State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-177

§53‑177.  Recording fees.

The licensee may collect fromthe borrower the amount of any fees necessary to file or record its securityinterest with any public official or agency of a county or the State as may berequired pursuant to Article 9 of Chapter 25 of the General Statutes or G.S. 20‑58et seq. Upon full disclosure to the borrower on how the fees will be applied,such fees may either (i) be paid by the licensee to such public official oragency of the county or State, or (ii) in lieu of recording or filing, appliedby the licensee to purchase nonfiling or nonrecording insurance on theinstrument securing the loan, or (iii) be retained by a licensee that elects toself insure against the loss of a security interest by reason of not filing orrecording its security instrument: Provided, however, the amount collected bythe licensee from the borrower for the purchase of a nonfiling or nonrecordinginsurance policy, or for self insurance, shall be the premium amount for suchinsurance as fixed by the Commissioner of Insurance. Such premium shall be atleast one dollar ($1.00) less than the cost of recording or filing a securityinterest. Provided further, a licensee shall not collect or permit to becollected any notary fee in connection with any loan made under this Article,nor may a licensee collect any fee from the borrower for the cost of releasinga security interest except such fee as actually paid to any public official oragency of the county or State for such purpose. (1961, c. 1053, s. 1; 1989, c.17, s. 7; 2000‑169, s. 36.)