A BILL TO BE ENTITLED AN ACT AMENDING THE HOMEOWNER AND HOMEBUYER PROTECTION ACT.
House committee substitute makes the following changes to the 1st edition.
Retracts changes made to GS 47G-1(1) and (5).
Deletes Section 4 of 1st edition, which included changes to GS 47H-6(a)(3) and (b).
Amends GS 75-120 (Definitions), deleting default from the definitions list and a qualifying condition from the definition for foreclosure rescue transaction.
Amends GS 75-121 (Foreclosure rescue transaction prohibited; exceptions; violation), providing that an appraisal to determine the fair market value of the property must be performed no more than 120 days (previously 90 days) prior to the rescue transfer. The appraisal will be delivered to the transferor no less than seven days prior to the time the transferor becomes obligated to perform the agreement.
Makes technical changes throughout.
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