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NC H105

Bill

Official Source

Status

Introduced

2/24/2015

Primary Sponsor

John Bell

Click for details

Origin

House of Representatives

2015-2016 Session

AI Summary

  • Reduces minimum surety bond requirement for mortgage brokers from $75,000 to $25,000
  • Reduces minimum surety bond requirement for mortgage lenders and servicers from $150,000 to $100,000
  • Adjusts tiered bond amounts for higher-volume originators: mortgage brokers originating $25-100 million annually must post $75,000 (down from $125,000), and those over $100 million must post $150,000 (down from $250,000)
  • Simplifies mortgage lender tiered requirements by eliminating the $10-50 million bracket and requiring $150,000 (down from $500,000) for lenders originating $100 million or more annually
  • Removes "audited" requirement from financial statement verification for net worth waivers and reduces the required net worth threshold from four times the bond amount

Legislative Description

Reduce Mortgage Lender Surety Bonds

Last Action

Ref To Com On Banking

2/27/2015

Committee Referrals

Banking2/27/2015

Full Bill Text

No bill text available