§ 66-145. Bond or trust account required. - North Carolina Statutes

§66‑145.  Bond or trust account required.

(a)        Every rentalreferral agency before beginning business shall establish a trust account witha licensed and insured bank or savings institution located in the State ofNorth Carolina.  Each deposit to be applied towards a fee collected under G.S.66‑143(b) shall be placed in the trust account and shall be withdrawnonly to refund the deposit to the applicant pursuant to G.S. 66‑143(b)(2)or when a fee is earned by the agency as provided in G.S. 66‑143(a).

(b)        A rental referralagency may elect to post a bond in lieu of the trust account required by thissection.  The amount of the bond shall at no time be less than the amount thatwould be required by this section to be held in trust.  In no event, however,shall the bond be less than five thousand dollars ($5,000).  The rentalreferral agency shall file the bond with the clerk of the superior court of thecounty in which its principal place of business is located.

(c)        Any person who isdamaged by any violation of this Article, or  by any breach by the rentalreferral agency of its contract, may bring an action for the remedies referredto and provided in G.S. 66‑146 against the bond or trust account;provided that the aggregate liability of the surety or trustee shall not exceedthe amount of the bond or trust account.

(d)        Violation ofsubsections (a) or (b) of this section shall constitute a Class 1 misdemeanor. (1981,c. 610, s. 1; 1993, c. 539, s. 524; 1994, Ex. Sess., c. 24, s. 14(c).)