§ 58-35-1. Definitions. - North Carolina Statutes

Article35.

Insurance PremiumFinancing.

§ 58‑35‑1. Definitions.

When used in this Article:

(1)        An insurance premiumfinance company is hereby defined to be:

a.         Any person engaged,in whole or in part, in the business of entering into insurance premium financeagreements with insureds; or

b.         Any person engaged,in whole or in part, in the business of acquiring insurance premium financeagreements from other insurance premium finance companies.

(2)        "Insurancepremium finance agreement" means a promissory note or other writtenagreement by which an insured promises or agrees to pay to, or to the order of,an insurance premium finance company the amount advanced or to be advancedunder the agreement to an insurer or to an insurance agent, in payment of premiumson an insurance contract, together with a service charge as authorized andlimited by this Article. (1963, c. 1118.)