04 NCAC 03K .0402          RECORD AND BOOKKEEPING REQUIREMENTS

(a)  All lenders shall maintain their books and records relating to the making of reverse mortgage loans for a period of three years after payment of the debt in a manner permitting inspection by the Commissioner.

(b)  All financial records required by Paragraph (a) of this Rule shall be prepared in accordance with generally accepted accounting principles.

(c)  An authorized lender shall notify the Commissioner of any change in the location of its books and records.

(d)  In the case of an out-of-state lender, the lender shall designate the Commissioner as agent for service of process in connection with any reverse mortgage loan transaction.

 

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

Eff. January 1, 1995.