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NC H518
Bill
Status
3/28/2017
Primary Sponsor
Brenden Jones
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AI Summary
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Expands exemption from the Secure and Fair Enforcement (SAFE) Mortgage Licensing Act to allow individuals to offer and negotiate residential mortgage loans with extended family members.
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Changes the definition of eligible family members from "immediate family" to relatives "related within the third degree of kinship, including relation by legal adoption."
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Allows family members more distantly related (such as cousins, aunts, uncles, and grandparents) to negotiate residential mortgage loans without obtaining a mortgage license.
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Exempts these family lending arrangements from most SAFE Act provisions, except for G.S. 53-244.111.
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Becomes effective upon enactment.
Legislative Description
SAFE Act Changes
Last Action
Re-ref Com On Rules, Calendar, and Operations of the House
4/5/2017