§ 66-222. Bond or trust account required. - North Carolina Statutes

§66‑222.  Bond or trust account required.

Every credit repair businessshall obtain a surety bond issued by a surety company authorized to do businessin this State, or shall establish a trust account with a licensed and insuredbank or savings institution located in the State of North Carolina.  The amountof the bond or trust account shall be ten thousand dollars ($10,000).  The bondor trust account shall be in favor of the State of North Carolina.  Any persondamaged by the credit repair business' breach of contract or of any obligationarising therefrom, or by any violation of this Article, may bring an actionagainst the bond or trust account to recover damages suffered.  The aggregateliability of the surety or trustee shall be only for actual damages and in noevent shall exceed the amount of the bond or trust account.  (1991,c. 327, s. 1.)