§ 58-57-105. Credit insurance on credit card balances. - North Carolina Statutes

§58‑57‑105.  Credit insurance on credit card balances.

(a)        Credit cardfacilities may be used for the solicitation, negotiation, or payment ofpremiums for credit insurance on the unpaid balance of any credit card accountpursuant to G.S. 58‑3‑145. Solicitation or negotiation for creditinsurance on credit card account balances may not be made by unsolicitedtelephone calls or facsimile transmissions.

(b)        If credit lifeinsurance premiums are charged through a credit card facility or if credit lifeinsurance premiums are payable on the then outstanding balances on revolvingcharge account contracts defined in G.S. 25A‑11, a premium not exceedingseventy‑four cents (74¢) per one thousand dollars ($1,000) of insuredindebtedness per month is authorized. The premium rate for joint credit lifeinsurance may not exceed one and two‑thirds (1 2/3) the permitted singlecredit life insurance premium rate. (1993, c. 226, s. 9; c. 504,s. 46; 1999‑365, s. 2.)