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 amendment makes the following changes to the 2nd edition.
Deletes the repeal of GS 24-1.1F, Rate spread home loans.
Instead, deletes GS 24-1.1F(a), (b), (c), and (d). Enacts new GS 24-1.1F(a1), (b1), (c1), and (d1). GS 24-1.1F(a1) provides that a rate spread home loan is a loan with an annual percentage rate (APR) that exceeds the limits set out in 15 USC 1639c(c)(1)(B)(ii) and any additional regulations promulgated thereunder. GS 24-1.1F(b1) provides that making a rate spread home loan that violates 15 USC 1639c(c) is declared as usurious in violation of the provisions of this Chapter. GS 24-1.1F(c1) provides that any prepayment penalty in violation of 15 USC 1639c(c) will be unenforceable. GS 24-1.1F(d1) provides that a borrower is not entitled to recover twice for the same wrong. Allows the Attorney General, Commissioner of Banks, or any party to a rate spread home loan to enforce the statute. Provides that a mortgage broker who brokers a rate spread home loan that violates the statute will be jointly and severally liable with the lender.
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