Identical to H 814, filed 4/6/11.
Adds to GS 24-1.1A(c) a definition of discount points that includes fees paid by or on behalf of a borrower to certain federal agencies and entities levied by such agencies or entities to compensate for increased risks and costs relating to the mortgage loan. Adds to GS 24-1.1E(a)(5) to define "points and fees" to exclude certain fees paid by or on behalf of a borrower to certain federal agencies. Amends GS 24-1.1E(a)(6) to exclude from the definition of "discount points" as used in that sub-subdivision the fees that the act adds to the definition of "discount points" in GS 24-1.1A(c). Amends GS 53-244.101 to prohibit the Insurance Commissioner from refusing to renew a loan originator's license based on the loan originator's credit score at the time of the renewal. Amends GS 53-244.103(b) to reduce the minimum surety bonds required of mortgage brokers generally from $75,000 to $50,000, from $125,000 to $75,000 for brokers with annual business between $10 million and $50 million, and from $250,000 to $100,000 for brokers with annual business greater than $50 million. Reduces minimum surety bonds required of mortgage lenders and servicers generally from $150,000 to $75,000, from $250,000 to $125,000 for lenders and servicers with annual business of between $10 million and $50 million, and from $500,000 to $200,000 for lenders and services with annual business of more than $50 million. Amends GS 53-244.115(b) to require the Insurance Commissioner to notify parties subject to a complaint examination when the examination is complete and to initiate any disciplinary actions within 12 months of the date of the notice. Effective October 1, 2011.
FAIR COMPENSATION FOR MORTGAGE BROKER/LENDER.
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View NCGA Bill Details | 2011-2012 Session |
TO MAKE HOME MORTGAGE LENDING MORE COMPETITIVE IN NORTH CAROLINA.Intro. by Meredith.
Status: Re-ref Com On Commerce (Senate Action) (May 2 2011)
Bill History:
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Mon, 11 Apr 2011 Senate: Filed
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Tue, 12 Apr 2011 Senate: Passed 1st Reading
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Tue, 12 Apr 2011 Senate: Ref To Com On Finance
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Mon, 2 May 2011 Senate: Withdrawn From Com
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Mon, 2 May 2011 Senate: Re-ref Com On Commerce
S 559
Bill Summaries:
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Bill S 559 (2011-2012)Summary date: Apr 11 2011 - View Summary
View: All Summaries for Bill