North Carolina General Statutes 75-17. Lender may not require borrower to deal with particular insurer
Terms Used In North Carolina General Statutes 75-17
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Trustee: A person or institution holding and administering property in trust.
No person, firm, or corporation engaged in lending money on the security of real or personal property, and no trustee, director, officer, agent, employee, affiliate, or associate, of any such person, firm, or corporation, shall either directly or indirectly require or impose as a condition precedent
(1) To financing the purchase of such property, or
(2) To lending money upon the security of a mortgage, deed of trust, or other security instrument, or
(3) For the renewal or extension of any such loan, mortgage, or deed of trust, or
(4) For the performance of any other act in connection therewith,
that such person, firm or corporation
a.? For whom such purchase is to be financed, or
b.? To whom the money is to be loaned, or
c.? For whom such extension, renewal, or other act is to be granted,
negotiate, procure, or otherwise obtain any policy of insurance or renewal, or extension thereof, covering such property, or a security interest therein, by or through a particular insurance company, agent, broker, or other person so specified or otherwise designated in any manner by the lenders, or their agents or employees or affiliated or related companies. (1969, c. 1032, s. 1.)