SECTION .0300 - REQUIREMENTS FOR AUTHORIZATION

 

04 NCAC 03K .0301          MINIMUM

NET WORTH REQUIREMENT FOR AUTHORIZED LENDER OR LENDERS

(a)  All authorized lenders shall have, at all times, a net

worth of at least five hundred thousand dollars ($500,000).

(b)  For any year in which a lender seeks to rely on the

capital of its parent to satisfy the requirements of Paragraph (a) of this

Rule, it shall provide to the Commissioner:

(1)           Certified financial statements of the

parent showing a net worth of at least one million dollars ($1,000,000) as of

the close of its most recent fiscal year; and

(2)           A binding written commitment from the

parent to the lender to make a minimum of one million dollars ($1,000,000)

available to the lender as a capital contribution in connection with its

reverse mortgage lending program.

 

History Note:        Authority G.S. 53-258(b); 53-259;

53-271(a);

Eff. January 1, 1995.