Daily bulletin [2015 : February 24]

2/24/2015 The Daily Bulletin: Tuesday, February 24, 2015 1 Legislative Reporting Service UNC SCHOOL OF GOVERNMENT The Daily Bulletin: Tuesday, February 24, 2015 PUBLIC/HOUSE BILLS H 103 (2015-2016) JOINT SESSION/STATE OF THE JUDICIARY, Filed Feb 24 2015, A JOINT RESOLUTION INVITING THE HONORABLE MARK MARTIN, CHIEF JUSTICE OF THE SUPREME COURT OF NORTH CAROLINA, TO .4DDRESS A JOINT SESSION OF THE HOUSE OF REPRESENT A TIVES AND THE SENA ТЕ. Identical to S 109, filed 2/23/15. As the title indicates. Sets the date and time for the Honorable Mark Martin, Chief Justice of the Supreme Court of North Carolina, to address a joint session of the Senate and the House of Representatives as Wednesday, March 4, 2015, at 4:00 p.m. Effective upon ratification. Intro, by Lewis, Daughtry, Davis, Bryan. JOINT RES View summary Courts/Judiciary, Government, General Assembly H 104 (2015-2016) ELIMINATE AUDITED FINANCIAL STATEMENT REQ. Filed Feb 24 2015, AN ACT TO ELIMINATE THE REQUIREMENT THAT LICENSED MORTGAGE LENDERS OBTAIN AN AUDITED FINANCIAL STATEMENT, AS RECOMMENDED BY THE LEGISLATIVE RESEARCH COMMISSION STUDY COMMITTEE ON BANKING LAW AMENDMENTS. Amends GS 53-244. 104. concerning The Secure and Fair Enforcement Mortgage Licensing Act, replacing the requirement that licensed mortgage lenders obtain an unqualified audited financial statement documenting required net worth and liquidity amounts with a requirement that such amounts be documented by a certified public accountant’s compilation of financial condition. Intro, by J. Bell, Jordan. GS 53 View summary Banking and Finance H 105 (2015-2016) REDUCE MORTGAGE LENDER SURETY BONDS. Filed Feb 24 2015, AN ACT TO REDUCE THE SURETY BOND REQUIREMENT FOR LICENSEES UNDER THE SECURE AND ['AIR ENFORCEMENT MORTGAGE LICENSING ACT (NC S.A.F.E. ACT), AS RECOMMENDED BY THE LEGISLATIVE RESEARCH COMMISSION STUDY COMMITTEE ON BANKING LAW AMENDMENTS. Amends GS 53-244. 103, Surety bond requirements, adjusting the amount of bond required for mortgage loan originators or transitional mortgage loan originators. Establishes that a mortgage broker must post a minimum surety bond of $25,000 (was $75,000). Provides, however, that if such a broker has originated mortgage loans in North Carolina in excess of $25 million but less than $100 million, in a 12-month period ending December 31, then the broker’s minimum bond amount must be $75,000 (previously, required a $125,000 minimum bond if the broker originated loans in excess of $10 million but less than $50 million in a 12-month period ending December 31). Further provides that if a broker has originated mortgage loans, in North Carolina in a 12-month period ending December 31, of https://lrs.sog.unc.edU/lrs-subscr-view/dailybulletin/2015-02-24# 1/13