54B-165. Professional services.
(a) A State association or service corporation thereof must notify borrowers prior to the loan commitment of their right to select the attorney or law firm rendering legal services in connection with the loan, and the person or organization rendering insurance services in connection with the loan. Such persons or organizations must be approved by the association's board of directors, pursuant to such rules and regulations as the Commissioner of Banks may prescribe.
(b) A State association or service corporation thereof may require borrowers to reimburse such association for legal services rendered to it by its own attorney only when the fee is limited to legal services required by the making of such loan. (1981, c. 282, s. 3; 2001-193, s. 16.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 54B - Savings and Loan Associations
§ 54B-150 - Manner of making loans.
§ 54B-152 - Real property encumbrances.
§ 54B-153 - Prohibited security.
§ 54B-155 - Rule-making power of Commissioner of Banks.
§ 54B-156 - Loan expenses and fees.
§ 54B-157 - Loans conditioned on certain transactions prohibited.
§ 54B-158 - Insured or guaranteed loans.
§ 54B-159 - Purchase of loans.
§ 54B-160 - Participation in loans.
§ 54B-162 - Power to borrow money.
§ 54B-163 - Methods of loan repayment.
§ 54B-164 - Loans to one borrower.
§ 54B-165 - Professional services.