reglab/statecodes huggingface dataset:
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter I - MORTGAGE BANKER/BROKER › Section .0700 - DISCLOSURE REQUIREMENTS › Section 03I .0701-.0706

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-238;
					 53-241;
Eff. November
					 1, 1993;
Amended Eff. May 1, 1995;
Repealed Eff. April
					 1, 2003.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter J - REFUND ANTICIPATION LOAN › Section .0100 - ADMINISTRATIVE › Section 03J .0101 - DEFINITIONS; FILINGS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) In addition to
				  the definitions in G.S. 53, Article 20, for the purposes of this Subchapter the
				  following definitions apply:
(1) "Controlling
				  person" means any person as defined in
				  G.S.
				  53-246(7) who owns or holds
				  with the power to vote 10% or more of the equity securities of the registrant,
				  or who has the power to direct the management and policy of the
				  registrant.
(2) "Creditor loan fee"
				  means the charges, fees, or other consideration charged or imposed by the
				  creditor for the making of a refund anticipation loan.
(3) "Electronic filing fee" means the fee
				  imposed by the facilitator in consideration for the electronic filing of a tax
				  return.
(4) "Facilitator loan fee"
				  means the charges, fees, or other consideration charged or imposed by the
				  facilitator for the making of a refund anticipation loan.
(5) "Transmitter" means any person who sends
				  electronic returns directly to the Internal Revenue Service. This term shall
				  include persons who receive information to be reformatted and transmitted to
				  the Internal Revenue Service, i.e., third-party transmitters.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter J - REFUND ANTICIPATION LOAN › Section .0200 - APPLICATION AND RENEWAL › Section 03J .0202-.0203

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-248(a);
					 53-248(b);
					 53-253;
					 150B-21.2;
Eff.
					 September 1, 1993;
Repealed Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter J - REFUND ANTICIPATION LOAN › Section .0200 - APPLICATION AND RENEWAL › Section 03J .0204 - APPLICATION FOR RENEWAL OF CERTIFICATE OF REGISTRATION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The
				  application for renewal of the Certificate of Registration shall include the
				  following:
(1) where applicable, any
				  amendments to the application for registration filed pursuant to Rule .0201 of
				  this Subchapter; and
(2) a written
				  verification of the accuracy of the application for Certificate of Registration
				  filed pursuant to Rule .0201 of this Subchapter and any amendments filed
				  pursuant to Subparagraph(a)(1) of this Rule and Rule .0305 of this
				  Subchapter.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter J - REFUND ANTICIPATION LOAN › Section .0200 - APPLICATION AND RENEWAL › Section 03J .0205 - NONTRANSFERABILITY OF CERTIFICATE OF REGISTRATION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A
				  Certificate of Registration shall be neither transferable nor
				  assignable.
(b) The Certificate of
				  Registration shall become void if the registrant changes organizational
				  structure, such as to or from a sole proprietorship, partnership, limited
				  partnership, general partnership, limited liability company, or corporation.
				  The new entity may apply for a Certificate of Registration pursuant to Rule
				  .0201 of this Section. If the entity that results from the change in the
				  registrant's organization would like to engage in business as a facilitator in
				  this State, it shall apply for a Certificate of Registration pursuant to Rule
				  .0201 of this Section.
Authority
					 G.S.
					 53-253;
Eff. September 1,
					 1993;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter J - REFUND ANTICIPATION LOAN › Section .0300 - OPERATIONS, REPORTING REQUIREMENTS, NOTIFICATIONS › Section 03J .0301 - REPEALED - CHECK CASHING SERVICES

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-250(5);
					 53-253;
					 150B-21.2;
Eff.
					 September 1, 1993;
Repealed Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter J - REFUND ANTICIPATION LOAN › Section .0300 - OPERATIONS, REPORTING REQUIREMENTS, NOTIFICATIONS › Section 03J .0302 - RECORD AND BOOKKEEPING REQUIREMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A
				  registrant shall maintain the following records with respect to each
				  application for a refund anticipation loan in this State:
(1) the name of applicant;
(2) the social security number of
				  applicant;
(3) the date of
				  application;
(4) disposition of
				  application, e.g., whether loan was funded, denied, etc.;
(5) the gross amount of the refund
				  anticipation loan;
(6) the amount
				  of the creditor fee;
(7) the amount
				  of the facilitator loan fee, if any;
(8) the amount of the electronic filing
				  fee;
(9) the amount of refund
				  anticipation loan proceeds disbursed by the registrant to the debtor;
(10) the date on which refund anticipation
				  loan proceeds were disbursed by the registrant to the debtor; and
(11) the identity of the individual
				  originating the application for the refund anticipation loan.
These records shall be kept in an office or offices of the
					 registrant in this State. This Rule shall not be interpreted to require a
					 registrant to maintain one central office where all records required are
					 located.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter J - REFUND ANTICIPATION LOAN › Section .0300 - OPERATIONS, REPORTING REQUIREMENTS, NOTIFICATIONS › Section 03J .0303 - FILING AND POSTING OF FEE SCHEDULE

