NC S351

Requires insurers licensed to issue motor vehicle liability policies to submit annual transaction reports to the Secretary by May 1 each year detailing payments for vehicle servicing or repairs made on behalf of insured parties in North Carolina.

Requires franchisors making wholesale or retail sales to franchisees to submit annual transaction reports to the Secretary by May 1 each year with franchise financial information.

Insurer reports must include recipient names and addresses, transaction dates, itemized consideration amounts paid by recipient, and total consideration paid during the reporting period.

Franchisor reports must include gross sales of each franchise in North Carolina, total sales amounts to each franchisee itemized by franchisee, and income of each franchise as reported by the franchisee.

Becomes effective January 1, 2011.