Senate committee substitute to the 1st edition makes the following changes.
Amends proposed GS 24-10(g)(2), applicable to loans secured by a second or junior lien, as specified, by adding that the term total loan amount is as defined in GS 24-101E.
SECOND MORTGAGE FEE ALIGNMENT ACT.
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View NCGA Bill Details | 2025-2026 Session |
AN ACT TO MODIFY THE MAXIMUM PERMISSIBLE FEES OR DISCOUNTS THAT CERTAIN LENDERS MAY CHARGE ON SECOND OR JUNIOR LIEN REAL ESTATE LOANS TO ALIGN MORE CLOSELY WITH FEDERAL QUALIFIED MORTGAGE STANDARDS.Intro. by Craven, Overcash, Blue.
Bill History:
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Tue, 25 Mar 2025 Senate: Filed
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Wed, 26 Mar 2025 Senate: Passed 1st Reading
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Wed, 26 Mar 2025 Senate: Ref To Com On Rules and Operations of the Senate
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Tue, 1 Apr 2025 Senate: Withdrawn From Com
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Tue, 8 Apr 2025 Senate: Reptd Fav Com Substitute
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Tue, 8 Apr 2025 Senate: Com Substitute Adopted
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Tue, 8 Apr 2025 Senate: Re-ref Com On Rules and Operations of the Senate
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Wed, 9 Apr 2025 Senate: Reptd Fav
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Thu, 10 Apr 2025 Senate: Passed 2nd Reading
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Thu, 10 Apr 2025 Senate: Passed 3rd Reading
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Mon, 14 Apr 2025 Senate: Regular Message Sent To House
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Mon, 14 Apr 2025 House: Regular Message Received From Senate
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Tue, 15 Apr 2025 House: Passed 1st Reading
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Tue, 15 Apr 2025 House: Ref To Com On Rules, Calendar, and Operations of the House
Bill Summaries:
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Bill S 675 (2025-2026)Summary date: Apr 8 2025 - View Summary
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Bill S 675 (2025-2026)Summary date: Mar 31 2025 - View Summary
Current law limits lenders from charging or receiving fees or discounts that total more than 2% in the aggregate on loans that are secured by a second or junior lien on real property. Amends GS 24-10, concerning maximum fees on loans secured by real property, as follows. Notwithstanding any fee limitations set forth in the statute, directs that the 2% limit discussed above does not apply to a loan secured by a second or junior lien on real property by one of the home loan lenders described in GS 24-1.1A so long as the total points and fees charged to the borrower by all lenders in connection with the loan do not exceed the lesser of (i) the amounts specified in 12 C.F.R. § 1026.43(e)(3) (federal truth in lending regulations), or (ii) 3% of the total loan amount. Applies to loans made on or after the act becomes law.