§ 58-2-210. Rules for mortgage insurance consolidations. - North Carolina Statutes

§58‑2‑210.  Rules for mortgage insurance consolidations.

The Commissioner is authorizedto adopt rules governing mortgage insurance consolidations and related rulesconcerning unfair rate discrimination.  In the event the Commissioner adoptssuch rules, while such rules are in effect the unfair rate discriminationprovisions of G.S. 58‑58‑35 and G.S. 58‑63‑15(7) willnot apply to mortgage insurance consolidations to the extent those provisionsare inconsistent with such rules.  For purposes of this section, "mortgageinsurance consolidation" means any transaction in which a mortgage loanservicer makes its premium collection services available to mortgage debtors inconnection with an insurer's offer of mortgage insurance, which offer is madeto debtors who, immediately prior to the offer, had mortgage insurance withanother insurer and were paying premiums for that insurance with their monthlymortgage payments. (1989, c, 341, s. 1.)