Bill Summary for H 293 (2013-2014)
|View NCGA Bill Details||2013-2014 Session|
A BILL TO BE ENTITLED AN ACT AMENDING THE SECURE AND FAIR ENFORCEMENT MORTGAGE LICENSING ACT TO REDUCE REGULATORY BURDENS, MAKING CLARIFYING AND TECHNICAL CHANGES, AND MODIFYING CERTAIN FORECLOSURE PROCEEDINGS.Intro. by Szoka, J. Bell, Hardister.
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Amends GS 53-244.050 to provide that each individual applicant for licensure as a mortgage loan originator or qualifying individual must have passed the test required under GS 53-244.080 within the five years (was, three years) immediately preceding the date of the application for a license. Provides that if an applicant for a mortgage broker license (1) meets the licensing requirements for a mortgage broker and(2) is alsoa licensed mortgage loan originator,but is not an employee per GS 53-244.030(10) and does not meet the experience requirements of GS 53-244.050(b)(2)a., that individual may be licensed as an exclusive mortgage broker upon successfully completing the pre-licensing education required under GS 53-244.070 (deletes the requirement that the applicant also complete a 16-hour residential mortgage lending course).
Amends GS 53-244.080 to provide that a licensed mortgage loan originator who fails to maintain a valid license for five years or longer (was, three years or longer) has to retake the mortgage loan originator's test.
Amends GS 53-244.102 to allow a licensed loan originator to receive credit for a continuing education course taken before the end of the reinstatement period under GS GS 53-244.101(d)(was, could only receive credit for a continuing education course in the year in which the course was taken) with exceptions under GS 53-244.070(a) and subsection (e) of this section.
Amends GS 53-244.114 regarding the authority of theNorth Carolina Commissioner of Banks to deny, suspend, revoke, restrict or limit, or refuse to issue or renew a license under Article 19B of GS Chapter 53. Deletes consideration of actions by the loan officer or limited loan officer and adds loan originatorin making a determination about licensure. Provides that the Commissioner may invokeauthority to revokeor otherwiseencumber a license if any of the specified persons in subdivision (2) of thisGS53-244.114 is the subject of an order entered within the past five years by the authority of any state or federal agency (was, state) withjurisdiction over the mortgage brokerage, lending, or servicing industry.
Amends GS 53-244.116(b) to expand the Commissioner's disciplinary authority to include prescribing a time period in which any person who surrenders a license is ineligible to submit an application for licensure or to obtain a license under Article 19B.
Repeals the following statutes: (1) GS53-244.117, which authorized the Commissioner under certain circumstances to notify the clerk of superior court to suspend foreclosure proceedingsand (2) GS 45-21.16B, which directed the clerk of superior court to suspend foreclosure proceedings for 60 days upon notice from the Commissioner. Makes a conforming change to GS 45-94.