North Carolina Administrative Code

04 NCAC 03D .0303 BOOKS AND RECORDS Books and Records. Each state trust entity shall keep the following: (1) a separate and distinct set of books and records showing all receipts and disbursements of funds, receipts, purchases and sales of assets, and other transactions engaged i…

04 NCAC 03D .0304 COLLECTIVE INVESTMENT (a) Funds held for trust business accounts by a state trust entity may be invested collectively in one or more collective investment funds to the extent permissible for the accounts. Such funds shall be organized and administered in accorda…

04 NCAC 03D .0305 USE OF SECURITIES CLEARING CORPORATIONS History Note: Authority G.S. 53-92; 53-104; 53-110; 53-159.1; Eff. February 1, 1976; Repealed Eff. October 1, 2012 pursuant to G.S. 150B-21.7.

SUBCHAPTER 03E - LICENSEES UNDER NORTH CAROLINA CONSUMER FINANCE ACT SECTION .0100 – LICENSING 04 NCAC 03E .0101 APPLICATION (a) The application for a consumer finance license shall include information necessary to determine whether an applicant is qualified to hold a consumer fi…

04 NCAC 03E .0102 APPROVAL History Note: Authority G.S. 53-92; 53-95; 53-104; 53-168; 58-169; 53-185; 53-188; Eff. February 1, 1976; Amended Eff. June 1, 1995; August 1, 1978; Repealed Eff. August 1, 2018.

04 NCAC 03E .0106 MOTOR VEHICLE LENDERS History Note: Authority G.S. 53-92; 53-176.1; 53-185; Eff. February 1, 1976; Repealed Eff. January 1, 1993.

SECTION .0200 - ACTIONS REQUIRING APPROVAL OF COMMISSIONER OF BANKS 04 NCAC 03E .0201 OPERATION OF OTHER BUSINESS IN SAME OFFICE History Note: Authority G.S. 53-92; 53-122(3); 53-168; 53-172; 53-185; 150B-21.2; Eff. February 1, 1976; Amended Eff. September 1, 2006; January 1, 199…

04 NCAC 03E .0204 TRANSFER OF LICENSE AND CHANGE OF LOCATION (a) Requests to transfer or assign a license shall contain the name, address, and telephone number of the proposed transferee or assignee, the reasons for the transfer or assignment, and the date that the licensee propo…

SECTION .0300 - REPORTS REQUIRED BY COMMISSIONER OF BANKS 04 NCAC 03E .0301 CHANGE OF OWNERSHIP OR MANAGEMENT History Note: Authority G.S. 53-92; 53-170; 53-185; 150A-11; Eff. February 1, 1976; Repealed Eff. January 1, 1985.

04 NCAC 03E .0302 ANNUAL REPORT The annual report form shall contain various schedules that reflect the financial condition of the licensee, as well as the results of its operations. The form and instructions shall be obtained and filed online through the agency's internal websit…

SECTION .0600 - CONSUMER FINANCE OFFICES 04 NCAC 03E .0601 Books, Records, and application of fees Each consumer finance office licensed by the Commissioner of Banks shall keep the following books and accounting records. Except as permitted by G.S. 53-184(a), these records shall …

04 NCAC 03E .0602 COLLECTION PRACTICES History Note: Authority G.S. 53C-2-1; 53C-2-2; 53-180; 53-185; Eff. February 1, 1976; Repealed Eff. August 1, 2018.

04 NCAC 03E .0603 DEFERMENT CHARGES History Note: Authority G.S. 53-92; 53-104; 53-173(6); 53-185; Eff. February 1, 1976; Repealed Eff. January 1, 1993.

SECTION .0200 - ADMINISTRATIVE 04 NCAC 03F .0201 DEFINITIONS History Note: Authority G.S. 53-208.27; Eff. February 1, 1993; Amended Eff. November 1, 2013; September 1, 2006; June 1, 1995; Repealed Eff. August 1, 2018.

04 NCAC 03F .0202 PERMISSIBLE INVESTMENTS History Note: Authority G.S. 53-193; 53-206.1; Eff. March 1, 1994; Repealed Eff. October 1, 2011.

SECTION .0300 - LICENSING 04 NCAC 03F .0301 Incomplete Applications Incomplete application files shall be closed and withdrawn without prejudice when the applicant has not submitted information requested by the Commissioner within 30 days of the request. History Note: Authority G…

SECTION .0400 - OPERATIONS 04 NCAC 03F .0401 CERTIFICATE OF AUTHORITY History Note: Authority G.S. 53-203; 53-206.1; 150B-21.2; Eff. February 1, 1993; Repealed Eff. October 1, 2011.

