§ 54C-109. Bonding. - North Carolina Statutes

§ 54C‑109.  Bonding.

(a)        A savings bankshall maintain a blanket indemnity bond of at least a minimum amount asprescribed by the Commissioner of Banks.

(b)        A savings bank thatemploys collection agents, who for any reason are not covered by the bond requiredin this section, shall provide for the bonding of each agent in an amount equalto at least twice the average monthly collections of the agent. The agentsshall be required to make settlement with the association at least oncemonthly. No coverage by bond will be required of any agent that is a bank or anassociation insured by the Federal Deposit Insurance Corporation. The amountand form of the bonds and the sufficiency of the surety thereon shall beapproved by the board of directors and the Commissioner of Banks before it isvalid. A bond shall provide that its cancellation, either by the surety or bythe insured, shall not become effective unless and until 30 days' notice inwriting shall have been given to the Commissioner of Banks. (1991, c. 680, s. 1; 2001‑193,s. 16.)