Policy & Legislation

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NORTH CAROLINA 2011 LEGISLATION

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  • HB 814/SB 559 Fair Compensation for Mortgage Broker/Lender
    Published: Aug 15 2011      Issue: Mortgage Lending

    PENDING: This bill would have rolled back predatory mortgage lending protections by raising allowable fees, cutting broker bonds and reducing oversight of mortgage brokers. It did not pass the...

  • HB 717 Private Mortgage Insurance Premiums
    Published: Aug 15 2011      Issue: Mortgage Lending

    PENDING: This bill would have weakened our predatory mortgage lending protections through changes to our mortgage insurance premium regulations. This bill did not pass the House or Senate.

  • HB 654 Homeowner/Homebuyer Protection Act
    Published: Aug 15 2011      Issue: Mortgage Lending

    PENDING: This bill would have rolled back SB 1015, a 2010 law that protects NC homeowners and homebuyers from a range of predatory real estate practices. This bill passed the House and will be...

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NORTH CAROLINA 2010 LEGISLATION

  • SB 1400 Foreclosure Process for Active Duty Military
    Published: Oct 1 2010      Issue: Mortgage Lending

    This law requires that foreclosures proceed through the judicial foreclosure process (rather than power of sale) when the homeowner is on active military duty and the mortgage was entered into...

  • SB 1216 Extend Emergency Foreclosure Program
    Published: Oct 1 2010      Issue: Mortgage Lending

    SB 1216 continues the State Home Foreclosure Prevention Project through May 31, 2013 and expands the program to cover all NC home loans not just certain subprime loans. It also modifies the points...

  • SB 1015 Homeowner and Homebuyer Protection Act
    Published: Oct 1 2010      Issue: Mortgage Lending

    SB 1015 protects NC homeowners from a range of predatory practices. The law addresses three main issues: foreclosure rescue scams, abusive lease-option contracts, and abusive contract for deed/land...

NORTH CAROLINA 2009 LEGISLATION

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  • SB 974 Consumer Economic Protection Act of 2009
    Published: Oct 1 2009      Issue: Debt Settlement, Mortgage Lending

    SB 974, which had the strong support of Attorney General Roy Cooper, includes important new consumer protections in two distinct areas: Greater protections for homeowners during the foreclosure...

  • SB 810 Non-Discrimination Against Affordable Housing Developments
    Published: Aug 29 2009      Issue: Mortgage Lending

    This law makes it a violation of the NC Fair Housing Act for local government to refuse to allow housing development because it's "affordable" for families below 80% of average monthly income (AMI).

  • HB 806 Notice of Lien for Assessments of Homeowners Associations
    Published: Oct 1 2009      Issue: Mortgage Lending

    This law places new requirements on a homeowners association (HOA) prior to and subsequent to the filing of a lien for homeowner's dues, including a requirement that the HOA make "reasonable and...

  • HB 1523 S.A.F.E. Mortgage Licensing Act
    Published: Jul 31 2009      Issue: Mortgage Lending

    This law with the strong support of the NC Commissioner of Banks, rewrote the current NC Mortgage Lending Act (MLA) to conform to standards required under new Federal legislation.

  • HB 1222 Rate-Spread and High-Cost Loans
    Published: Oct 1 2009      Issue: Mortgage Lending

    This bill made technical and clarifying changes to anti-predatory lending laws for high-cost and rate-spread mortgages. The law became effective October 1, 2009.

  • HB 1058 Increase Statutory Homestead Exemption
    Published: Dec 31 2009      Issue: Mortgage Lending

    This law significantly increases the amount of equity in their home that a homeowner can protect from creditors. This allows individuals with debt to keep their homes rather than having their home...

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NORTH CAROLINA 2008 LEGISLATION

  • HB 2623 Emergency Foreclosure Reduction Program
    Published: Nov 1 2008      Issue: Mortgage Lending

    This law creates a program within the Commissioner of Banks’ office designed to reduce the number of subprime foreclosures in North Carolina. The law requires that homeowners receive at least 45...

  • HB 2188 Earlier Notification of Mortgage Servicer Fee
    Published: Oct 1 2008      Issue: Mortgage Lending

    This law does two things. First, it made technical corrections to provisions enacted last year providing new protections for consumers in loan servicing. Second, the law banned subprime...

  • HB 2423 Regulate Mortgage Servicers
    Published: Apr 1 2008      Issue: Mortgage Lending

    This law requires mortgage loan servicers doing business in North Carolina to be licensed and imposes new standards on their loan collection activities, providing more protection for North Carolina...

NORTH CAROLINA 2007 LEGISLATION

  • HB 1374 Protect Homeowners & Reduce Foreclosures
    Published: Aug 16 2007      Issue: Mortgage Lending

    HB 1374, Protect Homeowners & Reduce Foreclosures, passed unanimously in both the North Carolina House and Senate and was signed into law by Governor Easley on August 16, 2007. This law makes...

  • HB 1817 2007 North Carolina Predatory Lending Law
    Published: Aug 16 2007      Issue: Mortgage Lending

    On August 16, 2007, Governor Mike Easley signed into law the NC Predatory Lending Law, House Bill 1817. This law passed with strong support, and was endorsed by major financial organizations across...

NORTH CAROLINA 2001 LEGISLATION

  • SB 904 Mortgage Broker Licensing Law
    Published: Apr 4 2001      Issue: Mortgage Lending

    In August 2001, NC Governor Mike Easley signed into law the NC Mortgage Lending Act, Senate Bill 904. This law passed both houses with strong support and was endorsed by all major financial trade...

NORTH CAROLINA 1999 LEGISLATION

  • SB 1149 North Carolina's Predatory Mortgage Lending Law
    Published: Apr 15 1999      Issue: Mortgage Lending

    In 1999, North Carolina became the first state to enact legislation to curb predatory mortgage lending. Over the many years since, the North Carolina law has proven its effectiveness in curtailing...