State Codes and Statutes
Statutes > North-carolina > Chapter_58 > GS_58-70-80§58‑70‑80. Return of accounts and all valuable papers upontermination of permit.
Whenever the permit of acollection agency is revoked, cancelled, or terminated for any reason, allaccounts and valuable papers placed with the agency for collection shall bereturned to the person placing the account for collection within five days ofthe termination of said permit unless, upon written application, an extensionof time is granted by the Department of Insurance. All agreements between thecollection agency and creditor or forwarder are automatically cancelled as ofthe date on which said permit is revoked, cancelled or terminated. If any ofthe accounts placed for collection are in the hands of others at the time ofthe permit termination, they shall immediately be notified by the collectionagency to thereafter correspond, remit and be solely responsible to thecreditor placing the accounts with the agency for collection unless thecreditor has authorized a successor or other permit holder to continue to collectthe accounts. In the case of dissolution of the collection agency, allaccounts shall be returned within a reasonable period of time, but in any eventnot to exceed 60 days. Valuable papers shall include, but not be limited to,notes payable, creditor account cards and any other items placed within thecollection agency by the creditor. (1979, c. 835.)
