04 NCAC 03K .0702         ENFORCEMENT ACTIONS

The grounds upon which the Commissioner may revoke the authorization of a lender to engage in reverse mortgage loans includes the following:

(1)           The making of any false statement in an application for authorization;

(2)           The making of any false statement on any form or document requested by the Commissioner;

(3)           One or more violations of G.S. 53, Article 21 or rules of this Subchapter;

(4)           The conviction of any crime that would have a bearing upon the fitness or ability of the authorized lender to conduct its business; or

(5)           The commission of any action that involves dishonesty, fraud, or misrepresentation.

History Note:        Authority G.S. 53-259; 53-270; 53-271;

Eff. January 1, 1995;

Readopted Eff. August 1, 2018.