North Carolina Statutes
§ 54B-165 — Professional services
(a)A State association or service corporation thereof must notify borrowers prior to the loan commitment of their right to select the attorney or law firm rendering legal services in connection with the loan, and the person or organization rendering insurance services in connection with the loan. Such persons or organizations must be approved by the association's board of directors, pursuant to such rules and regulations as the Commissioner of Banks may prescribe.
(b)A State association or service corporation thereof may require borrowers to reimburse such association for legal services rendered to it by its own attorney only when the fee is limited to legal services required by the making of such loan. (1981, c. 282, s. 3; 2001-193, s. 16.)
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Nearby Sections
15
§ 54B-1
Title§ 54B-10
Certificate of incorporation§ 54B-100
Membership of a mutual association§ 54B-101
Directors§ 54B-102
Employment policies§ 54B-104
Conflicts of interest§ 54B-105
Voting rights§ 54B-106
Annual meetings; notice required§ 54B-107
Special meetings; notice required§ 54B-108
Quorum§ 54B-109
Indemnification§ 54B-110
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