SECTION .0700 - PROHIBITED ACTS AND PRACTICES; ENFORCEMENT ACTIONS

 

04 NCAC 03K .0701          PROHIBITED ACTS

(a)  For the purposes of G.S. 53-270, the term "material facts" shall mean any term, fact, factor or condition which is likely to influence, persuade or induce a borrower for a reverse mortgage loan to take a particular action.

(b)  All lenders shall be prohibited from using or attaching any property or asset of the borrower, except the real property securing the reverse mortgage loan, in satisfaction of the reverse mortgage obligation.

 

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

Eff. January 1, 1995.