Section .0700 - Prohibited Acts And Practices; Enforcement Actions

Link to law: http://reports.oah.state.nc.us/ncac/title 04 - commerce/chapter 03 - banking commission/subchapter k/04 ncac 03k .0701.html
Published: 2015

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SECTION .0700 - PROHIBITED ACTS AND PRACTICES; ENFORCEMENT

ACTIONS

 

04 NCAC 03K .0701          PROHIBITED ACTS

(a)  For the purposes of G.S. 53-270, the term

"material facts" shall mean any term, fact, factor or condition which

is likely to influence, persuade or induce a borrower for a reverse mortgage

loan to take a particular action.

(b)  All lenders shall be prohibited from using or attaching

any property or asset of the borrower, except the real property securing the

reverse mortgage loan, in satisfaction of the reverse mortgage obligation.

 

History Note:        Authority G.S. 53-259; 53-270; 53-271(a);

Eff. January 1, 1995.