143-143.25. Staff support for Board. The Manufactured Building Division of the Department shall provide clerical and other staff services required by the Board; and shall administer and enforce all provisions of this Part and all rules adopted under this Part, subject to the direction of the Board; except for powers and duties delegated by this […]
143-143.50. Escrow or trust account required. (a) Dealers shall maintain buyers’ deposits in an escrow or trust account with a bank. A dealer shall not commingle any other funds with buyers’ deposits in the escrow or trust account. (b) Dealers shall notify the Board in writing when the escrow or trust account is established. The […]
143-143.51. Use of escrow or trust funds; penalty for violations. (a) Buyer funds in the dealer’s escrow or trust account shall be held for the benefit of the buyer and may only be used for purposes authorized under the contractual obligations of the dealer to the buyer. No buyer funds in the dealer’s escrow or […]
143-143.52. Minimum requirements for dealer records for escrow or trust accounts at banks. The records required for escrow or trust accounts maintained at a bank shall consist of the following and be maintained for a period of five years from the date of purchase: (1) All bank receipts or deposit slips listing the source and […]
143-143.53. Accountings for escrow or trust funds. Upon the request of the buyer, the dealer shall provide to the buyer a written accounting of the receipts and disbursements of all escrow or trust funds upon the complete disbursement of the escrow or trust accounts. (2005-451, s. 6.)
143-143.54. Audits and record inspection. All financial records required by this Part shall be subject to audit for cause and to random audit at the discretion of and by the Board, the Commissioner, or the Attorney General. The Board may inspect these records periodically, without prior notice and may also inspect these records whenever the […]
143-143.8. Purpose. The General Assembly finds that manufactured homes have become a primary housing resource for many of the citizens of North Carolina. The General Assembly finds further that it is the responsibility of the manufactured home industry to provide homes which are of reasonable quality and safety and to offer warranties to buyers that […]
143-143.9. Definitions. The following definitions apply in this Part: (1) Bank. – A federally insured financial institution including institutions defined under G.S. 53C-1-4(4), savings and loan associations, credit unions, savings banks and other financial institutions chartered under this or any other state law or chartered under federal law. (1a) Board. – The North Carolina Manufactured […]
