reglab/housing_qa huggingface dataset:
NC Gen Stat § 53-260 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 21 - Reverse Mortgages.|§ 53-260 - Interest.

 53-260. Interest.Notwithstanding any other provisions of law to the contrary, the parties to a reverse mortgage loan may contract for the payment of interest at a rate agreed to by the parties. Interest shall be deferred until the earliest occurrence of one or more events specified in the reverse mortgage loan contract. Payment of interest on deferred interest shall be as agreed upon by the parties to the contract. The parties may agree that the deferred interest may be added to the outstanding balance of the loan. The Commissioner may determine that the total annual percentage rate is excessive. If the Commissioner determines the total annual percentage rate to be excessive, that determination shall be included in the information provided to counselors under G.S. 53-264(a)(7), and to applicants for reverse mortgage loans under G.S. 53-264(b). (1991, c. 546, s. 1; 1995, c. 115, s. 1.)
NC Gen Stat § 53-261 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 21 - Reverse Mortgages.|§ 53-261 - Taxes, insurance, and assessments.

 53-261. Taxes, insurance, and assessments.A reverse mortgage loan contract may provide that it is the primary obligation of the borrower to pay all property taxes, insurance premiums, and assessments in a timely manner, and that the failure of the borrower to make these payments and to provide evidence of payment to the lender may constitute grounds for default of the loan. A reverse mortgage loan contract shall state that if a borrower fails to pay property taxes, insurance premiums, or assessments, the lender may choose, at the lender's option, to pay the amounts due, charge them to the reverse mortgage loan, and recalculate regularly scheduled payments under the loan to account for the increased outstanding loan balance. (1991, c. 546, s. 1; 1995, c. 115, s. 1.)
NC Gen Stat § 53-262 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 21 - Reverse Mortgages.|§ 53-262 - Renegotiation of loan; calculation of outstanding balance; prepayment.

 53-262. Renegotiation of loan; calculation of outstanding balance; prepayment.(a) If a reverse mortgage loan contract allows for a change in the payments or payment options, the lender may charge a reasonable fee when payments are recalculated.(b) The outstanding loan balance shall be calculated by adding the current totals of items described in subdivisions (1) through (4) below, and subtracting the current totals of all reverse mortgage loan payments made by the borrower to the lender:(1) The sum of all disbursements made by the lender to the borrower, or to another party on the borrower's behalf.(2) All taxes, assessments, insurance premiums, and other similar charges paid to date by the lender under G.S. 53-261 and not reimbursed by the borrower within 60 days of the date payment was made by the lender.(3) All actual closing costs the borrower has deferred, if a deferral provision is contained in the loan agreement.(4) The total accrued interest to date.(c) Prepayment of the reverse mortgage loan, in whole or part, shall be permitted without penalty at any time during the term of the loan. (1991, c. 546, s. 1; 1995, c. 115, s. 1.)
NC Gen Stat § 53-263 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 21 - Reverse Mortgages.|§ 53-263 - Limits on borrowers' liability.

 53-263. Limits on borrowers' liability.(a) When a reverse mortgage loan becomes due, if the borrower mortgaged one hundred percent (100%) of the full value of the house then the amount owed by the borrower shall not be greater than (i) the fair market value of the house, minus sale costs, or (ii) the outstanding balance of the loan, whichever amount is less.(b) If the borrower mortgaged less than one hundred percent (100%) of the full value of the house, the amount owed by the borrower shall not be greater than (i) the outstanding balance of the loan, or (ii) the percentage of the fair market value, minus sale costs, as provided in the contract, whichever amount is less.(c) The lender shall enforce the debt only through the sale of the property and shall not obtain a deficiency judgment against the borrower. (1991, c. 546, s. 1; 1995, c. 115, s. 1.)
NC Gen Stat § 53-264 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 21 - Reverse Mortgages.|§ 53-264 - Disclosures of loan terms.

 53-264. Disclosures of loan terms.(a) On forms prescribed by the Commissioner, all authorized lenders shall provide all of the following information to the Commissioner for dissemination to all counselors who provide counseling to prospective reverse mortgage borrowers: (1) The borrower's rights, obligations, and remedies with respect to the borrower's temporary absence from the home, late payments by the lender, and payment default by the lender. (2) Conditions or events that require the borrower to repay the loan obligation. (3) The right of the borrower to mortgage less than the full value of the home, if permitted by the reverse mortgage loan contract. (4) The projected total annual percentage rate applicable under various loan terms and appreciation rates and interest rates applicable at sample ages of borrowers. (5) Standard closing costs. (6) All service fees to be charged during the term of the loan. (7) Other information required by the Commissioner. (8) Information relating to contracts for shared appreciation or shared value, as required by G.S. 53-270.1.(b) Within 10 business days after application is made by a borrower, but not less than 20 business days before closing of the loan, lenders shall provide applicants with the same information required in subsection (a) of this section, shall inform applicants that reverse mortgage counseling is required before the loan can be closed, and shall provide the names and addresses of counselors listed with the Commissioner's office. (1991, c. 546, s. 1; 1995, c. 115, s. 1; 1998-116, s. 4.)
NC Gen Stat § 53-265 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 21 - Reverse Mortgages.|§ 53-265 - Information required of lender.