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The fee
				  schedule of refund anticipation loan fees required by
				  G.S.
				  53-249(a) shall be filed
				  pursuant to Rule .0101(b) of this Subchapter.
(b) The fee schedule referenced in Paragraph
				  (a) of this Rule shall include the following fees:
(1) the creditor fee; and
(2) the facilitator loan fee.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter J - REFUND ANTICIPATION LOAN › Section .0300 - OPERATIONS, REPORTING REQUIREMENTS, NOTIFICATIONS › Section 03J .0304 - DISCLOSURES

Current through Register Vol. 39, No. 2, July 15, 2024
(a) For the
				  purposes of
				  G.S.
				  53-249(d)(1) and (2), the
				  registrant shall disclose and provide a copy to the debtor the following fees:
(1) The creditor loan fee;
(2) The facilitator loan fee; and
(3) The electronic filing fee.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter J - REFUND ANTICIPATION LOAN › Section .0300 - OPERATIONS, REPORTING REQUIREMENTS, NOTIFICATIONS › Section 03J .0305 - AMENDMENTS TO APPLICATION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A
				  registrant shall maintain a current application with the Commissioner. If there
				  is a change in the information contained in the application, the registrant
				  shall notify the Commissioner within 30 days of the effective date of the
				  change. Notification shall be made by either letter or by a revision of the
				  applicable section of the application filed pursuant to Rule .0201 of this
				  Subchapter.
(b) If a registrant
				  decides to open a new office in this State where it intends to facilitate
				  refund anticipation loans, it shall notify the Commissioner of the opening of
				  the new office at least 30 days before it begins business as a facilitator in
				  the new office. The notification shall comply with Paragraph (a) of this Rule
				  and shall be accompanied by a fee made payable to the Commissioner in the
				  amount set forth in
				  G.S.
				  53-248(a) for each new
				  office in this State at which the registrant facilitates refund anticipation
				  loans.
Authority
					 G.S.
					 53-253;
Eff. September 1,
					 1993;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter J - REFUND ANTICIPATION LOAN › Section .0300 - OPERATIONS, REPORTING REQUIREMENTS, NOTIFICATIONS › Section 03J .0306 - REPEALED - CESSATION OF OPERATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-253;
					 150B-21.2;
Eff.
					 September 1, 1993;
Repealed Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter J - REFUND ANTICIPATION LOAN › Section .0400 - ENFORCEMENT › Section 03J .0401 - REPEALED - HEARINGS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-251;
					 53-253;
					 150B-21.2;
Eff.
					 September 1, 1993;
Repealed Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter J - REFUND ANTICIPATION LOAN › Section .0400 - ENFORCEMENT › Section 03J .0402 - EXAMINATIONS, AUDITS

Current through Register Vol. 39, No. 2, July 15, 2024
The Commissioner may conduct or cause to be conducted an
					 examination or audit of the books and records of any
					 registrant.
Authority
					 G.S.
					 53-253;
Eff. September 1,
					 1993;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0100 - ADMINISTRATIVE › Section 03K .0101 - DEFINITIONS; FILINGS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) In addition to
				  the definitions in
				  G.S.
				  53-257, for the purpose of this Subchapter,
				  the following definitions apply:
(1)
				  "Accounting period" means either a period of 12 months (or less in the first
				  year of operation) ending December 31 or a fiscal year of not more than 12
				  months ending on the last day of any month except December.
(2) "Application fee" means any fee accepted
				  by an authorized lender or lenders in connection with an application for a
				  reverse mortgage loan including any charge for soliciting, processing, placing,
				  or negotiating a reverse mortgage loan.
(3) "Branch office" has the same meaning as
				  defined in
				  G.S.
				  53-244.030.
(4) "Engaging in the mortgage business" has
				  the same meaning at
				  G.S.
				  53-244.030.
(5) "Mortgage lender" has the same meaning as
				  G.S.
				  53-244.030.
(6) "NC SAFE Act authorized lender" means a
				  mortgage lender licensed in this State that has obtained a Notice of
				  Authorization.
(7) "Notice of
				  Authorization" means the document granted by the Commissioner that authorizes a
				  mortgage lender to engage in the business of making reverse mortgage
				  loans.
(8) "Person" has the same
				  meaning as
				  G.S.
				  53-244.030.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0200 - AUTHORIZATION OF REVERSE MORTGAGE LENDERS › Section 03K .0201 - APPLICATION FOR AUTHORIZATION AS A REVERSE MORTGAGE LENDER

