Bill Text: NC H1429 | 2010 | Regular Session | Amended
Bill Title: Mortgage Guaranty Insurer Sunset Extended
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2010-07-01 - Ch. SL 2010-40 [H1429 Detail]
Download: North_Carolina-2010-H1429-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2009
H 3
HOUSE BILL 1429
Second Edition Engrossed 5/14/09
Senate Rules and Operations of the Senate Committee Substitute Adopted 5/26/10
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Short Title: Mortgage Guaranty Insurer Sunset Extended. |
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April 13, 2009
A BILL TO BE ENTITLED
AN ACT to extend the effective date for commissioner of insurance discretion to waive THE minimum policyholders POSITION requirement under certain circumstances for mortgage guaranty insurers.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 58‑10‑125(l) reads as rewritten:
"(l) Any waiver shall be (i) for a specified
period of time not to exceed two years and (ii) subject to any terms and
conditions that the Commissioner shall deem best suited to restoring the
mortgage guaranty insurer's minimum policyholders position required by
subsection (a) of this section. Notwithstanding any other provision in this
section, the Commissioner shall not grant a waiver that would extend beyond July
1, 2011.July 1, 2015."
SECTION 2. Section 2 of S.L. 2009‑254 reads as rewritten:
"SECTION 2. This act becomes effective July 1,
2009, and expires July 1, 2011.July 1, 2015."
SECTION 3. This act is effective when it becomes law.
