04 NCAC 03K .0702          ENFORCEMENT ACTIONS

The grounds upon which the Commissioner may either revoke or suspend authorization of a lender to engage in reverse mortgage loans shall include, but not be limited to the following:

(1)           The making of any false statement in an application for authorization, if the false statement would have been grounds for denial of the application; or

(2)           The making of any false statement on any form or document requested by the Commissioner; or

(3)           One or more violations of the Reverse Mortgage Act or provisions of this Subchapter; or

(4)           The conviction of any crime which would have a bearing upon the fitness or ability of the authorized lender to conduct its business; or

(5)           The commission of any action which involves dishonesty, fraud, or misrepresentation.  This Subparagraph shall not be construed to apply to bona fide errors.

(6)           The failure to pay the annual fee pursuant to Rule .0204 of this Subchapter.


History Note:        Authority G.S. 53-259; 53-270; 53-271(a)(c);

Eff. January 1, 1995.