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The application shall be in writing,
				  attested by the applicant, and filed pursuant to Rule .0101(b) of this
				  Subchapter, and shall include the following:
(1) a business plan that includes a
				  description of the applicant's reverse mortgage business operations;
(2) the addresses where the applicant intends
				  to engage in business as a reverse mortgage lender, including branch offices
				  and the name of each branch manager;
(3) a description of the business experience
				  and current business activities of the applicant, its partners, directors,
				  principal officers and controlling persons; and
(4) three business references, including one
				  bank reference.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0200 - AUTHORIZATION OF REVERSE MORTGAGE LENDERS › Section 03K .0202 - REPEALED - NOTIFICATION OF INTENT TO ENGAGE IN REVERSE MORTGAGE LENDING

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-258(a)(c);
					 53-259;
					 53-271(a);
Eff. January 1, 1995;
Repealed Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0200 - AUTHORIZATION OF REVERSE MORTGAGE LENDERS › Section 03K .0203 - CURRENT AUTHORIZED LENDER INFORMATION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A NC
				  SAFE Act authorized lender shall notify the Commissioner within 30 days of the
				  effective date of any material changes to the information on file with the
				  Commissioner. Notification shall be made on the lender's letterhead.
(b) For the purposes of this Rule, the term
				  "material" means any information that would influence the granting of
				  authorization to engage in reverse mortgage lending. The term "material" shall
				  include information concerning a change in the address of the authorized
				  lender's reverse mortgage branch office locations or the cessation of reverse
				  mortgage lending activities in this State.
Authority
					 G.S.
					 53-258;
					 53-259;
					 53-271;
Eff. January
					 1, 1995;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0200 - AUTHORIZATION OF REVERSE MORTGAGE LENDERS › Section 03K .0204 - ANNUAL RENEWAL FEE

Current through Register Vol. 39, No. 2, July 15, 2024
(a) On or before
				  December 31 of each year, each NC SAFE Act authorized lender shall pay the
				  annual fee set forth in
				  G.S.
				  53-258(d).
(b) Failure of an NC SAFE Act authorized
				  lender to pay the annual fee as of the date specified in Paragraph (a) of this
				  Rule shall be grounds for revocation of its authorization to make reverse
				  mortgage loans.
Authority
					 G.S.
					 53-258(d);
					 53-259;
					 53-271;
Eff. January
					 1, 1995;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0200 - AUTHORIZATION OF REVERSE MORTGAGE LENDERS › Section 03K .0205 - REPEALED - CERTIFICATE OF AUTHORIZATION

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-122(3);
					 53-258(b)(d);
					 53-259;
					 53-271(a);
Eff. January 1, 1995;
Repealed Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0200 - AUTHORIZATION OF REVERSE MORTGAGE LENDERS › Section 03K .0206 - NONTRANSFERABILITY OF CERTIFICATE OF AUTHORIZATION

Current through Register Vol. 39, No. 2, July 15, 2024
A Certificate of Authorization shall be neither
					 transferrable nor assignable.
Authority
					 G.S.
					 53-258(d);
					 53-259;
					 53-271(a);
Eff. January 1, 1995;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0300 - REQUIREMENTS FOR AUTHORIZATION › Section 03K .0301 - REPEALED - MINIMUM NET WORTH REQUIREMENT FOR AUTHORIZED LENDER OR LENDERS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-258(b);
					 53-259;
					 53-271(a);
Eff. January 1, 1995;
Repealed Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0300 - REQUIREMENTS FOR AUTHORIZATION › Section 03K .0302 - SURETY BONDS

