AN ACT TO ELIMINATE THE REQUIREMENT THAT LICENSED MORTGAGE LENDERS OBTAIN AN AUDITED FINANCIAL STATEMENT, AS RECOMMENDED BY THE LEGISLATIVE RESEARCH COMMISSION STUDY COMMITTEE ON BANKING LAW AMENDMENTS.
Amends GS 53-244.104, concerning The Secure and Fair Enforcement Mortgage Licensing Act, replacing the requirement that licensed mortgage lenders obtain an unqualified audited financial statement documenting required net worth and liquidity amounts with a requirement that such amounts be documented by a certified public accountant’s compilation of financial condition.
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