04 NCAC 03K .0404          WITHDRAWAL/TERMINATION OF AUTHORIZATION AS REVERSE MTG. LENDER

(a)  An authorized lender shall notify the Commissioner in writing of its decision to cease operations as a reverse mortgage lender in this State within 30 days of such decision.

(b)  An authorized lender shall surrender its Certificate of Authorization to the Commissioner no later than 30 days after it has ceased operations in this State or upon revocation, temporarily or permanently, of the reverse mortgage lender's authorization.

(c)  Failure to comply may result in a fine to the principal officers, partners, directors, controlling persons, pursuant to G.S. 53-271.

 

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

Eff. January 1, 1995.