NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

 

 

CHAPTER 942

SENATE BILL 571

 

 

AN ACT REQUIRING PERSONS, FIRMS OR CORPORATIONS EXEMPT FROM THE INSURANCE PREMIUM FINANCING ACT TO COMPLY WITH THE SAME PROVISIONS WITH RESPECT TO THE CANCELLATION OF INSURANCE POLICIES THROUGH THE USE OF A POWER OF ATTORNEY AS IS NOW REQUIRED OF INSURANCE PREMIUM FINANCE COMPANIES.

 

The General Assembly of North Carolina do enact:

 

Section 1.  G.S. 58-56.1 is hereby amended by adding at the end thereof the following language: "Notwithstanding the exceptions set forth in subsections (a) and (b) of this Section, when any person, firm or corporation shall exercise a power of attorney taken in connection with the financing of an insurance premium, such person, firm or corporation shall comply with the requirements of G.S. 58-60, as if it were an insurance premium finance company."

Sec. 2.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall be effective on and after July 1, 1967, and shall apply to contracts of insurance premium financing entered into on or after said date.

In the General Assembly read three times and ratified, this the 27th day of June, 1967.