§ 58-35-60. Prohibited provisions in insurance premium finance agreements. - North Carolina Statutes

§58‑35‑60.  Prohibited provisions in insurance premium financeagreements.

No insurance premium financeagreement shall contain any provisions by which:

(1)        In the absence ofdefault of the insured, the insurance premium finance company holding theagreement may, arbitrarily and without reasonable cause, accelerate thematurity of any part or all of the amount owing thereunder;

(2)        A power of attorneyis given to confess judgment in this State; or

(3)        The insured relievesthe insurance agent or the insurance premium finance company holding theagreement from liability for any legal rights or remedies which the insured mayotherwise have against him. (1963, c. 1118.)