58-35-1. Definitions. When used in this Article: (1) An insurance premium finance company is hereby defined to be: a. Any person engaged, in whole or in part, in the business of entering into insurance premium finance agreements with insureds; or b. Any person engaged, in whole or in part, in the business of acquiring insurance […]
58-35-10. Exceptions to license requirements. (a) Any person, firm or corporation doing business under the authority of any law of this State or of the United States relating to banks, trust companies, installment paper dealers, auto finance companies, savings and loan associations, cooperative credit unions, agricultural credit corporations or associations, organized under the laws of […]
58-35-100. Fees are nonrefundable. All fees that are imposed and collected under this Article are nonrefundable. (1993 (Reg. Sess., 1994), c. 678, s. 20.)
58-35-15. Issuance or refusal of license; bond; duration of license; renewal; one office per license; display of license; notice of change of location. (a) Within 60 days after the filing of an application for a license accompanied by payment of the fees for license and examination, the Commissioner shall issue the license or may refuse […]
58-35-20. Grounds for refusal, suspension or revocation of licenses; surrender of licenses; reinstatement. (a) The Commissioner may forthwith deny, suspend, revoke, or refuse to renew or continue any license hereunder if he shall find that: (1) The licensee has failed to pay the annual license fee or any sum of money lawfully demanded under authority […]
58-35-22. Notification of criminal or administrative actions. (a) If an individual proprietor, officer, or partner of an insurance premium finance company has been convicted in any court of competent jurisdiction for any crime involving dishonesty or breach of trust, the premium finance company shall notify the Commissioner in writing of the conviction within 10 days […]
58-35-25. Investigations; hearings. For the purpose of conducting investigations and holding hearings on insurance premium finance companies, the Commissioner shall have the same authority as that vested in him by G.S. 58-2-50 and 58-2-70. (1963, c. 1118; 1987, c. 864, s. 3(b).)
58-35-30. Licensee’s books and records; reports; refusing to exhibit records; making false statements. (a) The licensee shall keep and use in his business any books, accounts, and records that will enable the Commissioner to determine whether the licensee is complying with the provisions of this Article and with the rules and regulations lawfully made by […]
58-35-35. Excessive insurance premium finance charges; penalty. The knowingly taking, receiving, reserving, [or] charging a greater insurance premium finance charge than that authorized in this Article shall be held and adjudged a forfeiture of the entire insurance premium finance charge which the insurance premium finance agreement carries with it, or which has been agreed to […]
58-35-40. Rebates and inducements prohibited; assignment of insurance premium finance agreements. (a) No insurance premium finance company shall pay, allow, or offer to pay or allow payment to an insurance agent, and no insurance agent shall accept from a company, a rebate as an inducement to the financing of an insurance policy with the company. […]
58-35-45. Filing and approval of forms and service charges. (a) No insurance premium finance agreement form or related form shall be used in this State unless it has been filed with and written approval given by the Commissioner. (b) In addition each insurance premium finance company shall file with the Commissioner the service charge rate […]
58-35-5. License required; fees. (a) No person except an authorized insurer shall engage in the business of an insurance premium finance company without obtaining a license from the Commissioner, as provided in this Article. (b) Application for license required under this Article shall be in writing, and in the form prescribed by the Commissioner. (c) […]
58-35-50. Form, contents and execution of insurance premium finance agreements. (a) An insurance premium finance agreement shall be in writing, dated, signed by the insured, and the printed portion thereof shall be in type that is legible, as determined by rule. It shall contain the entire agreement of the parties with respect to the insurance […]
58-35-55. Limitations on service charges; computation; minimum charges. (a) An insurance premium finance company shall not directly or indirectly except as otherwise provided by law, impose, take, receive from, reserve, contract for, or charge an insured greater service charges than are permitted by this Article. No insurance premium finance company shall be permitted to charge […]
58-35-60. Prohibited provisions in insurance premium finance agreements. No insurance premium finance agreement shall contain any provisions by which: (1) In the absence of default of the insured, the insurance premium finance company holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder; […]
58-35-65. Delivery of copy of insurance premium finance agreement to insured. Before the due date of the first installment payable under an insurance premium finance agreement, the insurance premium finance company holding the agreement or the insurance agent shall cause to be delivered to the insured, or mail to the insured at the insured’s address […]
58-35-70. Payments by insured without notice of assignment of agreement. Unless the insured has notice of actual or intended assignment of the insurance premium finance agreement, payment thereunder by him to the last known holder of the agreement shall be binding upon all subsequent holders or assignees. (1963, c. 1118.)
58-35-75. Statement of account; release on payment in full. (a) At any time after its execution, but not later than one year after the last payment thereunder, an insurance premium finance company holding an insurance premium finance agreement shall, upon written request of the insured, give or mail to him a written statement of the […]
58-35-80. Credit upon anticipation of payments. (a) Notwithstanding the provisions of any insurance premium finance agreement to the contrary, any insured may pay it in full at any time before the maturity of the final installment of the balance thereof; and, if he does so and the agreement included an amount for service charge, he […]
58-35-85. Procedure for cancellation of insurance contract upon default; return of unearned premiums; collection of cash surrender value. When an insurance premium finance agreement contains a power of attorney or other authority enabling the insurance premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall […]
