reglab/statecodes huggingface dataset:
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0400 - REPORTING AND NOTIFICATION REQUIREMENTS › Section 03M .0403 - TERMINATION OF OPERATIONS OR EMPLOYMENT

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A
				  licensee or registrant shall notify the Commissioner in writing of its decision
				  to cease operations in this State, and the anticipated effective date of the
				  cessation of operations, at least 15 days before the cessation.
(b) A mortgage lender, mortgage servicer, or
				  mortgage broker that has not originated or serviced a mortgage loan within a
				  12-month period is considered to have ceased operations. A mortgage origination
				  support registrant that has not processed or underwritten a mortgage loan
				  within a 12-month period is considered to have ceased operations. Cessation of
				  operations is grounds for summary suspension pursuant to
				  G.S.
				  53-244.114(b). However, that
				  suspension for cessation of operations shall not extend or revive any license
				  that would otherwise terminate on December 31st based on the person's failure
				  to renew its license or registration or the Commissioner's refusal to renew the
				  license or registration.
(c) A
				  mortgage broker, mortgage lender, mortgage servicer, or mortgage origination
				  support registrant shall not sponsor a mortgage loan originator who is not an
				  employee of the person and shall notify the Commissioner within 30 days of the
				  termination of the individual mortgage loan originator's employment and
				  sponsorship.
Authority
					 G.S.
					 53-244.100;
					 53-244.114(b);
					 53-244.118;
Eff. April
					 1, 2003;
Amended Eff. May 1, 2010; April 1, 2008;
Readopted Eff. August 1, 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0500 - RECORD AND BOOKKEEPING REQUIREMENTS › Section 03M .0501 - RECORDS TO BE MAINTAINED

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A
				  licensee shall maintain or cause to be maintained a record of all cash, checks,
				  or other monetary instruments received in connection with each mortgage loan
				  application showing the identity of the payor, date received, amount, and
				  purpose.
(b) A licensee shall
				  maintain a record showing a sequential listing of checks written for each bank
				  account relating to the licensee's business as a mortgage broker or mortgage
				  lender, showing the payee, amount, date, and purpose of payment, including
				  identification of the loan to which it relates. The licensee shall reconcile
				  the bank accounts monthly. Financial records shall be kept in a manner to
				  permit review by examiners.
(c) A
				  licensed mortgage lender or mortgage broker shall maintain a current listing of
				  all mortgage loan applications in an electronic, searchable, and sortable
				  format that permits a review of information by the Commissioner.
(d) A licensed mortgage lender or mortgage
				  broker shall create and retain a file for each mortgage loan application that
				  contains the following, as applicable:
(1) the
				  applicant's name;
(2) date the
				  application was taken;
(3) name of
				  the person taking the application;
(4) the executed application itself;
				  and
(5) if the loan was closed;
(A) the Closing Disclosure or HUD-1
				  Settlement Statement;
(B) the loan
				  note;
(C) the deed of
				  trust;
(D) all agreements or
				  contracts with the applicant, including any commitment and lock-in agreements,
				  and other information utilized in the origination of the mortgage loan;
				  and
(E) all disclosures required by
				  State or Federal law.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0500 - RECORD AND BOOKKEEPING REQUIREMENTS › Section 03M .0502 - FORM AND LOCATION OF RECORDS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The records
				  may be maintained in any form that is convertible into legible, tangible
				  documents by the licensee.
(b) All
				  records required by this Section shall be prepared in accordance with generally
				  accepted accounting principles, where applicable.
(c) All records required to be maintained
				  shall be secured against unauthorized access and damage in a location within
				  the State accessible to the Commissioner. However, a licensee or registrant
				  that maintains a centralized out-of-state storage facility for the records from
				  multiple states may request the Commissioner to approve its storage of such
				  records in such out-of-state location. The requests shall be approved provided
				  that:
(1) the Commissioner determines that the
				  proposed storage will ensure that the records are secured against unauthorized
				  access and damage; and
(2) the
				  licensee or registrant agrees in writing to make available at its expense for
				  inspection and copying upon request by the Commissioner copies of all requested
				  records in a form that satisfies the requirements of Paragraph (a) of this
				  Rule.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0600 - ORIGINATION PRACTICES › Section 03M .0602 - SELLER DISCOUNTS FOR USE OF AFFILIATED MORTGAGE LENDER OR BROKER

