NORTH CAROLINA GENERAL ASSEMBLY
1967 SESSION

CHAPTER 1232
SENATE BILL 474

AN ACT AMENDING GENERAL STATUTE 58-56 AND GENERAL STATUTE 105-88 RELATING TO THE LICENSES FOR INSURANCE PREMIUM FINANCE COMPANIES AND PRESCRIBING THE APPLICABLE FEES THEREFOR.

The General Assembly of North Carolina do enact:

Section 1.  General Statute 58-56(e) is hereby rewritten to read as follows:
"(e)	There shall be two types of licenses issued to an insurance premium finance company:
(1)	An "A" type license shall be issued to insurance premium finance companies whose business of insurance premium financing is limited to the financing of insurance premiums of one insurance agent or agency and whose primary function is to finance only the insurance premium of such agent or agency. The license fee for an "A" type license shall be two hundred dollars ($200.00) for each license year or part thereof.
(2)	A "B" type license shall be issued to an insurance premium finance company whose business of insurance premium financing is not limited to the financing of insurance premiums of one insurance agent or agency and whose primary function is to finance the insurance premiums of more than one insurance agent or agency. The license fee for a "B" type license shall be nine hundred fifty dollars ($950.00) for each license year or part thereof.
"A branch office license may be issued for either an "A" type or "B" type license. The fee for the branch office license shall be fifty dollars ($50.00) for each license year or part thereof. The examination fee when required by this Section shall be one hundred dollars ($100.00) per application."
Sec. 2.  G.S. 105-88(b) is hereby amended by striking the period (.) after the word "property" in line 6 thereof and by adding the following words and punctuation: ", nor to insurance premium finance companies licensed under Article 4 of Chapter 58 of the General Statutes."
Sec. 3.  All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 4.  This Act shall be in full force and effect on and after July 1, 1967.
In the General Assembly read three times and ratified, this the 6th day of July, 1967.