11 NCAC 04 .0118             INSURANCE CARRIERS AS LENDERS

Any lender who offers an insurance product to a consumer either directly or indirectly through a subsidiary or affiliate in conjunction with an extension of credit shall inform the consumer of the protections afforded by G.S. 58-3-135.  Nothing in this Regulation shall limit the right of the lender, for purposes of protecting the interest of the lender, to require insurance in connection with a loan.  This Regulation shall not apply where the extension of credit arises out of a life insurance contract itself or where the extension of credit is subject to the provisions of Regulation Z (12 CFR 226), or other federal statutes or regulations requiring comparable disclosures.

 

History Note:        Authority G.S. 58-2-40; 58-3-135; 58-3-150;

Eff. July 1, 1986;

Amended Eff. April 8, 2002; April 1, 1989.