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A mortgage lender or mortgage broker
				  shall not originate a mortgage loan if the use of that mortgage lender or
				  mortgage broker is a condition for the borrower to receive a discount or thing
				  of value from a seller affiliated with the mortgage lender or mortgage broker,
				  unless:
(1) the discount conditioned on the
				  use of the mortgage lender or mortgage broker is disclosed on a separate
				  document from any other discount provided by the seller in a written document
				  that informs the borrower that the choice of a lender not affiliated with the
				  seller will not affect any other concessions or discounts offered to the
				  borrower for the purchase of the home, other than the incentive offered for the
				  use of the affiliated lender;
(2)
				  the discount conditioned on the use of the mortgage lender or mortgage broker
				  may be used to pay only the following:
(A)
				  bona fide and reasonable closing costs associated with the loan as permitted
				  under G.S. 24-8(d);
				  and
(B) bona fide discount points,
				  that are paid by the borrower for the purpose of reducing the interest rate
				  below the market rate for that loan product and which in fact reduces the
				  interest rate below the market rate for that loan product; and
(3) the discount does not exceed
				  three percent of the final sales price.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0700 - SERVICING › Section 03M .0701 - TRANSFER OF SERVICING RIGHTS

Current through Register Vol. 39, No. 2, July 15, 2024
A person shall not transfer servicing rights or obligations
					 to a person unless that person holds a mortgage servicing license or is a
					 person exempt from the Act pursuant to
					 G.S.
					 53-244.040.
Authority
					 53-244.100(a); 53-244.110(1); 53-244.110(3);
Eff. May 1,
					 2010;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0700 - SERVICING › Section 03M .0702 - REQUIREMENTS FOR MORTGAGE SERVICERS TO COMMUNICATE EFFECTIVELY WITH BORROWERS REGARDING LOSS MITIGATION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A
				  mortgage servicer shall acknowledge in writing a borrower's loss mitigation
				  request no later than 10 business days after the request. The acknowledgement
				  shall identify information needed from the borrower in order for the mortgage
				  servicer to consider the borrower's loss mitigation request. For purposes of
				  this Rule and Rule .0703 of this Subchapter, a loss mitigation request is
				  considered received by a servicer upon the borrower or the borrower's agent by
				  contacting the servicer at the address, phone, or other contact information
				  required to be provided to borrowers in a notice complying with
				  G.S.
				  53-244.111(22).
(b) A mortgage servicer shall respond to a
				  loss mitigation request from a borrower no later than 30 business days after
				  the receipt of all information necessary from the borrower to assess whether or
				  not a borrower qualifies for any loss mitigation programs offered by the
				  mortgage servicer.
(c) A mortgage
				  servicer shall include in a final response denying a loss mitigation request
				  the reason for the denial and contact information for a person at the mortgage
				  servicer with authority to reconsider the denial. In addition, the denial shall
				  also include the following statement, in a boldface type and in a print no
				  smaller than the largest print used elsewhere in the main body of the denial:
				  "If you believe the loss mitigation request has been wrongly denied, you may
				  file a complaint with the North Carolina Office of the Commissioner of Banks
				  website, www.nccob.gov."
Authority
					 G.S.
					 53-244.110(7);
					 53-244.118(a);
Eff. June 1, 2010;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0700 - SERVICING › Section 03M .0703 - CESSATION OF FORECLOSURE ACTIVITY DURING PENDENCY OF LOSS MITIGATION REQUEST

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A mortgage servicer shall not initiate or
				  further a foreclosure proceeding or impose a charge incident to a foreclosure
				  proceeding during the pendency of a loss mitigation request. This requirement
				  does not apply if:
(1) the borrower has failed
				  to comply with the terms of a loss mitigation plan within the previous 12
				  months, if the loss mitigation plan:
(A) was
				  implemented pursuant to a Federal or State foreclosure prevention program,
				  including the Home Affordable Modification Program; or
(B) reduced the monthly payment of loan by
				  six percent from the scheduled monthly payment and resulted in a monthly
				  payment of principal, interest, taxes, and insurance of less than 31 percent of
				  the borrower's household income;
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 04 - BURIAL COMMISSION › Section .0100 - GENERAL PROVISIONS › Section 04 .0101-.0103

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  90-210.80;
Eff. February 1,
				  1976;
Amended Eff. June 1, 1982 (Rule .0101);
Repealed
				  Eff. August 1, 2010.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 04 - BURIAL COMMISSION › Section .0100 - GENERAL PROVISIONS › Section 04 .0104-0107

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  58-241.7;
				  58-241.8;
Eff.
				  February 1, 1976;
Repealed Eff. May 1,
				  1982.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 04 - BURIAL COMMISSION › Section .0200 - HEARINGS AND APPEALS › Section 04 .0201-0202

