Section 87-15.5 - DefinitionsThe following definitions apply in this Article:
(1) Applicant. - The owner or former owner of a single-family residential dwelling unit who has suffered a reimbursable loss and has filed an application for reimbursement from the Fund.(2) Board. - The State Licensing Board for General Contractors.(3) Dishonest conduct. - Fraud or deceit in either of the following: a. Obtaining a license under Article 1 of Chapter 87 of the General Statutes.b. The practice of general contracting by a general contractor.(4) Fund. - The Homeowners Recovery Fund.(5) General contractor. - A person or other entity who meets any of the following descriptions: a. Is licensed under Article 1 of Chapter 87 of the General Statutes.b. Fraudulently procures any building permit by presenting the license certificate of a general contractor.c. Fraudulently procures any building permit by falsely impersonating a licensed general contractor.(6) Reimbursable loss. - A monetary loss that meets all of the following requirements:a. Results from dishonest or incompetent conduct by a general contractor in constructing or altering a single-family residential dwelling unit.b. Is not paid, in whole or in part, by or on behalf of the general contractor whose conduct caused the loss.c. Is not covered by a bond, a surety agreement, or an insurance contract.(7) Single-family residential dwelling unit. - A separately owned residence for use of one or more persons as a housekeeping unit with space for eating, living, and permanent provisions for cooking and sanitation, whether or not attached to other such residences.N.C. Gen. Stat. § 87-15.5