A BILL TO BE ENTITLED
AN ACT to amend the statutes governing collection agencies to allow the submission of a certified audit of the permit Applicant's ultimate parent as an alternative to submission of the permit applicant's balance sheet.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 58‑70‑5 reads as rewritten:
"§ 58‑70‑5.  Application to Commissioner for permit.
Any person, firm, corporation or association desiring to secure a permit as provided by G.S. 58‑70‑1, shall make application to the Commissioner of Insurance for each location at which such person, firm, corporation or association desires to carry on the collection agency business as hereinafter defined. Such applicant shall be entitled to a permit upon submission to the Commissioner of Insurance of the following:
…
(k)	A balance sheet as of the last day of the month prior to the date of submission of the application, certified true and correct by a corporate officer, partner, or proprietor, setting forth the current assets, fixed assets, current liabilities and positive net worth of the applicant, or a certified audit as of the most recent fiscal year reporting period of the applicant's ultimate parent which annually files financial information with the Securities Exchange Commission;
…."
SECTION 2.  This act is effective when it becomes law.