A BILL TO BE ENTITLED AN ACT TO AMEND THE NORTH CAROLINA ANTI-PREDATORY LENDING LAW, AND TO LIMIT THE PROVISIONS OF STATE MORTGAGE LENDING LAW TO BEING NO MORE RESTRICTIVE THAN FEDERAL LAW.
House committee substitute makes the following changes to the 1st edition.
Deletes the changes to GS 24-1.1A(a) regarding contract rates on home loans secured by firstmortgages or first deeds of trust.
Amends the definition of "points and fees" in GS 24-1.1E(a)(5) to exclude any up-front fees collected and paid to the Federal Housing Administration, the Veteran's Administration, or theU.S. Department of Agriculture to insure or guarantee a home loan, and eliminates references to the amount of the loan and to up-front payments for private mortgage insurance premiums.
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