Bill Law

HB 717 bill excludes certain mortgage insurance premiums from our NC definition of "points and fees" in high cost home loans, weakening our predatory mortgage lending protections. The NC Commissioner of Banks (NCCOB) persuaded the bill sponsors to allow NCCOB to investigate these issues further and recommend to the legislature what action, if any, should be taken. Since the bills...

HB 814 and its companion SB 559, Fair Compensation for Mortgage Broker/Lender would have rolled back mortgage lending protections in our state including: Weakening our predatory mortgage lending protections by raising the limits on allowable fees and discount points, Cutting broker bond requirements in half, a serious problem for borrowers who have been harmed by a broker, and Reducing the...

In 1999, North Carolina became the first state to enact legislation to curb predatory mortgage lending. Over the many years since, the North Carolina law has proven its effectiveness in curtailing predatory lending while preserving a robust subprime lending market. Full Text of the Law Short Summary of SB 1149 Full Summary of SB 1149 During the first year after...

Summary of the North Carolina Mortgage Broker Licensing Law (pdf) Full Text of Mortgage Broker Licensing Law (pdf) Session Law FAQs about the NC Broker Law In August 2001, NC Governor Mike Easley signed into law the NC Mortgage Lending Act, Senate Bill 904. This law passed both houses with strong support and was endorsed by all major financial trade...