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
Universal Citation: 04 NC Admin Code 03K .0405
Current through Register Vol. 39, No. 6, September 16, 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.
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