04 NCAC 03F .0402 SURRENDER OF LICENSE History Note: Authority G.S. 53-208.27; Eff. February 1, 1993; Repealed Eff. August 1, 2018.

SECTION .0500 - REPORTING AND NOTIFICATIONS 04 NCAC 03F .0501 GENERALLY ACCEPTED ACCOUNTING PRINCIPLES History Note: Authority G.S. 53-208.27; Eff. February 1, 1993; Repealed Eff. August 1, 2018.

SECTION .0700 - LICENSE REVOCATION 04 NCAC 03F .0701 HEARINGS History Note: Authority G.S. 53-206; 53-206.1; 53-207; 150B-21.2; Eff. February 1, 1993; Repealed Eff. October 1, 2011.

04 NCAC 03G .0104 DEFINITIONS; FILINGS History Note: Authority G.S. 90-210.30; 90-210.34; 90-210.36; Eff. May 1, 1991; Repealed Eff. February 1, 1995.

04 NCAC 03G .0203 EXPIRATION AND RENEWAL History Note: Authority G.S. 90-210.34; 90-210.36; Eff. June 1, 1991; Repealed Eff. February 1, 1995.

SECTION .0500 - OPERATIONS 04 NCAC 03G .0501 RECORD AND BOOKKEEPING REQUIREMENTS History Note: Authority G.S. 90-210.31; 90-210.35(a); 90-210.36; Eff. May 1, 1991; Repealed Eff. February 1, 1995.

04 NCAC 03G .0502 ANNUAL REPORT History Note: Authority G.S. 90-210.36; Eff. June 1, 1991; Repealed Eff. February 1, 1995.

SECTION .0600 - LICENSE REVOCATION OR SUSPENSION 04 NCAC 03G .0601 REVOCATION OR SUSPENSION; HEARINGS History Note: Authority G.S. 90-210.31; 90-210.32; 90-210.33; 90-210.36; Eff. June 1, 1991; Repealed Eff. February 1, 1995.

SUBCHAPTER 3H - APPLICATIONS BY REGIONAL BANK HOLDING COMPANIES SECTION .0100 - REGIONAL BANK HOLDING COMPANIES 04 NCAC 03H .0101 APPLICATION FEES History Note: Authority G.S. 53-214(b); Eff. September 1, 1985; Repealed Eff. May 1, 1992.

SUBCHAPTER 03i - MORTGAGE BANKER/BROKER SECTION .0100 – ADMINISTRATIVE 04 NCAC 03I .0101 DEFINITIONS; FILINGS History Note: Authority G.S. 53-233; 53-234; 53-241; Eff. November 1, 1993; Amended Eff. May 1, 1995; Repealed Eff. April 1, 2003.

SECTION .0200 - FINANCIAL REQUIREMENTS 04 NCAC 03I .0201 FINANCIAL REQUIREMENTS FOR MORTGAGE BANKERS AND MORTGAGE BROKERS History Note: Authority G.S. 53-236(b); 53-241; Eff. November 1, 1993; Amended Eff. May 1, 1995; Repealed Eff. April 1, 2003.

04 NCAC 03I .0204 SURETY BOND History Note: Authority G.S. 53-236(b); 53-241; Eff. November 1, 1993; Amended Eff. May 1, 1995; Repealed Eff. April 1, 2003.

SUBCHAPTER 03J - REFUND ANTICIPATION LOAN SECTION .0100 - ADMINISTRATIVE 04 NCAC 03J .0101 DEFINITIONS; FILINGS (a) In addition to the definitions in G.S. 53, Article 20, for the purposes of this Subchapter the following definitions apply: (1) "Controlling person" means any perso…

SECTION .0200 - APPLICATION AND RENEWAL 04 NCAC 03J .0201 APPLICATION FOR REGISTRATION AS A FACILITATOR (a) The application for registration as a facilitator shall include the following: (1) a description of the applicant's organizational structure, including the name, business a…

04 NCAC 03J .0204 APPLICATION FOR RENEWAL OF CERTIFICATE OF REGISTRATION (a) The application for renewal of the Certificate of Registration shall include the following: (1) where applicable, any amendments to the application for registration filed pursuant to Rule .0201 of this S…

04 NCAC 03J .0205 NONTRANSFERABILITY OF CERTIFICATE OF REGISTRATION (a) A Certificate of Registration shall be neither transferable nor assignable. (b) The Certificate of Registration shall become void if the registrant changes organizational structure, such as to or from a sole …

SECTION .0300 - OPERATIONS, REPORTING REQUIREMENTS, NOTIFICATIONS 04 NCAC 03J .0301 CHECK CASHING SERVICES History Note: Authority G.S. 53-250(5); 53-253; 150B-21.2; Eff. September 1, 1993; Repealed Eff. August 1, 2018.

