No insurance premium finance agreement shall contain any provisions by which:

(1)        In the absence of default of the insured, the insurance premium finance company holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder;

(2)        A power of attorney is given to confess judgment in this State; or

(3)        The insured relieves the insurance producer or the insurance premium finance company holding the agreement from liability for any legal rights or remedies which the insured may otherwise have against him. ?(1963, c. 1118; 2022-46, s. 14(mm).)

Terms Used In North Carolina General Statutes 58-35-60

  • Insurance premium finance agreement: means a promissory note or other written agreement by which an insured promises or agrees to pay to, or to the order of, an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance producer, in payment of premiums on an insurance contract, together with a service charge as authorized and limited by this Article. See North Carolina General Statutes 58-35-1
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • 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
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