§ 87-15.6. Homeowners Recovery Fund. - North Carolina Statutes

§ 87‑15.6.  HomeownersRecovery Fund.

(a)        The HomeownersRecovery Fund is established as a special account of the Board. The Board shalladminister the Fund. The purpose of the Fund is to reimburse homeowners whohave suffered a reimbursable loss in constructing or altering a single‑familyresidential dwelling unit.

(b)        Whenever a generalcontractor applies for the issuance of a permit for the construction of anysingle‑family residential dwelling unit or for the alteration of anexisting single‑family residential dwelling unit, a city or countybuilding inspector shall collect from the general contractor a fee in theamount of ten dollars ($10.00) for each dwelling unit to be constructed oraltered under the permit. The city or county inspector shall forward ninedollars ($9.00) of each fee collected to the Board on a quarterly basis and thecity or county may retain one dollar ($1.00) of each fee collected. The Boardshall deposit the fees received into the Fund. The Board may accept donationsand appropriations to the Fund. G.S. 87‑7 shall not apply to the Fund.

The Board may suspendcollection of this fee for any year upon a determination that the amount in theFund is sufficient to meet likely disbursements from the Fund for that year.The Board shall notify city and county building inspectors when it suspendscollection of the fee.

(c)        The Board may adoptrules to implement this Article. (1991, c. 547, s. 1; 2003‑372, s. 1.)