North Carolina Statutes
§ 54C-124 — Loans conditioned on certain transactions prohibited
(a)No savings bank or service corporation thereof shall require, as a condition of making a loan, that the borrower contract with any specific person or organization for particular services.
(b)A savings bank or service corporation thereof shall notify borrowers before 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. These persons or organizations shall be approved by the savings bank's board of directors, under any rules as the Commissioner of Banks may prescribe.
(c)A savings bank or service corporation thereof may require borrowers to reimburse the savings bank for legal services rendered to it by its own attorney only whe
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Nearby Sections
15
§ 54C-1
Title§ 54C-10
Certificate of incorporation§ 54C-100
Membership of a mutual association§ 54C-101
Directors§ 54C-102
Bylaws§ 54C-104
Conflicts of interest§ 54C-105
Voting rights§ 54C-106
Annual meetings notice required§ 54C-107
Special meetings; notice required§ 54C-108
Quorum§ 54C-109
Bonding§ 54C-12
Criteria to be met before the Commissioner of Banks may recommend approval of an application§ 54C-121
Loans