 53-265. Information required of lender.(a) At the closing of the reverse mortgage loan, the lender shall provide to the borrower the name of the lender's employee or agent who has been designated specifically to respond to inquiries concerning reverse mortgage loans. This information shall be provided by the lender to the borrower at least annually, and whenever the information concerning the designated employee or agent changes.(b) On an annual basis and when the loan becomes due, the lender shall issue to the borrower, without charge, a statement of account regarding the activity of the mortgage for the preceding calendar year, or for the period since the last statement of account was provided. The statement shall include all of the following information for the preceding year:(1) The outstanding balance of the loan at the beginning of the statement period.(2) Disbursements to the borrower.(3) The total amount of interest added to the outstanding balance of the loan.(4) Any property taxes, insurance premiums, or assessments paid by the lender.(5) Payments made to the lender.(6) The total mortgage balance owed to date.(7) The remaining amount available to the borrower in reverse mortgage loans wherein proceeds have been reserved to be disbursed in one or more lump sum amounts. (1991, c. 546, s. 1; 1995, c. 115, s. 1.)
NC Gen Stat § 53-266 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 21 - Reverse Mortgages.|§ 53-266 - Effects of lender's default.

 53-266. Effects of lender's default.(a) A lender's failure to make loan advances to the borrower under the reverse mortgage loan contract shall be deemed the lender's default of the contract. Upon the lender's default, the lender shall forfeit any right to collect interest or service charges under the contract. The lender's right to recovery at loan maturity shall be limited to the outstanding balance as of the date of default, minus all interest. Lenders may also be subject to other default penalties established by the Commissioner.(b) Subsection (a) of this section shall not apply if the lender has previously declared the borrower in default under G.S. 53-267, or if the lender makes the required loan advance within the time stated in the mortgage contract or within 30 days of receipt of notice from the borrower that the loan advance was not received. (1991, c. 546, s. 1; 1995, c. 115, s. 1.)
NC Gen Stat § 53-267 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 21 - Reverse Mortgages.|§ 53-267 - Repayment upon borrower's default.

 53-267. Repayment upon borrower's default.A reverse mortgage loan contract may provide for a borrower's default, thereby triggering early repayment of the loan, based only upon one or more of the following terms and conditions:(1) The borrower fails to maintain the residence as required by the contract.(2) The borrower sells or otherwise conveys title to the home to a third party.(3) The borrower dies and the home is not the principal residence of the surviving borrower.(4) The home is not the principal residence of at least one of the borrowers for a period of 12 consecutive months for reasons of physical or mental illness.(5) For reasons other than physical or mental illness, the home ceases to be the principal residence of the borrower for a period of 180 consecutive days and is not the principal residence of another borrower under the loan, without prior written permission from the lender.(6) The borrower fails to pay property taxes, insurance premiums, and assessments under G.S. 53-261. (1991, c. 546, s. 1; 1995, c. 115, s. 1.)
NC Gen Stat § 53-268 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 21 - Reverse Mortgages.|§ 53-268 - Time for initiation of foreclosure.

 53-268. Time for initiation of foreclosure.When a borrower's obligation to repay the reverse mortgage loan is triggered under G.S. 53-267, in addition to all rights conferred upon owners and borrowers under Chapter 45 of the General Statutes, the lender must give the borrower not less than 90 days' notice of its intent to initiate foreclosure proceedings. If the contract so provides, interest will continue to accrue during the 90-day period. (1991, c. 546, s. 1; 1995, c. 115, s. 1.)
NC Gen Stat § 53-269 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 21 - Reverse Mortgages.|§ 53-269 - Counseling provisions.

 53-269. Counseling provisions.(a) The North Carolina Housing Finance Agency shall adopt rules governing the training of counselors and necessary standards for counselor training and shall establish reasonable fees for training. The North Carolina Housing Finance Agency shall forward the names of all persons satisfying counselor training requirements to the Commissioner.(b) The Commissioner shall maintain a list of counselors who have satisfied training requirements and shall periodically provide an up-to-date copy of the list to all authorized lenders.(c) The Commissioner shall provide to all counselors who have satisfied training requirements information provided to the Commissioner by authorized lenders under G.S. 53-265. (1991, c. 546, s. 1; 1995, c. 115, s. 1.)
NC Gen Stat § 53-270 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 21 - Reverse Mortgages.|§ 53-270 - Prohibited acts.