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  58-241.8;
				  58-241.30;
Eff.
				  February 1, 1976;
Repealed Eff. May 1,
				  1982.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 04 - BURIAL COMMISSION › Section .0300 - LICENSING: SUPERVISION AND AUDIT OF MUTUAL BURIAL ASSOCIATIONS › Section 04 .0301 - MEMBERS REQUIRED BEFORE LICENSING

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  58-241;
				  58-241.8;
Eff.
				  February 1, 1976;
Recodified to
				  21 NCAC
				  34B .0312 Eff. January 13.
				  2017.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 04 - BURIAL COMMISSION › Section .0300 - LICENSING: SUPERVISION AND AUDIT OF MUTUAL BURIAL ASSOCIATIONS › Section 04 .0302 - REPEALED - AUDIT

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  58-241.9;
				  58-241.11;
Eff.
				  February 1, 1976;
Repealed Eff. May 1,
				  1982.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 04 - BURIAL COMMISSION › Section .0300 - LICENSING: SUPERVISION AND AUDIT OF MUTUAL BURIAL ASSOCIATIONS › Section 04 .0303-.0305

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  90-210.80;
Eff. February 1,
				  1976;
Amended Eff. June 1, 1982 (Rules .0304; .0305);
Repealed Eff. August 1, 2010.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 04 - BURIAL COMMISSION › Section .0300 - LICENSING: SUPERVISION AND AUDIT OF MUTUAL BURIAL ASSOCIATIONS › Section 04 .0306 - REPEALED - ASSESSMENTS AGAINST ASSOCIATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  58-241.9;
				  58-241.11;
Eff.
				  February 1, 1976;
Repealed Eff. May 1,
				  1982.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 04 - BURIAL COMMISSION › Section .0400 - BURIAL INSURANCE AGENTS › Section 04 .0401-0402

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  58-241.10;
Eff. February 1,
				  1976;
Repealed Eff. May 1, 1982.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 04 - BURIAL COMMISSION › Section .0500 - DEATH CLAIMS › Section 04 .0501-0502

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  58-241.6;
				  58-241.8;
Eff.
				  February 1, 1976;
Repealed Eff. May 1,
				  1982.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 04 - BURIAL COMMISSION › Section .0600 - ASSUMPTION OF ASSETS AND LIABILITIES › Section 04 .0601-.0608

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  90-210.80;
Eff. May 1,
				  1982;
Repealed Eff. August 1,
				  2010.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 05 - CEMETERY COMMISSION

Current through Register Vol. 39, No. 2, July 15, 2024
Codifier's Note: This Chapter,
				04 NCAC
				05, has been transferred and recodified as
				21 NCAC
				07, effective March 1, 2013. See S.L.
				2012-120.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter A - ORGANIZATION › Section .0100 - GENERAL INFORMATION › Section 06A .0101 - NAME AND ADDRESS

Current through Register Vol. 39, No. 2, July 15, 2024
The Credit Union Division of the Department of Commerce is
					 located in Raleigh, North Carolina. The mailing address for the Credit Union
					 Division is 4314 Mail Service Center, Raleigh, North Carolina 27699-4314. The
					 office is open to the public Monday through Friday 8:00a.m. to 5:00p.m.,
					 excluding state holidays.
Authority
					 G.S.
					 54-109;
					 54-109.12;
					 54-109.21(25);
Eff. February 1, 1976;
Readopted Eff. April 4, 1978;
Amended Eff. March 1, 2013; December 1, 1989;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter A - ORGANIZATION › Section .0100 - GENERAL INFORMATION › Section 06A .0102-0106

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54-109.10;
					 54-109.11;
					 54-109.12;
					 54-109.14;
					 150A-10;
					 150A-11;
Eff.
					 February 1, 1976;
Amended Eff. January 1, 1978; January 1,
					 1977;
Readopted Eff. April 4, 1978;
Amended Eff.
					 January 1, 1984; January 1, 1983; January 1, 1981; January 1, 1980;
Repealed Eff. April 1, 1985.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter A - ORGANIZATION › Section .0200 - GENERAL INFORMATION: CREDIT UNION COMMISSION › Section 06A .0201-0202

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 143A-181;
					 150A-10;
Eff.
					 February 1, 1976;
Readopted Eff. April 4, 1978;
Repealed Eff. April 1, 1985.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter A - ORGANIZATION › Section .0300 - STRUCTURE OF THE CREDIT UNION DIVISION › Section 06A .0301-0305

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54-109.10;
					 54-109.12;
					 150A-10;
Eff.
					 February 1, 1976;
Readopted Eff. April 4, 1978;
Repealed Eff. April 1, 1985
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter A - ORGANIZATION › Section .0400 - STRUCTURE OF THE CREDIT UNION COMMISSION › Section 06A .0401-0402

