Adds new GS 53-244.100A to Article 19B of GS Chapter 53 to create a new funding mechanism for mortgage regulation by replacing the licensing fees for mortgage companies with an assessment system. Provides that the assessment would include a base amount of $2,000 for volumes of no more than $1.5 million, plus an additional amount based on the loan and servicing volume reported by the licensee (mortgage bankers, brokers, and servicers) to the Office of the Commissioner of Banks for the previous calendar year. Includes a table setting out the amount per thousand dollars to be applied to various brackets of loan and servicing volume. Authorizes the Commissioner of Banking to collect the assessment either annually or in periodic installments as approved by the Banking Commission.
Amends GS 53-244.101 (License renewal), repealing the renewal fees currently paid by lenders, brokers, and servicers. Amends GS 53-244.115 (Investigation and examination authority) to provide that the assessment system set out in proposed GS 53-244.100A is for the purpose of meeting the cost of regulation under Article 19B. Repeals GS 53-244.119(e) regarding administrative processing fees for license status changes. Makes additional conforming changes.
Effective October 1, 2012.