AN ACT TO REQUIRE WRITTEN NOTICE OF AUTOMATIC CONTRACT RENEWAL FIFTEEN TO THIRTY DAYS PRIOR TO THE AUTOMATIC RENEWAL.
In addition to established provisions regarding notice of automatic contract renewal provisions, enacts new subsection GS 75-41(b1), concerning contracts between providers of products or services and consumers, establishing that contracts with automatic renewal provisions are only enforceable if, no less than 15 days nor more than 30 days prior to the automatic renewal, the provider of the products or services issues written notice to the consumer that the contract will automatically renew unless the contract is canceled.
Under current law, the provisions of GS 75-41 do not apply to insurers licensed under GS Chapter 58 or to banks, trust companies, savings and loan associations, savings banks, or credit unions meeting specified licensing requirements.
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