Current through Register Vol. 39, No. 2, July 15, 2024
Authority 143A-181;
					 150A-10;
Eff. February 1, 1976;
Readopted Eff. April 4,
					 1978;
Repealed Eff. April 1,
					 1985.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0100 - RULE MAKING AND DECLARATORY RULINGS › Section 06B .0101 - REPEALED - PETITIONS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54-109.12;
					 150B-16;
Eff.
					 February 1, 1976;
Readopted Eff. April 4, 1978;
Repealed Eff. June 1, 1990.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0100 - RULE MAKING AND DECLARATORY RULINGS › Section 06B .0102 - REPEALED - NOTICE

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54-109.12;
					 150B-12;
Eff.
					 February 1, 1976;
Readopted Eff. April 4, 1978;
Repealed Eff. July 16, 1988 in accordance with
					 G.S.
					 150B-59(c).
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0100 - RULE MAKING AND DECLARATORY RULINGS › Section 06B .0103 - REPEALED - HEARINGS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54-109.12;
					 150B-11(3);
					 150B-12(d),(e);
Eff. February 1, 1976;
Readopted Eff. April 4, 1978;
Repealed Eff. July 16, 1988 in accordance with
					 G.S.
					 150B-59(c).
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0100 - RULE MAKING AND DECLARATORY RULINGS › Section 06B .0104 - REPEALED - TEMPORARY RULES

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54-109.12;
					 150B-13;
Eff.
					 February 1, 1976;
Readopted Eff. April 4, 1978;
Repealed Eff. July 16, 1988 in accordance with
					 G.S.
					 150B-59(c).
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0100 - RULE MAKING AND DECLARATORY RULINGS › Section 06B .0105 - REPEALED - DECLARATORY RULINGS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54-109.12;
					 150B-17;
Eff.
					 February 1, 1976;
Readopted Eff. April 4, 1978;
Repealed Eff. June 1, 1990.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0200 - CONTESTED CASES › Section 06B .0201-0206

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 1A-1, Rule 24; 54-109.12; 150B-23; 150B-38;
					 150B-40;
Eff. February 1, 1976;
Readopted Eff. April 4,
					 1978;
Repealed Eff. June 1, 1990.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0300 - RULE MAKING HEARINGS › Section 06B .0301 - PETITION FOR ADOPTION: AMENDMENT OR REPEAL OF RULES

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
				  Right to Petition. Any interested person may petition the Administrator to
				  promulgate, amend, or repeal an administrative rule.
(b) Form of Petition. The petition shall be
				  in writing, signed by the petitioning party or parties and must include the
				  address of the petitioning party. In addition, the petition shall contain the
				  following information:
(1) a draft of the
				  proposed rule, amendment or repeal or a summary thereof;
(2) the reason(s) for the proposal;
(3) the effect on existing rules or orders or
				  both;
(4) any data showing the
				  probable effect of the proposal on existing practices in the area involved,
				  including cost; and
(5) the names
				  of those most likely to be affected by the proposal with addresses if
				  reasonably known.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0300 - RULE MAKING HEARINGS › Section 06B .0302 - NOTICE OF RULE-MAKING HEARINGS

Current through Register Vol. 39, No. 2, July 15, 2024
Any person or agency desiring to be placed on the mailing
					 list for the Administrator's rule-making notices may file such request by
					 furnishing a name and mailing address in writing to the Division at its mailing
					 address. The request must state the subject areas within the authority of the
					 Administrator's office for which the notice is requested. The Administrator may
					 require actual postage and stationery costs to be paid by persons receiving
					 such notices if the person receiving the notices requests more than one copy of
					 the notice.
Authority
					 G.S.
					 54-109.12;
					 150B-21.2;
Eff. June
					 1, 1990;
Amended Eff. July 1, 2013;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0300 - RULE MAKING HEARINGS › Section 06B .0303 - RULE-MAKING HEARINGS: GENERAL INFORMATION

Current through Register Vol. 39, No. 2, July 15, 2024
The hearing officer shall have control of the proceedings,
					 including extensions of any time requirements, order of presentations, time
					 allotments for presentations, direction of the flow of the discussion and the
					 management of the hearing. Each person participating in the hearing shall be
					 given an opportunity to present views, data, and comments.
Authority
					 G.S.
					 54-109.12;
					 150B-21.2;
Eff. June
					 1, 1990;
Amended Eff. July 1, 2013;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0400 - DECLARATORY RULINGS › Section 06B .0401 - PETITION FOR DECLARATORY RULING