Current through Register Vol. 39, No. 2, July 15, 2024
All NC SAFE Act authorized lenders shall post a surety bond
					 in the amount of one hundred thousand dollars ($100,000) with the Commissioner
					 that shall run to the benefit of the State. The bond shall be executed by an
					 insurance company authorized to do business in North Carolina and not
					 affiliated with the lender. The bond shall be conditioned upon the authorized
					 lender's compliance with the provisions of Articles 19B and 21 of Chapter 53 of
					 the General Statutes and all rules adopted thereunder.
Authority
					 G.S.
					 53-244.103;
					 53-244.118;
					 53-258(b);
					 53-259;
					 53-271(a);
Eff. January 1, 1995;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0400 - OPERATIONS, NOTIFICATIONS, AND REPORTING › Section 03K .0401 - REPEALED - CERTIFIED FINANCIAL STATEMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-259;
					 53-271(a);
Eff. January 1, 1995;
Repealed Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0400 - OPERATIONS, NOTIFICATIONS, AND REPORTING › Section 03K .0402 - RECORD AND BOOKKEEPING REQUIREMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) All
				  NC SAFE Act authorized lenders shall maintain their books and records relating
				  to the making of reverse mortgage loans for a period of three years after
				  payment of the debt and make them available for inspection by the
				  Commissioner.
(b) An NC SAFE Act
				  authorized lender shall notify the Commissioner of any change in the location
				  of its books and records.
Authority
					 G.S.
					 53-244.105;
					 53-259;
					 53-271(a);
Eff. January 1, 1995;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0400 - OPERATIONS, NOTIFICATIONS, AND REPORTING › Section 03K .0403 - EXAMINATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
The Commissioner may make such examination of the books,
					 records and affairs of NC SAFE Act authorized lenders pursuant to
					 G.S.
					 53-244.115.
Authority
					 G.S.
					 53-244.115;
					 53-259;
					 53-270;
					 53-271(a);
Eff. January 1, 1995;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0400 - OPERATIONS, NOTIFICATIONS, AND REPORTING › Section 03K .0404 - REPEALED - WITHDRAWAL/TERMINATION OF AUTHORIZATION AS REVERSE MORTGAGE LENDER

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-259;
					 53-271;
Eff. January
					 1, 1995;
Repealed Eff. September 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0400 - OPERATIONS, NOTIFICATIONS, AND REPORTING › Section 03K .0405 - IMPAIRMENT OF SURETY BOND

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A NC SAFE
				  authorized lender shall notify the Commissioner in writing within three
				  business days of any cancellation or suspension of the surety bond required by
				  Rule .0302 of this Subchapter.
(b)
				  If an applicant fails to meet the minimum surety bond requirements, the
				  Commissioner may revoke or suspend authorization of NC SAFE Act authorized
				  lender to engage in reverse mortgages.
Authority
					 G.S.
					 53-244.114;
					 53-258(b);
					 53-259;
					 53-271;
Eff. January
					 1, 1995;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0500 - DISCLOSURE REQUIREMENTS › Section 03K .0501-.0502

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-259;
					 53-264;
					 53-265(a);
					 53-270;
					 53-271(a);
Eff. January 1, 1995;
Repealed Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section - - .0600 COUNSELING › Section 03K .0601 - REPEALED - COUNSELING

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-259;
					 53-260;
					 53-264;
					 53-271(a);
Eff. January 1, 1995;
Repealed Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0700 - PROHIBITED ACTS AND PRACTICES; ENFORCEMENT ACTIONS › Section 03K .0701 - REPEALED - PROHIBITED ACTS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-259;
					 53-270;
					 53-271(a);
Eff. January 1, 1995;
Repealed Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0700 - PROHIBITED ACTS AND PRACTICES; ENFORCEMENT ACTIONS › Section 03K .0702 - ENFORCEMENT ACTIONS

Current through Register Vol. 39, No. 2, July 15, 2024
The grounds upon which the Commissioner may revoke the
					 authorization of a lender to engage in reverse mortgage loans includes the
					 following:
(1) The making of any false
				  statement in an application for authorization;
(2) The making of any false statement on any
				  form or document requested by the Commissioner;
(3) One or more violations of G.S. 53,
				  Article 21 or rules of this Subchapter;
(4) The conviction of any crime that would
				  have a bearing upon the fitness or ability of the authorized lender to conduct
				  its business; or
(5) The commission
				  of any action that involves dishonesty, fraud, or misrepresentation.
Authority
					 G.S.
					 53-259;
					 53-270;
					 53-271;
Eff. January
					 1, 1995;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter K - REVERSE MORTGAGES › Section .0700 - PROHIBITED ACTS AND PRACTICES; ENFORCEMENT ACTIONS › Section 03K .0703 - REPEALED - HEARINGS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-259;
					 53-270;
					 53-271;
					 53-272;
Eff. January
					 1, 1995;
Repealed Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0100 - ADMINISTRATIVE › Section 03L .0102 - FILINGS

Current through Register Vol. 39, No. 2, July 15, 2024
Licensees may obtain from the agency's website, located at
https://www.nccob.gov
,information
					 concerning applications for a license, reports, applications for annual
					 renewal, amendments to applications, renewal notices, or other documents that
					 are required by law or rule to be filed with the
					 Commissioner.
Authority
					 G.S.
					 53-288;
Eff. July 1,
					 2000;
Amended Eff. September 1, 2006;
Readopted Eff.
					 August 1, 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0200 - APPLICATION › Section 03L .0201 - APPLICATION FOR LICENSE

