Bill Summary for S 675 (2025-2026)

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Bill: SECOND MORTGAGE FEE ALIGNMENT ACT.

Summary date: 

Apr 8 2025

Bill Information:

View NCGA Bill Details(link is external)2025-2026 Session
Senate Bill 675 (Public) Filed Tuesday, March 25, 2025
AN ACT TO MODIFY THE MAXIMUM PERMISSIBLE FEES OR DISCOUNTS THAT CERTAIN LENDERS MAY CHARGE ON SECOND OR JUNIOR LIEN REAL ESTATE LOANS TO ALIGN MORE CLOSELY WITH FEDERAL QUALIFIED MORTGAGE STANDARDS.
Intro. by Craven, Overcash, Blue.

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Bill summary

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

Amends proposed GS 24-10(g)(2), applicable to loans secured by a second or junior lien, as specified, by adding that the term total loan amount is as defined in GS 24-101E.