Bill Summary for H 692 (2013-2014)

Summary date: 

May 6 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 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.

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