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Petitioner
				  Must Possess Interest. The petitioner must possess such an interest in the
				  question to be ruled on that the petitioner's need to have such a ruling in
				  order to comply with statutory requirements, Division rules, or Division policy
				  shall be apparent from the petition and shall be fully explained
				  therein.
(b) Form and Content of
				  Petition. The petition shall be typewritten and shall contain the name and
				  address of the petitioner, the specific factual situation involved, the
				  question or questions sought to be answered, and the identification of the
				  rules, statutes, or orders applicable to the question presented.
(c) Written Brief May Be Submitted. The
				  petitioner may submit a written brief, but oral argument shall not be allowed
				  unless deemed necessary by the Administrator.
(d) Mailing Address. All requests for
				  declaratory rulings shall be mailed to the Division at its mailing
				  address.
Authority
					 G.S.
					 54-109.12;
					 150B-17;
Eff. June
					 1, 1990;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0400 - DECLARATORY RULINGS › Section 06B .0402 - RESPONSE OF ADMINISTRATOR TO PETITION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A
				  written response to the petition for a declaratory ruling, whether in the form
				  of a declaratory ruling or a refusal to issue a declaratory ruling, shall be
				  issued as set forth in
				  G.S.
				  150B-4.
(b) The Administrator shall issue a
				  declaratory ruling, except when:
(1) the
				  request for a declaratory ruling does not meet the requirements set forth in
				  this Subchapter;
(2) the subject
				  matter is one in which the Administrator has no authority to issue a binding
				  decision;
(3) the question is
				  presented in such a manner that the Administrator cannot determine what the
				  question is, or that the Administrator cannot respond with a specific
				  ruling;
(4) the petitioner does not
				  qualify as a person aggrieved, as defined in
				  G.S.
				  150B-2(6);
(5) the Administrator has previously issued a
				  declaratory ruling, or issued a final agency decision in a contested case, in
				  which the same facts were considered;
(6) the facts underlying the request for a
				  declaratory ruling were considered at the time the Rule was adopted;
				  or
(7) the subject matter of the
				  petition is involved in pending litigation.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0500 - ADMINISTRATIVE HEARINGS › Section 06B .0501 - RIGHT TO HEARING

Current through Register Vol. 39, No. 2, July 15, 2024
Whenever the Administrator acts in such a way as to affect
					 the rights, duties or privileges of a specific identified party, the party may
					 appeal for a final decision by the Administrator in accordance with Article 3A
					 of G.S. 150B.
Authority
					 G.S.
					 150B-38;
Eff. June 1,
					 1990;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0500 - ADMINISTRATIVE HEARINGS › Section 06B .0502 - INFORMAL SETTLEMENT

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Attendance at
				  Settlement Conference. Before a hearing request can be acted upon, a person
				  must first make an effort to resolve the matter with the Division informally
				  and must attend and participate in any scheduled meetings or
				  conferences.
(b) Settlement
				  Statement. A proposed settlement, including a stipulated statement of facts,
				  shall be set forth in writing by the Division. If the proposed settlement is
				  agreed to by all parties to the matter, it shall represent the final
				  disposition of the matter and shall be signed by all parties to the matter or
				  their legal representatives. If the proposed settlement is not agreed to and
				  signed by all parties, then the matter shall proceed as provided in this
				  Section.
Authority
					 G.S.
					 54-109.12;
Eff. June 1,
					 1990;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0500 - ADMINISTRATIVE HEARINGS › Section 06B .0503 - REQUEST FOR HEARING

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Form of
				  Request. A request for an administrative hearing must be in writing and must
				  contain the following information:
(1) name
				  and address of the person requesting the hearing;
(2) a concise statement of the action by the
				  Administrator that is being challenged;
(3) a concise statement of the manner in
				  which the petitioner is aggrieved; and
(4) a clear and specific demand for a public
				  hearing.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0500 - ADMINISTRATIVE HEARINGS › Section 06B .0504 - NOTICE OF HEARING

Current through Register Vol. 39, No. 2, July 15, 2024
Notice of a public hearing shall be given in writing to the
					 appropriate parties in advance of the hearing date as required by the law
					 applicable to the hearing being held.
Authority
					 G.S.
					 150B-38;
Eff. June 1,
					 1990;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0500 - ADMINISTRATIVE HEARINGS › Section 06B .0505 - INTERVENTION IN AN ADMINISTRATIVE HEARING

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Petition to
				  Intervene. A petition to intervene may be permitted if timely and if the
				  petition meets the criteria set forth in
				  G.S.
				  1A-1, Rule 24(b).
(b) Intervention Criteria. In addition, the
				  Administrator, in his discretion, may allow intervention or limited
				  intervention when:
(1) Similar rights will be
				  affected;
(2) Intervention will not
				  confuse issues;
(3) Issues are the
				  same or similar to the issue in question;
(4) Intervention is in the public interest;
				  and
(5) Intervention will not
				  prejudice the rights of parties.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0500 - ADMINISTRATIVE HEARINGS › Section 06B .0506 - DEPOSITIONS

