N.C. Gen. Stat. § 75-17
Lender may not require borrower to deal with particular insurer
Redline — June 1, 2021 → current.View current text →
Current — June 1, 2022
As of June 1, 2021
No person, firm, or corporation engaged in lending money on the security of real or personal property, and no trustee, director, officer, agent, employee, affiliate, or associate, of any such person, firm, or corporation, shall either directly or indirectly require or impose as a condition precedent
No person, firm, or corporation engaged in lending money on the security of real or personal property, and no trustee, director, officer, agent, employee, affiliate, or associate, of any such person, firm, or corporation, shall either directly or indirectly require or impose as a condition precedent
(1) To financing the purchase of such property, or
(1) To financing the purchase of such property, or
(2) To lending money upon the security of a mortgage, deed of trust, or other security instrument, or
(2) To lending money upon the security of a mortgage, deed of trust, or other security instrument, or
(3) For the renewal or extension of any such loan, mortgage, or deed of trust, or
(3) For the renewal or extension of any such loan, mortgage, or deed of trust, or
(4) For the performance of any other act in connection therewith, For whom such purchase is to be financed, or
(4) For the performance of any other act in connection therewith, that such person, firm or corporation For whom such purchase is to be financed, or
(5) To whom the money is to be loaned, or
(5) To whom the money is to be loaned, or
(6) For whom such extension, renewal, or other act is to be granted,
that such person, firm or corporation
negotiate, procure, or otherwise obtain any policy of insurance or renewal, or extension thereof, covering such property, or a security interest therein, by or through a particular insurance company, agent, broker, or other person so specified or otherwise designated in any manner by the lenders, or their agents or employees or affiliated or related companies.
(6) For whom such extension, renewal, or other act is to be granted, negotiate, procure, or otherwise obtain any policy of insurance or renewal, or extension thereof, covering such property, or a security interest therein, by or through a particular insurance company, agent, broker, or other person so specified or otherwise designated in any manner by the lenders, or their agents or employees or affiliated or related companies.
History
(1969, c. 1032, s. 1.)
Legal Periodicals. - For article on antitrust and unfair trade practice law in North Carolina, with federal law compared, see 50 N.C.L. Rev. 199 (1972).
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.