House amendment to the 2nd edition makes the following changes. Amends GS 75-121 (Foreclosure rescue transactions prohibited; exceptions; violation) to refer to certified appraisers instead of licensed appraisers.
Summary date: Apr 18 2013 - More information
Summary date: Apr 11 2013 - More information
House committee substitute makes the following changes to the 1st edition.
Retracts changes made to GS 47G-1(1) and (5).
Deletes Section 4 of 1st edition, which included changes to GS 47H-6(a)(3) and (b).
Amends GS 75-120 (Definitions), deleting default from the definitions list and a qualifying condition from the definition for foreclosure rescue transaction.
Amends GS 75-121 (Foreclosure rescue transaction prohibited; exceptions; violation), providing that an appraisal to determine the fair market value of the property must be performed no more than 120 days (previously 90 days) prior to the rescue transfer. The appraisal will be delivered to the transferor no less than seven days prior to the time the transferor becomes obligated to perform the agreement.
Makes technical changes throughout.
Summary date: Mar 4 2013 - More information
Amends GS 47G-1 to make clarifying changes and technical correctionsto the following definitions as they apply in GS Chapter 47G (Option to Purchase Contracts Executed With Lease Agreements): (1) covered lease agreement, (2) option contract or contract, and (3) option fee.
Amends GS 47G-7and GS 47H-8to delete theprovision that a violation of any provision of Chapter 47G constitutes an unfair and deceptive trade practice under GS 75-1.1.
Amends GS 47H-2 toadd that the minimum content for a deed contract must also contain a completed residential property disclosure statement as provided in GS Chapter 47E. Deletes two specified requirements as delineated in current GS 47H-2.
Current law provides that a seller whose title is not held in fee simple but is encumbered by any obligation that constitutes a lien on the propertymay execute a contract for deed only if theunderlying mortgage or encumbranceis in the seller's name. Amends GS 47H-6(Title requirements) to remove as a condition for the sale of such encumbered property that the lien be attached only to the property sold to the purchaser under the contract for deed. Makes organizational changes.
Amends GS 75-120 to define default as meaningwhenever a notice of default is filed in the county where the property is located on the loan or debt that is secured by the property, including real estate taxes (was, defined as whenever a property is more than 60 days delinquent of the loan or debt secured by the property).
Amends GS 75-121, which allows an exception to the prohibition against foreclosure rescue transactions, todelete language that required the appraisal for purposes of the exceptionto be delivered to the person transferring the property no more than three days after the appraisal and no less than seven days prior to the transfer of the property. Also deletes language that this section does not apply to exempt transactions.
Effective October 1, 2013, and applies to transactions entered on or after that date.
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