Current through Register Vol. 39, No. 2, July 15, 2024
The use of depositions may be allowed only when attendance
					 at a hearing would work a hardship on a person otherwise available to be
					 subpoenaed as a witness, and such hardship is so great as to be unreasonable in
					 light of the testimony that person may be expected to give. In such a case, a
					 deposition will be taken in accordance with the North Carolina Rules of Civil
					 Procedure. All necessary rulings as to whether a deposition will be allowed or
					 as to methods of securing a deposition are within the power and discretion of
					 the hearing officer.
Authority
					 G.S.
					 1A-1;
					 150B-39;
Eff. June
					 1, 1990;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0500 - ADMINISTRATIVE HEARINGS › Section 06B .0507 - SUBPOENAS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Hearing Officer
				  May Issue Subpoena. Any hearing officer may issue subpoenas in the name of the
				  Administrator.
(b) Request for
				  Subpoena. Subpoenas requiring the attendance of witnesses, or the production of
				  documents, evidence or things will be issued promptly by a hearing officer
				  after receipt of a written request from a party to a contested case for such
				  subpoena.
Authority
					 G.S.
					 150B-38;
					 150B-39;
Eff. June
					 1, 1990;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0500 - ADMINISTRATIVE HEARINGS › Section 06B .0508 - SERVICE OF SUBPOENAS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Methods of
				  Service. Subpoenas shall be served as the officer issuing the subpoena shall
				  direct. Subpoenas may be directed to be served by any of the following methods:
(1) by an employee of the Division;
				  or
(2) by the sheriff of the county
				  in which the person subpoenaed resides, when the party requesting such subpoena
				  prepays the sheriff's service fee.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter B - RULE-MAKING: DECLARATORY RULINGS AND CONTESTED CASES › Section .0500 - ADMINISTRATIVE HEARINGS › Section 06B .0509 - OBJECTION TO A SUBPOENA

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Form of
				  Objection. Except as may be otherwise stated in a particular subpoena, a party
				  or person receiving a subpoena from the Division may object thereto by filing a
				  written objection to the subpoena with the Division at its mailing address. An
				  objection to a subpoena must include a concise but complete statement of
				  reasons why the subpoena should be revoked or modified. These reasons may
				  include any reason in law for holding the subpoena invalid.
(b) Service of Objection. The objection shall
				  be served upon the Administrator and the party who requested the subpoena.
				  Service shall be in accordance with the North Carolina Rules of Civil
				  Procedure.
(c) Response to
				  Objection. The party requesting the subpoena may file a written response to the
				  objection. The response shall be served in like manner as the
				  objection.
(d) Hearing on Subpoena.
				  After receipt of the objection and response thereto, the hearing officer may
				  issue a notice to the party who requested the subpoena and the party
				  challenging the subpoena, and may notify all other parties of a hearing, to be
				  scheduled as soon as practicable, at which time evidence and testimony
				  regarding the objection and response may be presented.
Authority
					 G.S.
					 150B-38;
					 150B-40;
Eff. June
					 1, 1990;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter C - CREDIT UNIONS › Section .0100 - GENERAL INFORMATION › Section 06C .0102 - REPEALED - POWERS OF A CREDIT UNION

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54-109.12;
Eff. February 1,
					 1976;
Readopted Eff. April 4, 1978;
Repealed Eff. April
					 1, 1985.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter C - CREDIT UNIONS › Section .0100 - GENERAL INFORMATION › Section 06C .0103 - REPEALED - TAXATION

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54-109.1;
					 54-109.2(b)(5);
					 54-109.22;
					 54-109.99;
Eff.
					 February 1, 1976;
Readopted Eff. April 4, 1978;
Amended
					 Eff. October 1, 1983;
Repealed Eff. January 1,
					 1992.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter C - CREDIT UNIONS › Section .0200 - ORGANIZATION OF CREDIT UNIONS › Section 06C .0201 - INCORPORATION OF STATE CHARTERED CREDIT UNIONS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) All credit
				  unions desiring a state charter shall be organized as a corporation under the
				  General Statutes, Articles 14A to 15A of Subchapter III, Chapter 54. In
				  accordance with
				  G.S.
				  54-109.2(e), the
				  responsibility, character, and general fitness of the officers, directors, and
				  committeemen shall command the confidence of the members and the community, and
				  warrant the belief by the Administrator that the business of the credit union
				  will be properly administered. The Administrator shall determine whether the
				  proposed field of membership is favorable to the success of such credit union
				  and such determination will include an evaluation of any overlap in field of
				  membership with existing credit unions, the field of membership requirements,
				  the number of potential members, availability of payroll deductions, data
				  processing, and evaluation of feasibility studies as conducted by the League,
				  the Credit Union Division, or other support groups for credit union start-ups,
				  and other factors involved in its successful operation.
(b) The following fees shall be charged when
				  new credit unions are established:
(1) five
				  dollars ($5.00) charter fee; and
(2) twenty dollars ($20.00)--investigation
				  fee.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter C - CREDIT UNIONS › Section .0200 - ORGANIZATION OF CREDIT UNIONS › Section 06C .0202 - MINIMUM POTENTIAL MEMBERSHIP GUIDELINES