Current through Register Vol. 39, No. 2, July 15, 2024
(a) An application
				  for a license as a check-cashing business shall include a financial statement
				  that shows liquid assets of fifty thousand dollars ($50,000) as required by
				  G.S.
				  53-279(a) and shall include
				  the following:
(1) the business address in
				  North Carolina, mailing address, business telephone number, facsimile number,
				  and name of the supervisor or manager for the principal place of business and
				  for each branch location;
(2) the
				  address where books and records for the business will be kept;
(3) name, title, and business telephone
				  number and facsimile number for the application contact person;
(4) the applicant's federal employer
				  identification number; and
(5) a
				  declaration as to whether the applicant's business will be conducted as a sole
				  proprietorship, a partnership, a limited liability company, or a
				  corporation.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0200 - APPLICATION › Section 03L .0202 - REPEALED - FEES

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-278;
					 53-288;
					 53C-2-1;
					 53C-2-2;
Eff. July 1,
					 2000;
Repealed Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0300 - LICENSING › Section 03L .0301 - REPEALED - ISSUANCE

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-278;
					 53-279;
					 53-288;
					 53C-2-1;
					 53C-2-2;
Eff. July 1,
					 2000;
Repealed Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0300 - LICENSING › Section 03L .0302 - NONTRANSFERABILITY OF LICENSE

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A
				  check-cashing license shall be neither transferable nor assignable.
(b) A change in the licensee's organizational
				  structure that constitutes a transfer or assignment of the license shall
				  include the following:
(1) if the licensee is
				  a corporation or limited liability company:
(A) a change in ownership of 50% or more of
				  the licensee's stock; or
(B) the
				  conversion of the corporation or company into a general or limited partnership
				  or sole proprietorship;
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0300 - LICENSING › Section 03L .0303 - ANNUAL RENEWAL OF LICENSE

Current through Register Vol. 39, No. 2, July 15, 2024
A check-cashing license shall be valid from the date of
					 issuance and, unless renewed, shall expire on September 30 of each year without
					 further action by the Commissioner. The renewal period shall begin on July 1 of
					 each year. Licensees may file renewal applications and pay applicable renewal
					 fees on the agency website located at www.nccob.gov. Any new license issued on
					 or after July 1 of each year shall not be required to be renewed until the
					 subsequent renewal period.
Authority
					 G.S.
					 53-276;
					 53-278;
					 53-288;
Eff. July 1,
					 2000;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0400 - OPERATIONS › Section 03L .0401 - POSTING OF LICENSE OR BRANCH CERTIFICATE

Current through Register Vol. 39, No. 2, July 15, 2024
A licensee shall obtain a branch location certificate for
					 each location other than its principal place of business where its business of
					 cashing checks is conducted. The license or certificate shall be conspicuously
					 posted.
Authority
					 G.S.
					 53-276;
					 53-278;
					 53-288;
Eff. July 1,
					 2000;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0400 - OPERATIONS › Section 03L .0402 - SURRENDER OF LICENSE

Current through Register Vol. 39, No. 2, July 15, 2024
A licensee shall notify the Commissioner in writing of its
					 decision to cease operations as a check-cashing business in this State within
					 seven days of the decision. A licensee shall surrender its license and branch
					 certificates, if any, to the Commissioner no later than 30 days after it has
					 voluntarily ceased operations in this State or within a shorter time as the
					 Commissioner may order if operations end involuntarily pursuant to
					 G.S.
					 53-284 or
					 G.S.
					 53-285.
Authority
					 G.S.
					 53-285;
					 53-276;
					 53-288;
Eff. July 1,
					 2000;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0400 - OPERATIONS › Section 03L .0403 - POSTING OF FEES

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The notice of
				  fees required by
				  G.S.
				  53-280(c) shall be
				  conspicuously posted.
(b) A
				  licensee shall file with the Commissioner a scaled duplicate of the notice of
				  fees on 8 1/2 x 11 inch paper.
Authority
					 G.S.
					 53-280;
					 53-288;
Eff. July 1,
					 2000;
Amended Eff. November 1, 2013;
Readopted Eff.
					 August 1, 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0400 - OPERATIONS › Section 03L .0404-.0405

