13 .0316 - ADDITIONAL BALANCE NOTICE TO INSURED

13 .0316. ADDITIONAL BALANCE NOTICE TO INSURED

When a premium finance agreement provides for the financing of additional balances and such additional balances are added to the agreement by the licensee, a notice of the additional balance shall be mailed to the insured, at his last known address as shown on the agreement, by the licensee. The notice shall be mailed prior to the next payment due date and include an explanation of the amount added, the service charge added, the new balance payable by the insured, the number of payments required, the amount of each payment, the date each payment is due and all other pertinent information.

(Authority G.S. 58-2-40; Eff. February 1, 1976; Readopted Eff. January 1, 1978; Amended Eff. May 1, 1989.)

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