 53-270. Prohibited acts.Reverse mortgage lenders are prohibited from engaging in any of the following acts in connection with the making, servicing, or collecting of a reverse mortgage loan:(1) Misrepresenting material facts, making false promises, or engaging in a course of misrepresentation through agents or otherwise.(2) Failing to disburse funds in accordance with the terms of the reverse mortgage loan contract or other written commitment.(3) Improperly refusing to issue a satisfaction of a mortgage.(4) Engaging in any action or practice that is unfair or deceptive, or that operates a fraud on any person.(5) Contracting for or receiving shared appreciation or shared value, except as provided in G.S. 53-270.1.(6) Closing a reverse mortgage loan without receiving certification from a person who is certified as a reverse mortgage counselor by the State that the borrower has received counseling on the advisability of a reverse mortgage loan and the various types of reverse mortgage loans and the availability of other financial options and resources for the borrower, as well as potential tax consequences.(7) Failing to comply with this Article. (1991, c. 546, s. 1; 1995, c. 115, s. 1; 1998-116, s. 1.)
NC Gen Stat § 53-271 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 21 - Reverse Mortgages.|§ 53-271 - Commissioner's authority to enforce; penalties.

 53-271. Commissioner's authority to enforce; penalties.(a) The Commissioner shall adopt rules necessary to implement and enforce the provisions of this Article. Upon finding probable cause to believe that an authorized lender is in violation of this Article, or of any law or any rule or regulation of this State, the United States, or an agency of the State or the United States, the Commissioner shall, after affording reasonable notice and opportunity to be heard to the lender, order the lender to cease and desist from the violation.(b) If a lender fails to comply with or appeal the Commissioner's cease and desist order, the lender shall be subject to a civil penalty of one thousand dollars ($1,000) for each violation that is the subject of the cease and desist order. The penalty imposed under this section shall be in addition to and not in lieu of penalties available under any other provision of law applicable to a reverse mortgage lender.(c) Upon a finding that a reverse mortgage lender has violated this Article, the Commissioner may revoke, temporarily or permanently, the authority of the lender to make reverse mortgage loans.(d) A person damaged by a lender's actions may file an action in civil court to recover actual and punitive damages. Attorneys' fees shall be awarded to a prevailing borrower. Nothing in this Article shall limit any statutory or common law right of a person to bring an action in court for any act, nor shall this Article limit the right of the State to punish a person for the violation of any law. (1991, c. 546, s. 1; 1995, c. 115, s. 1.)
NC Gen Stat § 53-272 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 21 - Reverse Mortgages.|§ 53-272 - Appeals.

 53-272. Appeals.The Banking Commission may review any rule, regulation, order, or act of the Commissioner done pursuant to or with respect to the provisions of this Article. Any person aggrieved by any such rule, regulation, order, or act may appeal, pursuant to G.S. 53C-2-6, to the Commission for review upon giving notice in writing within 20 days after such rule, regulation, order, or act complained of is adopted, issued, or done. Notwithstanding any other provision of law, any aggrieved party to a decision of the Banking Commission shall be entitled to petition for judicial review pursuant to G.S. 53C-2-6.  (1991, c. 546, s. 1; 1995, c. 115, s. 1; c. 129, s. 42; 2009-57, s. 9; 2012-56, s. 27.)
NC Gen Stat § 53-275 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 22 - Check-Cashing Businesses.|§ 53-275 - Definitions.

 53-275. Definitions.As used in this Article, unless the context clearly requires otherwise, the term:(1) "Cashing" means providing currency for payment instruments, but does not include the bona fide sale or exchange of travelers checks and foreign denomination payment instruments.(2) "Check-cashing service" means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration.(3) "Commission" means the State Banking Commission.(4) "Commissioner" means the Commissioner of Banks.(5) "Licensee" means a person or entity licensed to engage in a check-cashing business under this Article.(6) "Person" means an individual, partnership, association, or corporation. (1997-391, s. 1.)
NC Gen Stat § 53-276 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 22 - Check-Cashing Businesses.|§ 53-276 - License required.

 53-276. License required.No person or other entity may engage in the business of cashing checks, drafts, or money orders for consideration without first obtaining a license under this Article. No person or other entity providing a check-cashing service may avoid the requirements of this Article by providing a check or other currency equivalent instead of currency when cashing payment instruments. (1997-391, s. 1.)
NC Gen Stat § 53-277 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 22 - Check-Cashing Businesses.|§ 53-277 - Exemptions.