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-92;
					 53-93;
					 53-281;
					 53-282;
					 53-288;
Eff. July 1,
					 2000;
Repealed Eff. January 1,
					 2013.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0500 - BOOKS AND RECORDS: EXAMINATIONS › Section 03L .0501 - BOOKS AND RECORDS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Each
				  check-cashing business licensed by the Commissioner of Banks shall record all
				  transactions of receipts and disbursements pertaining to checks cashed. All
				  entries shall document the date the transactions occur. A licensee shall
				  maintain books and accounting records that include the following:
(1) a daily transaction journal or equivalent
				  record that shows the customer's name for each transaction;
(2) the written receipt required by
				  G.S.
				  53-282(b); and
(3) the bank statements of the licensee. If
				  the statements are not maintained on the premises of the licensee, they shall
				  be made available upon request by the Office of the Commissioner of
				  Banks.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0500 - BOOKS AND RECORDS: EXAMINATIONS › Section 03L .0502 - EXAMINATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Examinations
				  may be done with or without advance notice to the licensee.
(b) In addition to examinations authorized by
				  G.S.
				  53-278(b) or
				  G.S.
				  53-282(c), the Commissioner
				  may request reports from the licensee for the purpose of determining the
				  general results of operations pursuant to Article 22 of Chapter 53.
(c) If a licensee fails to pay the costs of
				  examination as authorized by
				  G.S.
				  53-282(c) and at a rate
				  pursuant to
				  04 NCAC
				  03C .1601 to the Commissioner within 60 days
				  of billing, the Commissioner may proceed to remedies set forth in
				  G.S.
				  53-284.
Authority
					 G.S.
					 53-278;
					 53-282;
					 53-284;
					 53-288;
Eff. July 1,
					 2000;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0600 - REPORTING AND NOTIFICATION REQUIREMENTS › Section 03L .0601 - AMENDMENTS TO INFORMATION ON FILE WITH THE COMMISSIONER

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A
				  licensee shall notify the Commissioner within 30 days of any material change to
				  information that it submitted to the Commissioner, whether provided in the
				  initial application, request for annual renewal, or in any other report or
				  information.
(b) Notification shall
				  be by letter or by revision or modification of the appropriate portions of the
				  application (whether initial or renewal).
(c) For the purposes of this Rule, the term
				  "material" shall mean any information that would influence the granting,
				  revocation, or expiration of a license. The term "material" includes the
				  following:
(1) changes in the licensee's
				  corporate officers, partners, or business structure;
(2) changes in the address of the licensee's
				  main or branch locations and any names under which the licensee operates;
				  or
(3) changes that would render
				  untrue, inaccurate, or misleading any of the disclosures made by the licensee
				  in its application pursuant to Rule .0201 of this Subchapter.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0600 - REPORTING AND NOTIFICATION REQUIREMENTS › Section 03L .0602 - EXPANSION OR RELOCATION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A licensee
				  shall notify the Commissioner of the opening of any new branch locations or the
				  relocation of its principal place of business or of any branch locations at
				  least 20 days prior to the effective date of the change. The notification shall
				  be on a form obtained from the Commissioner. The notification shall provide an
				  explanation of the reasons for the change and shall be accompanied by a
				  certificate fee for the new branch certificate in the amount of fifty dollars
				  ($50.00). Licensees may surrender their inaccurate certificate by mailing the
				  certificate to the Commissioner at: Office of the Commissioner of Banks, 4309
				  Mail Service Center, Raleigh, North Carolina 27699-4309 or may be delivered to
				  the physical address: 316 West Edenton Street, Raleigh, North Carolina
				  27603.
(b) The Commissioner shall
				  issue a revised branch certificate upon his or her receipt of the required
				  notification, the explanation, and the filing fee and upon surrender of the
				  licensee's inaccurate certificate.
Authority
					 G.S.
					 53-276;
					 53-278;
					 53-279;
					 53-283;
					 53-288;
Eff. July 1,
					 2000;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0600 - REPORTING AND NOTIFICATION REQUIREMENTS › Section 03L .0603 - IMPAIRMENT OF FINANCIAL REQUIREMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
A licensee shall notify the Commissioner in writing within
					 30 days if it fails to meet the minimum liquid asset requirement of
					 G.S.
					 53-279(a).
Authority
					 G.S.
					 53-279;
					 53-288;
Eff. July 1,
					 2000;
Readopted Eff. August 1,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0600 - REPORTING AND NOTIFICATION REQUIREMENTS › Section 03L .0604 - REPEALED - REPORT OF INFORMATION TO COMMISSIONER FOR THE GENERAL ASSEMBLY

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-92;
					 53-93;
Eff. July 1,
					 2000;
Repealed Eff. November 1,
					 2013.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0100 - GENERAL › Section 03M .0101 - DEFINITIONS

