04 NCAC 03M .0403        TERMINATION OF OPERATIONS

(a)  A licensee shall notify the Commissioner in writing of its decision to cease operations as a mortgage lender, mortgage servicer, or mortgage broker in this State, and the anticipated effective date of the cessation of operations, at least 15 days before the cessation.

(b)  A mortgage lender, mortgage servicer, or mortgage broker that has not originated or serviced a mortgage loan within a 12 month period is considered to have ceased operations.  Cessation of operations is grounds for summary suspension pursuant to G.S. 53-244.114(b); provided, however, that suspension for cessation of operations shall not extend or revive any license that would otherwise terminate on December 31st based on the licensee's failure to renew its license or the Commissioner's refusal to renew the licensee's license.

 

History Note:        Authority G.S. 53-244.118;

Eff. April 1, 2003;

Amended Eff. May 1, 2010; April 1, 2008.