Bill Summary for H 484 (2011-2012)

Summary date: 

Mar 28 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 484 (Public) Filed Friday, March 25, 2011
TO TRANSFER MANAGEMENT OF THE STATE HOME FORECLOSURE PREVENTION PROJECT AND FUND TO THE NORTH CAROLINA HOUSING FINANCE AGENCY, TO EXEMPT THE NORTH CAROLINA HOUSING FINANCE AGENCY FROM THE REQUIREMENTS OF ARTICLES 6 AND 7 OF CHAPTER 143 OF THE GENERAL STATUTES, AND TO AUTHORIZE THE COMMISSIONER OF BANKS TO ACQUIRE PROPERTY SUBJECT TO APPROVAL OF THE STATE BANKING COMMISSION.
Intro. by Brubaker.

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Bill summary

Amends GS 45-104, which establishes the State Home Foreclosure Prevention Project (Project) and the State Home Foreclosure Prevention Trust Fund (Fund), to transfer administration of the Project and Fund to the NC Housing Finance Agency (HFA). Directs the Commissioner of Banks (Commissioner) to deposit funds received from mortgage servicers into a separate account and then transfer funds no less than monthly to the Fund. Directs all funds remaining in the Fund on June 30, 2011, and any funds remaining in the Fund at the expiration of each subsequent fiscal year (was, upon expiration of the Project) to the North Carolina Housing Trust Fund. Makes other conforming and clarifying changes and makes conforming changes to GS 45-103(a), 45-105 and 45-106. Amends GS 45-101 to define Housing Finance Agency.
Amends GS 53-102, authorizing the Commissioner to establish and maintain offices as the Commissioner deems necessary (current provision states suitable office space will be provided in a state-owned public building in Raleigh). Allows the Commissioner to deal with real property and utilities in the same manner as a private person or corporation, subject to approval by the State Banking Commission.
Amends GS 122A-5, which lists the HFA’s powers, to delete requirement that the HFA comply with Articles 6 (concerning acquisitions) and 7 (concerning dispositions) of GS Chapter 146.
Effective July 1, 2011.

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