Bill Summary for H 203 (2013-2014)

Summary date: 

Apr 11 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
House Bill 203 (Public) Filed Monday, March 4, 2013
A BILL TO BE ENTITLED AN ACT AMENDING THE HOMEOWNER AND HOMEBUYER PROTECTION ACT.
Intro. by Stam.

View: All Summaries for BillTracking:

Bill summary

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.

© 2021 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view