SECTION .0300 - REQUIREMENTS FOR AUTHORIZATION

 

04 NCAC 03K .0301          MINIMUM NET WORTH REQUIREMENT FOR AUTHORIZED LENDER OR LENDERS

(a)  All authorized lenders shall have, at all times, a net worth of at least five hundred thousand dollars ($500,000).

(b)  For any year in which a lender seeks to rely on the capital of its parent to satisfy the requirements of Paragraph (a) of this Rule, it shall provide to the Commissioner:

(1)           Certified financial statements of the parent showing a net worth of at least one million dollars ($1,000,000) as of the close of its most recent fiscal year; and

(2)           A binding written commitment from the parent to the lender to make a minimum of one million dollars ($1,000,000) available to the lender as a capital contribution in connection with its reverse mortgage lending program.

 

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

Eff. January 1, 1995.