§ 45-90 – Definitions.
45-90. Definitions. As used in this Article, the following definitions apply: (1) Home loan. – A loan secured by real property located in this State used, or intended to be used, by an individual borrower or individual borrowers in this State as a dwelling, regardless of whether the loan is used to purchase the property […]
§ 45-91 – Assessment of fees; processing of payments; publication of statements.
45-91. Assessment of fees; processing of payments; publication of statements. A servicer must comply as to every home loan, regardless of whether the loan is considered in default or the borrower is in bankruptcy or the borrower has been in bankruptcy, with the following requirements: (1) Any fee that is incurred by a servicer shall […]
§ 45-92 – Obligation of servicer to handle escrow funds.
45-92. Obligation of servicer to handle escrow funds. Any servicer that exercises the authority to collect escrow amounts on a home loan held or to be held for the borrower for insurance, taxes, and other charges with respect to the property shall collect and make all payments from the escrow account, so as to ensure […]
§ 45-93 – Borrower requests for information.
45-93. Borrower requests for information. The servicer shall make reasonable attempts to comply with a borrower’s request for information about the home loan account and to respond to any dispute initiated by the borrower about the loan account, as provided in this section. The servicer shall maintain, until the home loan is paid in full, […]
§ 45-94 – Remedies.
45-94. Remedies. In addition to any equitable remedies and any other remedies at law, any borrower injured by any violation of this Article may bring an action for recovery of actual damages, including reasonable attorneys’ fees. The Commissioner of Banks, the Attorney General, or any party to a home loan may enforce the provisions of […]
§ 45-95 – Severability.
45-95. Severability. The provisions of this Article shall be severable, and if any phrase, clause, sentence, or provision is declared to be invalid or is preempted by federal law or regulation, the validity of the remainder of this section shall not be affected thereby. If any provision of this Article is declared to be inapplicable […]
§ 45-100 – Title.
45-100. Title. This Article shall be known as the Emergency Program to Reduce Home Foreclosures Act. (2008-226, s. 1; 2010-168, s. 9; 2012-79, s. 2.17(g).)
§ 45-82.1 – Extension of period for advances.
45-82.1. Extension of period for advances. (a) The period for advances agreed to pursuant to G.S. 45-81(3) may be extended by written agreement of the lender and borrower executed and registered prior to expiration or termination of the equity line of credit or the borrower’s obligation to repay any outstanding indebtedness. Any extended period shall […]
§ 45-82.2 – Request to terminate an equity line of credit.
45-82.2. Request to terminate an equity line of credit. (a) Upon receipt of a request from an authorized person to terminate an equity line of credit, the lender shall (i) terminate the borrower’s right to obtain advances under the borrower’s equity line of credit; (ii) apply all sums subsequently paid by or on behalf of […]
§ 45-82.3 – Notice regarding future advances.
45-82.3. Notice regarding future advances. (a) A notice regarding future advances may be submitted to a lender by an authorized person, an owner of the property, or a qualified lien holder. (b) Except as provided in subsection (c) of this section, an advance made by a lender to a borrower pursuant to an equity line […]