Current through Register Vol. 39, No. 2, July 15, 2024
In addition to the definitions in G.S. 53, Article 19B for
					 the purposes of this Subchapter the following definitions apply:
(1) "Act" means Article 19B of Chapter 53 of
				  the North Carolina General Statutes, the "North Carolina Secure and Fair
				  Enforcement (S.A.F.E.) Mortgage Licensing Act," or "NC SAFE Act."
(2) "Advertisement" means material used or
				  intended to be used to induce the public to apply for a mortgage loan. The term
				  includes any printed or published material, or descriptive literature
				  concerning a mortgage loan to be solicited, processed, negotiated, or funded by
				  a licensee or exempt entity whether disseminated by direct mail, newspaper,
				  magazine, radio or television broadcast, electronic mail or other electronic
				  means, or billboard or similar display. The term does not include any
				  disclosures, program descriptions, or other materials prepared or authorized by
				  any state or federal government agency, nor does the term include any material
				  or communication that has been excluded for purposes of any regulation of the
				  Board of Governors of the Federal Reserve System regulating consumer credit
				  disclosures.
(3) "Call Report"
				  means a report of condition on a company and its operations that includes
				  financial and loan activity information.
(4) "License" means a mortgage lender,
				  mortgage servicer, mortgage broker, exclusive mortgage broker, or mortgage loan
				  originator license issued pursuant to the Act and this Subchapter.
(5) "Material borrower information" means
				  facts or information that a reasonable person knows, or should know, would
				  reasonably be expected to influence a borrower's decision with regard to one or
				  more loans, including:
(a) the total
				  compensation the mortgage broker expects to receive from all sources in
				  connection with each loan option presented to the borrower;
(b) the terms of each loan option presented
				  to the borrower;
(c) the
				  anticipated monthly payment (including property tax and insurance payments) for
				  each loan option presented to the borrower;
(d) if the loan contains a variable rate
				  feature or other terms that may result in a change to the borrower's monthly
				  payments over the life of the loan, the circumstances upon which the terms or
				  payments will change and the impact of the changes upon the borrower's required
				  monthly payments; and
(e) any
				  affiliate relationships that may exist between the licensee and any party or
				  parties to the sale or financing of the subject property, or any provider of
				  settlement services.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0100 - GENERAL › Section 03M .0102 - NOTICES

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Except as
				  otherwise required by
				  G.S.
				  53-244.113(b), Article 3A,
				  Chapter 150B of the General Statutes, or by the rules of the Office of
				  Administrative Hearings,
				  26 NCAC
				  03, which are incorporated by reference,
				  including subsequent amendments and editions, any document, decision, or other
				  communication required or permitted to be given by the Commissioner to a person
				  is considered given when either:
(1)
				  deposited in the United States mail with sufficient first class postage
				  affixed, addressed to the most recent principal office address provided by the
				  addressee to the Office of the Commissioner of Banks; or
(2) transmitted through electronic mail to
				  the address provided by the addressee to the Office of the Commissioner of
				  Banks.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0200 - LICENSING › Section 03M .0201 - APPLICATION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Each type of
				  application required by the rules in this Subchapter or the Act shall be filed
				  through the NMLS&R and shall be verified by the affirmation of the
				  applicant or a principal officer.
(b) In addition to the documents and
				  information required by the rules in this Subchapter, the Commissioner may
				  require additional information to determine that the applicant meets or
				  continues to meet the requirements of the Act.
(c) Applications submitted without the
				  required fees, missing material facts, or any information requested under
				  Paragraph (b) of this Rule shall be held in pending status for a period of 30
				  calendar days after notification through the NMLS&R to the applicant
				  specifying the nature of the deficiency. If the deficiency remains outstanding
				  for more than 30 days, the application shall automatically be considered
				  withdrawn without further action by the Commissioner, and in order to become
				  licensed, the applicant shall submit a new application and pay all
				  fees.
Authority
					 G.S.
					 53-244.040;
					 53-244.050;
					 53-244.060;
					 53-244.070;
					 53-244.080;
					 53-244.100;
					 53-244.101;
					 53-244.102;
					 53-244.103;
					 53-244.104;
					 53-244.115;
					 53-244.118;
Temporary
					 Adoption Eff. July 1, 2002;
Eff. April 1, 2003;
Amended
					 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 .0200 - LICENSING › Section 03M .0202 - NONTRANSFERABILITY

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Any attempt to
				  transfer or assign a license or registration through a change of control
				  without the prior consent of the Commissioner shall:
(1) be ineffective; and
(2) be grounds for summary suspension,
				  revocation of the license or registration, or other remedies available to the
				  Commissioner.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0200 - LICENSING › Section 03M .0203 - NAME CHANGES

