§ 58-71-81. Notice of receivership. - North Carolina Statutes

§58‑71‑81.  Notice of receivership.

Upon the filing for protectionunder the United States Bankruptcy Code or any state receivership law by anybail bondsman licensed under this Article or by any bail bond business in whichthe bondsman holds a position of management or ownership, the bondsman shallnotify the Commissioner of the filing for protection within three business daysafter the filing. Upon the appointment of a receiver by a State or federalcourt for any professional bondsman licensed under this Article, or for anybail bond business in which the bondsman holds a position of management orownership, the bondsman shall notify the Commissioner of the filing forprotection within three business days after the filing. The failure to notifythe Commissioner within three business days after the filing for bankruptcyprotection shall, after hearing, cause the license of any person failing tomake the required notification to be suspended for a period of not less than 60days nor more than three years, in the discretion of the Commissioner. (1993,c. 409, s. 17; 1995 (Reg. Sess., 1996), c. 726, s. 12.)