04 NCAC 03J .0302 RECORD AND BOOKKEEPING REQUIREMENTS (a) A registrant shall maintain the following records with respect to each application for a refund anticipation loan in this State: (1) the name of applicant; (2) the social security number of applicant; (3) the date of appli…

04 NCAC 03J .0303 FILING AND POSTING OF FEE SCHEDULE (a) The fee schedule of refund anticipation loan fees required by G.S. 53-249(a) shall be filed pursuant to Rule .0101(b) of this Subchapter. (b) The fee schedule referenced in Paragraph (a) of this Rule shall include the follo…

04 NCAC 03J .0304 DISCLOSURES (a) For the purposes of G.S. 53-249(d)(1) and (2), the registrant shall disclose and provide a copy to the debtor the following fees: (1) The creditor loan fee; (2) The facilitator loan fee; and (3) The electronic filing fee. (b) For the purposes of …

04 NCAC 03J .0305 AMENDMENTS TO APPLICATION (a) A registrant shall maintain a current application with the Commissioner. If there is a change in the information contained in the application, the registrant shall notify the Commissioner within 30 days of the effective date of the …

04 NCAC 03J .0306 CESSATION OF OPERATIONS History Note: Authority G.S. 53-253; 150B-21.2; Eff. September 1, 1993; Repealed Eff. August 1, 2018.

SECTION .0400 - ENFORCEMENT 04 NCAC 03J .0401 HEARINGS History Note: Authority G.S. 53-251; 53-253; 150B-21.2; Eff. September 1, 1993; Repealed Eff. August 1, 2018.

04 NCAC 03J .0402 EXAMINATIONS, AUDITS The Commissioner may conduct or cause to be conducted an examination or audit of the books and records of any registrant. History Note: Authority G.S. 53-253; Eff. September 1, 1993; Readopted Eff. August 1, 2018.

SUBCHAPTER 03K - REVERSE MORTGAGES SECTION .0100 - ADMINISTRATIVE 04 NCAC 03K .0101 DEFINITIONS; FILINGS (a) In addition to the definitions in G.S. 53-257, for the purpose of this Subchapter, the following definitions apply: (1) "Accounting period" means either a period of 12 mon…

SECTION .0200 - AUTHORIZATION OF REVERSE MORTGAGE LENDERS 04 NCAC 03K .0201 APPLICATION FOR AUTHORIZATION AS A REVERSE MORTGAGE LENDER (a) The application shall be in writing, attested by the applicant, and filed pursuant to Rule .0101(b) of this Subchapter, and shall include the…

04 NCAC 03K .0202 NOTIFICATION OF INTENT TO ENGAGE IN REVERSE MORTGAGE LENDING History Note: Authority G.S. 53-258(a)(c); 53-259; 53-271(a); Eff. January 1, 1995; Repealed Eff. August 1, 2018.

04 NCAC 03K .0203 CURRENT AUTHORIZED LENDER INFORMATION (a) A NC SAFE Act authorized lender shall notify the Commissioner within 30 days of the effective date of any material changes to the information on file with the Commissioner. Notification shall be made on the lender's lett…

04 NCAC 03K .0204 ANNUAL Renewal FEE (a) On or before December 31 of each year, each NC SAFE Act authorized lender shall pay the annual fee set forth in G.S. 53-258(d). (b) Failure of an NC SAFE Act authorized lender to pay the annual fee as of the date specified in Paragraph (a)…

04 NCAC 03K .0205 CERTIFICATE OF AUTHORIZATION History Note: Authority G.S. 53-122(3); 53-258(b)(d); 53-259; 53-271(a); Eff. January 1, 1995; Repealed Eff. August 1, 2018.

04 NCAC 03K .0206 NONTRANSFERABILITY OF CERTIFICATE OF AUTHORIZATION A Certificate of Authorization shall be neither transferrable nor assignable. History Note: Authority G.S. 53-258(d); 53-259; 53-271(a); Eff. January 1, 1995; Readopted Eff. August 1, 2018.

SECTION .0300 - REQUIREMENTS FOR AUTHORIZATION 04 NCAC 03K .0301 MINIMUM NET WORTH REQUIREMENT FOR AUTHORIZED LENDER OR LENDERS History Note: Authority G.S. 53-258(b); 53-259; 53-271(a); Eff. January 1, 1995; Repealed Eff. August 1, 2018.

04 NCAC 03K .0302 SURETY BONDS All NC SAFE Act authorized lenders shall post a surety bond in the amount of one hundred thousand dollars ($100,000) with the Commissioner that shall run to the benefit of the State. The bond shall be executed by an insurance company authorized to d…