SECTION .0700 - PROHIBITED ACTS AND PRACTICES; ENFORCEMENT
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.