Amends GS 58-36-85, requiring the date of termination of auto insurance for nonpayment of the premium to be at least 15 days from the date the notice of termination is mailed (currently, the 15-day delay is permissive, not required).
Requires insurers to provide a copy of the required written notice of cancellation to any lienholder, defined as a person who holds a perfected security interest in a motor vehicle at the time a policy is terminated, of record, at least 10 calendar days prior to the effective date of the termination of the policy, by first-class mail to the lienholder's last known address. Failure to comply does not affect the effectiveness of the termination.
Makes conforming changes.
Effective October 1, 2017, and applies to terminations on or after that date.
Bill S 150 (2017-2018)Summary date: Feb 28 2017 - View summary