NC S198

Settlement agents may disburse settlement proceeds in reliance on checks drawn on or issued by licensed mortgage lenders (Article 19B of Chapter 53) that have posted a $300,000 surety bond with the Commissioner of Banks.

Mortgage broker information is no longer confidential and must be disclosed on page 1 of the deed of trust if a broker acted in loan origination.

North Carolina Commercial Receivership Act amended to clarify that property owned jointly by debtor and spouse as tenants by the entireties is excluded from receivership property unless the spouse is also a debtor.

Settlement agent duties and receivership property definitions clarified, and bad faith filing standards established for individual business debtors in receivership proceedings.

Technical corrections made to financial services laws including references to mortgage lender licenses (Article 19B instead of 19A), money transmitters (Article 16B instead of 16A), and updated definitions in loan broker and trust company provisions.