 53-277. Exemptions.(a) This Article does not apply to any of the following:(1) A bank, savings institution, credit union, or farm credit system organized under the laws of the United States or any state.(2) Any person or entity principally engaged in the bona fide retail sale of goods or services that, either as an incident to or independently of a retail sale or service and not holding itself out to be a check-cashing service, from time to time cashes checks, drafts, or money orders for a fee or other consideration and charges no more than two dollars ($2.00) for the service.(b) A person licensed under Article 16B of this Chapter (Money Transmitters Act) is exempt from G.S. 53-276, 53-278, 53-279, and 53-284, but is deemed a licensee for purposes of the remaining provisions of this Article. This exemption does not apply to an authorized delegate of a person licensed under Article 16B of this Chapter.  (1997-391, s. 1; 2001-443, s. 4; 2021-93, s. 12.)
NC Gen Stat § 53-278 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 22 - Check-Cashing Businesses.|§ 53-278 - Application for license; investigation; application fee.

 53-278. Application for license; investigation; application fee.(a) An application for licensure under this Article shall be in writing, under oath, and on a form prescribed by the Commissioner. The application shall set forth all of the following:(1) The name and address of the applicant.(2) If the applicant is a firm or partnership, the name and address of each member of the firm or partnership.(3) If the applicant is a corporation, the name and address of each officer, director, registered agent, and principal.(4) The addresses of the locations of the business to be licensed.(5) Other information concerning the financial responsibility, background experience, and activities of the applicant and its members, officers, directors, and principals as the Commissioner requires.(b) The Commissioner may make such investigations as the Commissioner deems necessary to determine if the applicant has complied with all applicable provisions of this Article and State and federal law.(c) The application shall be accompanied by payment of a two hundred fifty dollar ($250.00) application fee and a five hundred dollar ($500.00) investigation fee. These fees are not refundable or abatable, but, if the license is granted, payment of the application fee shall satisfy the fee requirement for the first license year or remaining part thereof.(d) Licenses shall expire annually and may be renewed upon payment of a license fee of two hundred fifty dollars ($250.00) plus a fifty dollar ($50.00) fee for each branch location certificate issued under a license. (1997-391, s. 1.)
NC Gen Stat § 53-279 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 22 - Check-Cashing Businesses.|§ 53-279 - Liquid assets required; other qualifications; denial of license; hearing.

 53-279. Liquid assets required; other qualifications; denial of license; hearing.(a) Every licensee and applicant shall have and maintain liquid assets of at least fifty thousand dollars ($50,000) per licensee.(b) Upon the filing and investigation of an application, and compliance by the applicant with G.S. 53-278, and this section, the Commissioner shall issue and deliver to the applicant the license applied for to engage in business under this Article at the locations specified in the application, provided that the Commissioner finds that the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, officers, directors, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law. If the Commissioner fails to make such findings, no license shall be issued, and the Commissioner shall notify the applicant of the denial and the reasons therefor. The applicant shall be entitled to an informal hearing on the denial provided the applicant requests the hearing in writing within 30 days after the Commissioner has mailed the notice required under this subsection to the applicant. In the event of a hearing, which shall be held in the offices of the Commissioner of Banks in Raleigh, the Commissioner shall reconsider the application and, after hearing, issue a written order granting or denying the application. (1997-391, s. 1.)
NC Gen Stat § 53-280 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 22 - Check-Cashing Businesses.|§ 53-280 - Maximum fees for service; fees posted; endorsement of checks cashed.

 53-280. Maximum fees for service; fees posted; endorsement of checks cashed.(a) Notwithstanding any other provision of law, no check-cashing business licensed under this Article shall directly or indirectly charge or collect fees or other consideration for check-cashing services in excess of the following:(1) Three percent (3%) of the face amount of the check or five dollars ($5.00), whichever is greater, for checks issued by the federal government, State government, or any agency of the State or federal government, or any county or municipality of this State.(2) Ten percent (10%) of the face amount of the check or five dollars ($5.00), whichever is greater, for personal checks.(3) Five percent (5%) of the face amount of the check or five dollars ($5.00), whichever is greater, for all other checks, or for money orders.(b) A licensee may not advance monies on the security of any check unless the account from which the check being presented is drawn is legitimate, open, and active. Except as provided by G.S. 53-281(a), any licensee who cashes a check for a fee shall deposit the check not later than three business days from the date the check is cashed.(c) A licensee shall ensure that in every location conducting business under a license issued under this Article, there is conspicuously posted and at all times displayed a notice stating the fees charged for cashing checks, drafts, and money orders. A licensee shall further ensure that notice of the fees currently charged at every location shall be filed with the Commissioner.(d) A licensee shall endorse every check, draft, or money order presented by the licensee for payment in the name of the licensee. (1997-391, s. 1.)
NC Gen Stat § 53-281 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 22 - Check-Cashing Businesses.|§ 53-281 - Expired.

 53-281: Expired.