North Carolina General Statutes 58-10-145. Monoline requirement for mortgage guaranty insurers
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Terms Used In North Carolina General Statutes 58-10-145
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
A mortgage guaranty insurance company that transacts any kind of insurance other than mortgage guaranty insurance is not eligible to transact business in this State. Provided, however, that a mortgage guaranty insurance company may, until December 31, 2012, assume reinsurance for “credit insurance,” as defined in N.C. Gen. Stat. § 58-7-15(17). (2007-127, s. 7; 2008-124, s. 2.2.)