Bill Summary for H 616 (2013-2014)

Summary date: 

Apr 9 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
House Bill 616 (Public) Filed Tuesday, April 9, 2013
A BILL TO BE ENTITLED AN ACT AMENDING THE SECURE AND FAIR ENFORCEMENT MORTGAGE LICENSING ACT TO PROVIDE FOR THE LICENSURE OF A TRANSITIONAL MORTGAGE LOAN ORIGINATOR.
Intro. by Szoka, Dockham, B. Brown.

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Bill summary

Amends GS 53-244.030, the definitions section of The Secure and Fair Enforcement Mortgage Licensing Act, providing that the definition of the term licensee also includes transitional mortgage loan originator. Adds transitional mortgage loan originator to the definitions section and defines it.

Amends GS 53-244.040, providing that a licensed transitional mortgage loan originator can act as a mortgage loan originator without a mortgage loan originator license.  Establishes that in anticipation of satisfaction of all requirements necessary to obtain a license as a mortgage loan originator, a transitional mortgage loan originator license can be granted to an individual who has an active license to originate mortgage loans pursuant to the laws of any state or territory of the United States other than North Carolina. This license can also be issued to a registered loan originator for the purpose of satisfying all requirements necessary to obtain a license as a mortgage loan originator under this Article.

Amends GS 53-244.050 (License and registration application; claim of exemption), providing the procedures and requirements for an applicant for licensure as a transitional mortgage loan originator, including but not limited to being at least 18 years old and and having an active license to originate mortgage loans pursuant to the laws of any state or territory of the United States other than North Carolina.

Makes conforming changes to GS 53-244.050(c) and (f), GS 53-244.060, GS 53-244.090, GS 53-244.100, GS 53-244.103, GS 53-244.104, GS 53-244.106, GS 53-244.107, GS 53-244.111, GS 53-244.114, GS 53-244.115, GS 53-244.118, GS 53-244.119, and GS 53-244.120, adding the term transitional mortgage loan originator where applicable.

Effective July 1, 2013.

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