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Based
				  on established policy, standards, and the history of the Credit Union Division
				  chartering credit unions, the Administrator shall determine if the breadth and
				  strength of the proposed field of membership is too broad or too weak to
				  operate as a credit union.
(b) The
				  minimum potential membership guidelines for chartering credit unions in each of
				  the various types of groups shall be as follows:
TYPE OF GROUPS
MINIMUM POTENTIAL MEMBERSHIP
Occupational or Employer
300 Employees
Associational
500 Members
Residential or Community
1,000 Members
Multiple Occupational or Combination of
								Groups
500 Members
In addition to the membership, the makeup of the membership
					 group and the level or support shall be a key indicator for the degree of
					 potential success as determined by the Administrator. Further, determination of
					 the economic advisability of chartering a credit union is based upon such other
					 things as level of group interest, leadership, willingness of management to
					 become involved in credit union operations, local economic factors, and
					 availability of other credit union service.
A group that is close to the minimum and has exceptional
					 prospects for successful credit union operation shall be considered for a state
					 credit union charter.
Authority
					 G.S.
					 54-109.2;
					 54-109.3(3);
					 54-109.11(3);
					 54-109.12;
					 54-109.21(25);
					 54-109.26(b);
Eff. February 1, 1976;
Readopted Eff. April 4, 1978;
Amended Eff. October 1, 1983;
Readopted Eff. February 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter C - CREDIT UNIONS › Section .0200 - ORGANIZATION OF CREDIT UNIONS › Section 06C .0203 - FIELDS OF MEMBERSHIP

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Parity, for the
				  purpose of this Rule, allows the Administrator to approve fields of membership
				  and permit State chartered credit unions the same latitude with regard to
				  membership limitations and restrictions as is available to federally chartered
				  credit unions, as set forth in 12 C.F.R. Part 701.1, and any subsequent
				  amendments are incorporated by reference and may be found at no cost on the
				  Code of Federal Regulations website www.ecfr.gov.
(b) New charters and expansion requests shall
				  be reviewed and approved in conformity with credit unions organized under
				  G.S.
				  54-109, Articles 14A to 14L.
(c) In allowing an expansion of the field of
				  membership, any credit union shall be bound by membership limitations or
				  restrictions contained in its charter or bylaws as amended and approved by the
				  Administrator, based on applicable rules and statutes.
Authority
					 G.S.
					 54-109.1;
					 54-109.2(e);
					 54-109.3(3);
					 54-109.4;
					 54-109.11(3);
					 54-109.12;
					 54-109.21(25);
					 54-109.22;
					 54-109.26;
					 54-109.27;
					 54-109.28;
Eff.
					 February 1, 1976;
Amended Eff. March 1, 1977;
Readopted
					 Eff. April 4, 1978;
Amended Eff. March 1, 2015; November 1, 1990;
					 October 1, 1983; April 1, 1979;
Readopted Eff. February 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter C - CREDIT UNIONS › Section .0200 - ORGANIZATION OF CREDIT UNIONS › Section 06C .0204 - BYLAWS AND ARTICLES OF INCORPORATION

Current through Register Vol. 39, No. 2, July 15, 2024
In addition to submitting the articles of incorporation,
					 all credit unions desiring a state charter must prepare and adopt bylaws for
					 the general government of the Credit Union, consistent with the General
					 Statutes, Articles 14A to 15 of Subchapter III, Chapter 54. The articles of
					 incorporation and bylaws shall be executed in duplicate and filed with the
					 Administrator for approval.
Authority
					 G.S.
					 54-109.2(c)(e);
					 54-109.12;
Eff.
					 February 1, 1976;
Readopted Eff. April 4, 1978;
Amended
					 Eff. October 1, 1983;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter C - CREDIT UNIONS › Section .0200 - ORGANIZATION OF CREDIT UNIONS › Section 06C .0205 - LOANS TO CREDIT UNION OFFICIALS

