The North Carolina Commissioner of Banks (Commissioner) readopted and amended rules under the Secure and Fair Enforcement Mortgage Licensing Act and the Reverse Mortgage Act. Under current law, the Commissioner must conduct a review of the Commissioner’s existing rules at least once every 10 years and must readopt the rules that are deemed necessary. Per the review, the Commissioner has determined that existing rules under the SFEMLA and the RMA need to be readopted. As part of the readoption process, rules were amended in order to modernize and clarify language, improve readability, update the rules to current practices, and delete unnecessary or outdated language. The readopted rules went into effect August 1, 2018.
See North Carolina Commissioner of Banks website for the full text of the Regulations:
https://www.oah.state.nc.us/rules/register/Volume%2033%20Issue%2005%20September%204,%202018-ONLINE.pdf
