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
Universal Citation: 04 NC Admin Code 03K .0302
Current through Register Vol. 39, No. 6, September 16, 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.
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