Bill Summary for H 692 (2013-2014)

Summary date: 

May 8 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
House Bill 692 (Public) Filed Tuesday, April 9, 2013
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.
Intro. by Szoka, Hanes, Dockham, Samuelson.

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Bill summary

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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