§ 58-35-10. Exceptions to license requirements. - North Carolina Statutes

§58‑35‑10.  Exceptions to license requirements.

(a)        Any person, firm orcorporation doing business under the authority of any law of this State or ofthe United States relating to banks, trust companies, installment paperdealers, auto finance companies, savings and loan associations, cooperativecredit unions, agricultural credit corporations or associations, organizedunder the laws of North Carolina or any person, firm or corporation subject tothe provisions of the North Carolina Consumer Finance Act and the NorthCarolina Motor Vehicle Dealers and Manufacturers Licensing Law, Article 12,Chapter 20, of the General Statutes of North Carolina are exempt from theprovisions of this Article.

(b)        An insurancecompany duly licensed in this State may make an installment payment charge asset forth in the rate filings and approved by the Commissioner and is therebyexempt from the provisions of this Article.

(c)        A fire and casualtyinsurance agent or an insurance broker duly licensed in this State who extendscredit to and only to his own policyholders may charge and collect financecharges or other fees at a periodic (monthly) rate as provided in G.S. 24‑11(a),after said amount has been outstanding for 30 days, and is hereby exempt fromthe provisions of this Article. Notwithstanding the exceptions set forth insubsections (a), (b) and (c) of this section, when any person, firm, orcorporation shall exercise a power of attorney taken in connection with thefinancing of an insurance premium, such person, firm or corporation shallcomply with the requirements of G.S. 58‑35‑85, as if it were aninsurance premium financing company. (1963, c. 1118; 1967, c. 942,s. 1; 1971, c. 1186, ss. 1, 2; 1995 (Reg. Sess., 1996), c. 742, s. 25.)