Bill Summary for H 692 (2013-2014)
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Summary date:
May 6 2013
S.L. 2013-399
Bill Information:
| View NCGA Bill Details | 2013-2014 Session |
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 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.