Current through Register Vol. 39, No. 2, July 15, 2024
A licensee or registrant may change its corporate name or
					 the name under which it operates, provided:
(1) the licensee or registrant and the
				  proposed new name satisfies all applicable laws pertaining to assumed business
				  names;
(2) the licensee or
				  registrant has given the Commissioner at least 30 days prior notice of the
				  proposed new name; and
(3) the
				  Commissioner determines that the new name will not result in confusion among
				  the general public regarding the licensee or registrant's identity or powers in
				  accordance with
				  G.S.
				  53C-1-3.
Authority
					 G.S.
					 53-244.118;
					 53C-1-3;
Temporary
					 Adoption Eff. July 1, 2002;
Eff. April 1, 2003;
Readopted Eff. August 1, 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0200 - LICENSING › Section 03M .0204 - EXPERIENCE

Current through Register Vol. 39, No. 2, July 15, 2024
As used in
					 G.S.
					 53-244.050(b)(2), an
					 individual is considered to have acquired "experience in residential mortgage
					 lending" during any documented period in which:
(1) more than half of the individual's
				  employment income was derived from employment in the mortgage lending, mortgage
				  servicing, or mortgage brokerage industry; and
(2) that individual had actual responsibility
				  for job functions in each area of study included in a prelicensing education
				  program.
Authority
					 G.S.
					 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 .0200 - LICENSING › Section 03M .0205 - FINANCIAL RESPONSIBILITY

Current through Register Vol. 39, No. 2, July 15, 2024
Financial Responsibility is an ongoing requirement and upon
					 issuance of a license, a licensee must continue to meet the requirements of
					 G.S.
					 53-244.060(4).
Authority
					 G.S.
					 53-244.060(4);
					 53-244.104;
					 53-244.118;
Eff. July
					 18, 2008;
Amended Eff. July 1, 2010;
Readopted Eff.
					 August 1, 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0200 - LICENSING › Section 03M .0206 - SURETY BOND

Current through Register Vol. 39, No. 2, July 15, 2024
(a) All licensees
				  with surety bonds under
				  G.S.
				  53-244.103 shall ensure that full amount of
				  the surety bond is in effect at all times. Failure to maintain the surety bond
				  at the level required in
				  G.S.
				  53-244.103 is grounds for immediate
				  suspension of licensure.
(b) All
				  licensees with surety bonds under
				  G.S.
				  53-244.103 shall report any claims made
				  against the surety bond to the Commissioner within 10 business days upon
				  receipt of notice of any claim.
(c)
				  All surety bonds under
				  G.S.
				  53-244.103 shall:
(1) require the bonding company to report all
				  claims and any claims paid on the bond to the Commissioner within 10 days of
				  such claim or payment;
(2) require
				  the bonding company to pay within 30 days any amount that the Commissioner
				  orders the bonding company to pay upon a determination by the Commissioner that
				  the licensee has failed to faithfully perform the licensee's obligations;
				  and
(3) remain in effect for a
				  minimum of five years after lapse or termination of the bond in order to
				  satisfy possible claims for failure to faithfully fulfill obligations during
				  the term of the bond.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0300 - EDUCATION AND EXAMINATIONS › Section 03M .0301 - EXPIRED - APPROVAL OF PROVIDERS AND COURSES OF STUDY; PROVIDER REQUIREMENTS; QUALIFIED WRITTEN TEST

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-244.060;
					 53-244.070;
					 53-244.080;
					 53-244.118;
Temporary
					 Adoption Eff. July 1, 2002;
Eff. April 1, 2003;
Amended
					 Eff. July 1, 2010; July 18, 2008.
Expired Eff. November 1, 2017
					 pursuant to
					 G.S.
					 150B-21.3A.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0300 - EDUCATION AND EXAMINATIONS › Section 03M .0302-.0303

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 53-243.05;
					 53-243.07;
					 53-243.13;
Temporary
					 Adoption Eff. July 1, 2002;
Eff. April 1, 2003;
Repealed Eff. May 1, 2010.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0400 - REPORTING AND NOTIFICATION REQUIREMENTS › Section 03M .0402 - SECURITY BREACHES

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Upon discovery
				  of a security breach as defined in
				  G.S.
				  75-61(14), the licensee or
				  registrant shall within one business day provide to the Commissioner a copy of
				  any notification that is required pursuant to
				  G.S.
				  75-65.
(b) Notification by the licensee or
				  registrant shall be in accordance with Rule .0102 of this Subchapter.
Authority
					 G.S.
					 53-244.105(b);
					 53-244.118;
Eff. April
					 1, 2003;
Amended Eff. May 1, 2010; April 1, 2008;
Readopted Eff. August 1, 2018.