§ 58-69-10. Applications for licenses; fees; bonds or deposits. - North Carolina Statutes

§ 58‑69‑10. Applications for licenses; fees; bonds or deposits.

Licenses hereunder shall beobtained by filing a written application with the Commissioner in such form andmanner as the Commissioner shall require. As a prerequisite to issuance of alicense:

(1)        The applicant shallfurnish to the Commissioner such data and information as the Commissioner maydeem reasonably necessary to enable him to determine, in accordance with theprovisions of G.S. 58‑69‑15, whether or not a license should beissued to the applicant.

(1a)      If the applicant hasnever been issued a motor club license it shall be required to submit anaudited financial statement. If the applicant has previously been licensed theCommissioner may require that the financial statement be audited if it isreasonably necessary to determine whether or not a license should be issued tothe applicant.

(2)        If the applicant isa motor club it shall be required to pay to the Commissioner a nonrefundableannual license fee of six hundred dollars ($600.00) and to deposit or file withthe Commissioner a bond, in favor of the State of North Carolina and executedby a surety company duly authorized to transact business in this State, in theamount of fifty thousand dollars ($50,000), or securities of the typehereinafter specified in the amount of fifty thousand dollars ($50,000),pledged to or made payable to the State of North Carolina and conditioned uponthe full compliance by the applicant with the provisions of this Article andthe regulations and orders issued by the Commissioner pursuant thereto, andupon the good faith performance by the applicant of its contracts for motorclub services.

(3)        If the applicant isa branch or district office of a motor club licensed under this Article itshall pay to the Commissioner a nonrefundable license fee of one hundreddollars ($100.00).

(4)        If the applicant isa franchise motor club it shall pay to the Commissioner a nonrefundable annuallicense fee of two hundred dollars ($200.00) and shall deposit or file with theCommissioner a bond, in favor of the State of North Carolina and executed by asurety company duly authorized to transact business in this State, in theamount of fifty thousand dollars ($50,000), or securities of the typehereinafter specified in the amount of fifty thousand dollars ($50,000),pledged to or made payable to the State of North Carolina and conditioned uponthe full compliance by the applicant with the provisions of this Article andthe regulations and orders issued by the Commissioner pursuant thereto and uponthe good faith performance by the applicant of its contracts for motor clubservices.

(5)        Any applicantdepositing securities under this section shall do so in the form and manner asprescribed in Article 5 of this Chapter, and the provisions of Article 5 ofthis Chapter, shall be applicable to securities pledged under this Article.  (1963, c. 698; 1983, c. 790,ss. 7‑9; 1991, c. 425, s. 1; c. 721, s. 2; 2009‑451, s. 21.6(a).)