Beneficial North Carolina, Inc. v. State Ex Rel. North Carolina State Banking Commission

McGEE, Judge.

This appeal arises from an application by Beneficial North Carolina, Inc. (BNCI) under the North Carolina Consumer Finance Act (CFA), N.C. Gen. Stat. section 53-164 et seq., to sell a form of noncredit disability insurance known as Liberator Income Protector Plan (LIPP) in conjunction with its consumer loan business.

On 3 March 1993, BNCI applied to the Commissioner of Banks for North Carolina (Commissioner) for other business authority under N.C. Gen. Stat. section 53-172 of the CFA to sell LIPP on the same premises where BNCI conducts its loan business. The Commissioner denied…