearly the loan business from any other business authorized by the Commissioner."

Sec. 2.  This act shall become effective upon ratification.

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