Bill Summary for S 198 (2021)

Summary date: 

Jun 29 2021

Bill Information:

View NCGA Bill Details2021
Senate Bill 198 (Public) Filed Monday, March 8, 2021
AN ACT TO PROVIDE THAT A SETTLEMENT AGENT MAY DISBURSE SETTLEMENT PROCEEDS IN RELIANCE ON A CHECK DRAWN ON THE ACCOUNT OF OR ISSUED BY A LICENSED MORTGAGE LENDER, TO MAKE AMENDMENTS RELATING TO THE NORTH CAROLINA COMMERCIAL RECEIVERSHIP ACT, AND TO MAKE TECHNICAL CHANGES TO VARIOUS LAWS REGULATING FINANCIAL PRACTICES, AS RECOMMENDED BY THE GENERAL STATUTES COMMISSION.
Intro. by Edwards, Galey.

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Bill summary

House committee substitute to the 1st edition makes the following changes.

Part II.

Further amends GS 1-507.24, regarding the appointment of receivers. Adds a new provision to specify that the filing of a civil action by a creditor or other party in interest under the statute for sole relief in the form of the appointment of a receiver does not waive or limit any rights or remedies the creditor or other party in interest has against the debtor or the debtor's property.

Part III.

Further amends GS 66-106, which sets forth defined terms for Article 20, Loan Brokers, to make technical changes. Additionally, eliminates the exception of mortgage loans from the Article's five exemptions described (previously updated the statutory cross-reference to define mortgage loans, as excepted).

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