State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-182

§ 53‑182.  Payment ofloans; receipts.

(a)        After each paymentmade on account of any loan, the licensee shall give to the person making suchpayment a signed, dated receipt showing the amount paid and the balance due onthe loan. No receipt shall be required in the case of payments made by theborrower's check or money order, where the entire proceeds of the check ormoney order are applied to the loan. The use of a coupon book system shall bedeemed in compliance with this section.

(b)        Upon payment of anyloan in full, a licensee shall cancel and return to the borrower, within areasonable length of time, originals or copies of any note, assignment,mortgage, deed of trust, or other instrument securing such loan, which nolonger secures any indebtedness of the borrower to the licensee. (1955, c. 1279; 1961, c.1053, s. 1; 2001‑519, s. 7.)