Title: S.L. 1963-353
Category: Introduced Bill
Keywords: Bill ?

NORTH CAROLINA GENERAL ASSEMBLY
1963 SESSION

CHAPTER 353
SENATE BILL 157

AN ACT TO AMEND G.S. 54-29 SO AS TO PROVIDE FOR TEST APPRAISALS OF COLLATERAL FOR LOANS MADE BY SAVINGS AND LOAN ASSOCIATIONS DOING BUSINESS IN NORTH CAROLINA.

The General Assembly of North Carolina do enact:

Section 1.  G.S. 54-29, as the same appears in the 1960 Replacement Volume 2B, is hereby amended by adding at the end thereof the following: "The Insurance Commissioner whenever he deems it advisable, may direct the making of test appraisals of real estate and other collateral securing loans made by savings and loan associations doing business in this State, and where he deems advisable, employ competent appraisers, or prescribe a list from which competent appraisers may be selected, for the making of such appraisals by the Insurance Commissioner, or in a manner prescribed by the Insurance Commissioner, and do any and all other acts incident to the making of such test appraisals. The expense and cost of such test appraisals shall be defrayed by the company or association subjected to the test appraisals, and each company or association doing business in this State shall pay all reasonable costs and expenses of such test appraisals when it shall be directed."
Sec. 2.  All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 3.  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 6th day of May, 1963.