(a) Complete Exemptions. – This Article shall not apply to any of the following:

(1) An insurance policy offered by an insurer under Chapter 58 of the N.C. Gen. Stat., except as provided in N.C. Gen. Stat. § 66-443

Terms Used In North Carolina General Statutes 66-441

  • Contract: A legal written agreement that becomes binding when signed.
  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC

(2) A debt cancellation or debt suspension contract being offered pursuant to 12 C.F.R. part 37, 12 C.F.R. part 721, or any other federal law.

(b) Partial Exemption for Commercial Transactions. – N.C. Gen. Stat. § 66-444, 66-446(c), and 66-447 are not applicable to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with a commercial transaction. (2013-193, s. 1.)

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