- (a) A NC SAFE authorized lender shall notify the Commissioner in writing within three business days of any cancellation or suspension of the surety bond required by Rule .0302 of this Subchapter.
- (b) If an applicant fails to meet the minimum surety bond requirements, the Commissioner may revoke or suspend authorization of NC SAFE Act authorized lender to engage in reverse mortgages.
History Note: Authority G.S. 53-244.114; 53-258(b); 53-259; 53-271;
Eff. January 1, 1995;
Readopted Eff. August 1, 2018.