04 NCAC 03K .0205          CERTIFICATE OF AUTHORIZATION

(a)  Upon receipt of a completed application and compliance with Sections .0200 and .0300 of this Subchapter, and payment of the fees, the Commissioner shall investigate the applicant pursuant to G.S. 53-258.  If the Commissioner finds the applicant has met the provisions of G.S. 53-258, the Commissioner shall authorize the applicant as a reverse mortgage lender.

(b)  An authorized lender shall post its Certificate of Authorization in plain view of its customers at its principal office, each of its branch offices in this State and any branch offices outside of this State at which reverse mortgage loans are to be originated or made on residential real property located in North Carolina.

(c)  An authorized lender shall notify the Commissioner of a change in the name under which it operates or the address of its principal office and any branch office as set forth in Paragraph (a) of this Rule.  Notification shall be made at least 30 days prior to the effective date of such change, and shall consist of:

(1)           the new name or address; and

(2)           a reissuance fee of twenty-five dollars ($25.00) per certificate issued payable to the Commissioner.

(d)  Upon receipt of a Certificate of Authorization which contains the new address, an authorized lender shall surrender its former Certificate of Authorization to the Commissioner.

(e)  Failure to surrender the former Certificate of Authorization may result in suspension of authorization as a reverse mortgage lender pursuant to Rule .0702 of this Subchapter.

 

History Note:        Authority G.S. 53-122(3); 53-258(b)(d); 53-259; 53-271(a);

Eff. January 1, 1995.