CREDITOR/AGENCY NORTH CAROLINA STATUTORY REQUIREMENTS
These are specific statute requirements that both the creditor and agency must adhere to relative to companies that have credit and collection operations in the state of North Carolina. North Carolina statutes dictate that any company having a credit presence in the state of North Carolina utilize an agency with a North Carolina Department of Insurance permit. Williams & Williams, Inc. permit number is #101908.
North Carolina has the most stringent regulations of all states relative to collection activity in the entire United States. The law is applicable to both commercial and retail collections. Civil penalties can be assessed against the credit grantor who does not use an approved collection company with a North Carolina permit. In addition, it is a felony offense if an agency operating within the state does not have a North Carolina Department of Insurance permit.
The enforcement arm of the North Carolina Department of Insurance performed a required initial audit of our operations. All requirements were met. Separate bonding requirements and trust accounts must be maintained for North Carolina clients. Williams & Williams, Inc. is an agency in good standing.
Amendments, changes, updates and Article 70 in its entirety can be obtained through the Internet at www.ncga.state.nc.us/statutes.