04 NCAC 03K .0405          IMPAIRMENT OF MINIMUM NET WORTH, AND SURETY BOND

(a)  An applicant shall notify the Commissioner in writing if, at any time, it fails to meet the minimum net worth requirements of Rule .0301 of this Subchapter.

(b)  An applicant shall immediately notify the Commissioner in writing of any cancellation or suspension of the surety bond required by Rule .0302 of this Subchapter.

(c)  For the purposes of this Rule, immediately means within three business days of discovery of the failure to meet the minimum net worth, and bonding requirements of Section .0300 of this Subchapter.

(d)  If an applicant fails to meet the minimum net worth, and surety bond requirements, the Commissioner may revoke or suspend authorization of an authorized lender or lender to engage in reverse mortgages.

 

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

Eff. January 1, 1995.