If, for the premium being financed, an insurance agent holds a dishonored check given by the insured as down payment, certification to the premium finance company by the agent that he holds a dishonored check and that the agent agrees to hold the premiumfinancecompany harmless shall entitle the premium finance company to make any remittance due the insured to the agent and not to the insured, provided that no remittance of return premium due the insured shall be made to the agent in any amount in excess of the amount of the dishonored check. A copy of the dishonored check shall be submitted to the premium finance company by the agent at the time of certification.

(Authority G.S. 58-2-40; 58-35-85; Eff. January 1, 1978; Amended Eff. May 1, 1989; July 1, 1986; Temporary Amendment Eff. December 1, 1999; Amended Eff. July 1, 2000.)

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