GENERAL ASSEMBLY OF NORTH CAROLINA

1983 SESSION

 

 

CHAPTER 831

HOUSE BILL 1419

 

AN ACT TO AMEND G.S. 58-54.4 RELATING TO THE LAW PROHIBITING UNFAIR BUSINESS PRACTICES.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 58-54.4 is amended by adding the following subdivision to read:

"(12)   Misuse of borrowers' confidential information. Soliciting, accepting, or using any information from a lender concerning policies of insurance held by such lender as a mortgagee of real property, except from a lender who is an insurer where the loan has been made by or sold or held for sale to such insurer. Provided, however, this subdivision shall not apply to the use of such information by a lender for the solicitation of life or accident and health insurance."

Sec. 2.  This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 19th day of July, 1983.