NORTH CAROLINA GENERAL ASSEMBLY
1979 SESSION

CHAPTER 1083
SENATE BILL 912

AN ACT TO AMEND G.S. CHAPTER 58, ARTICLE 4 RELATING TO "INSURANCE PREMIUM FINANCING".

The General Assembly of North Carolina enacts:

Section 1.  Amend G.S. Chapter 58-59(c) as follows: Rewrite G.S. Chapter 58‑59(c) beginning on line 7 to read as follows: "at a rate not exceeding twelve dollars ($12.00) per one hundred dollars($100.00) per annum; plus a non-refundable origination fee which shall not exceed ten dollars ($10.00) per premium finance agreement."
Sec. 2.  G.S. Chapter 58-59 is amended by adding a new subsection (f) to read as follows:
"(f)	A premium service agreement may provide for the payment by the insured of a delinquency and collection charge on each installment in default for a period of not less than five days in an amount of one dollar ($1.00) or a maximum of five percent (5%) of such installment, whichever is greater, provided that only one such delinquency and collection charge may be collected on any such installment regardless of the period during which it remains in default."
Sec. 3.  This act shall be in full force and effect on July 1, 1980.
In the General Assembly read three times and ratified, this the 13th day of June, 1980.