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
				  Officials. For purposes of this Rule, an "official" is a member of the board of
				  directors, credit committee, or supervisory committee.
(b) Loans to Officials. A loan or line of
				  credit, including limits of credit cards, extended to an official as the
				  borrower, direct obligor, endorser, cosigner, or guarantor, with direct or
				  indirect pecuniary interest in the loan shall be reviewed by the board of
				  directors, at the next regular meeting following the date of such extension of
				  credit, provided the following computation produces a total amount in excess of
				  fifty thousand dollars ($50,000):
(1) Add:
(A) the loan amount extended for the loan
				  subject to review;
(B) the
				  outstanding balances of loans, including the used portion of an approved line
				  of credit, extended to or endorsed, cosigned or guaranteed by the official;
				  and
(C) the total unused portion of
				  approved lines of credit extended to or endorsed, cosigned, or guaranteed by
				  the official.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter C - CREDIT UNIONS › Section .0200 - ORGANIZATION OF CREDIT UNIONS › Section 06C .0206 - MERGER OF CREDIT UNIONS

Current through Register Vol. 39, No. 2, July 15, 2024
Two or more credit unions may merge into a single credit
					 union, provided the Administrator, after an investigation, is satisfied that
					 the proposed merger is favorable to the continued success of the surviving
					 credit union. Credit unions interested in merging should contact and discuss
					 the proposed merger with the Administrator, after which the following must be
					 accomplished to affect such merger:
(1) Secure the Administrator's tentative
				  approval of such a merger and his authorization to proceed with merger
				  plans;
(2) Have a plan of merger
				  which has been agreed upon and approved by the majority of the Board of
				  directors of each credit union joining in the merger;
(3) The plan of merger must obtain the
				  affirmative vote of a majority of the members of the merging credit union
				  present at the meeting of the members duly called for such purpose;
(4) For the surviving credit union in the
				  merger, only a vote by the majority of the Board of directors of the Credit
				  Union is required;
(5) The present
				  secretary of each credit union shall execute a certificate of merger, which
				  shall set forth the following:
(a) the time
				  and place of the meeting of the Board of directors at which the plan was agreed
				  upon,
(b) the vote in favor of
				  adoption of the plan,
(c) a copy of
				  the resolution or other action by which the plan was agreed upon,
(d) the time and place of the meeting of the
				  members at which the plan was agreed upon,
(e) the vote by which the plan was approved
				  by the members of the merging credit union;
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 06 - CREDIT UNION DIVISION › Subchapter C - CREDIT UNIONS › Section .0200 - ORGANIZATION OF CREDIT UNIONS › Section 06C .0207 - CONVERSION OF CHARTER FROM NORTH CAROLINA CHARTER

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A
				  North Carolina credit union may be converted into another state or federal
				  credit union if permitted by the other state or the Federal Credit Union Act.
				  The proposition for such conversion shall be approved, and a date set for a
				  vote thereon by the members (either at a meeting to be held on such date or by
				  written ballot to be filed on or before such date), by a majority of the
				  Directors of the North Carolina Credit Union. Written notice of the proposition
				  and of the date set for the vote shall then be delivered in person to each
				  member, or mailed to each member at the address for such person appearing on
				  the records of the Credit Union, not more than 30 days or less than seven days
				  prior to such date. Approval of the proposition for conversion shall be by the
				  affirmative vote of a majority of the membership of the members voting in
				  person or in writing.
(b) A
				  statement of the results of the vote, verified by the affidavits of the
				  president or vice-president and the secretary, shall be filed with the North
				  Carolina Credit Union Division within 10 days after the vote is
				  taken.
(c) Promptly after the vote
				  is taken and in no event later than 90 days thereafter, if the proposition for
				  conversion was approved by such vote, such credit union shall take such action
				  as may be necessary under the other state or the Federal Credit Union Act to
				  make it a credit union of another state or a federal credit union; and within
				  10 days after receipt of the new credit union charter there shall be filed with
				  the North Carolina Credit Union Division a copy of the charter thus issued.
				  Upon such filing, the Credit Union shall cease to be a North Carolina chartered
				  credit union.
(d) Upon ceasing to
				  be a North Carolina credit union, such credit union shall no longer be subject
				  to any of the provisions of the North Carolina Credit Union laws. The successor
				  credit union shall be vested with all of the assets and shall continue
				  responsibility for all of the obligations of the North Carolina Credit Union to
				  the extent as though the conversion had not taken place.
Authority
					 G.S.
					 54-109.95;
Eff. February 1,
					 1976;
Readopted Eff. April 4, 1978;
Amended Eff. April
					 1, 1981;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.