§ 45‑103. (Forexpiration date, see note) Pre‑foreclosure information to be filed withthe Administrative Office of the Courts for certain subprime loans.
(a) Within threebusiness days of mailing the notice required by G.S. 45‑102, the mortgageservicer shall file certain information with the Administrative Office of theCourts. The filing shall be in an electronic format, as designated by theAdministrative Office of the Courts, and shall contain the name and address ofthe borrower and the date the notice was mailed to the borrower.
(b) As permitted byapplicable State and federal law, optional information may be requested fromthe mortgage servicer to facilitate further review by the State HomeForeclosure Prevention Project described in G.S. 45‑104. The nature ofthe optional information requested shall be determined in connection with thedesign of the database established by subsection (c) of this section. Thisoptional information shall be used by the State Home Foreclosure PreventionProject to prioritize efforts to reach borrowers most likely to avoidforeclosure and to prevent delay for defaults where foreclosure is unavoidable.
(c) No later thanOctober 1, 2008, the Administrative Office of the Courts shall establish aninternal database to track information provided in this section. TheCommissioner of Banks shall design and develop this database, in consultationwith the Administrative Office of the Courts, in a manner to promote theefforts of the State Home Foreclosure Prevention Project. Only theAdministrative Office of the Courts, the Office of Commissioner of Banks, andthe clerk of court as provided by G.S. 45‑107 shall have access to thedatabase. (2008‑226,s. 1.)
§ 45‑103. (Forexpiration date, see note) Pre‑foreclosure information to be filed withthe Administrative Office of the Courts for certain subprime loans.
(a) Within threebusiness days of mailing the notice required by G.S. 45‑102, the mortgageservicer shall file certain information with the Administrative Office of theCourts. The filing shall be in an electronic format, as designated by theAdministrative Office of the Courts, and shall contain the name and address ofthe borrower and the date the notice was mailed to the borrower.
(b) As permitted byapplicable State and federal law, optional information may be requested fromthe mortgage servicer to facilitate further review by the State HomeForeclosure Prevention Project described in G.S. 45‑104. The nature ofthe optional information requested shall be determined in connection with thedesign of the database established by subsection (c) of this section. Thisoptional information shall be used by the State Home Foreclosure PreventionProject to prioritize efforts to reach borrowers most likely to avoidforeclosure and to prevent delay for defaults where foreclosure is unavoidable.
(c) No later thanOctober 1, 2008, the Administrative Office of the Courts shall establish aninternal database to track information provided in this section. TheCommissioner of Banks shall design and develop this database, in consultationwith the Administrative Office of the Courts, in a manner to promote theefforts of the State Home Foreclosure Prevention Project. Only theAdministrative Office of the Courts, the Office of Commissioner of Banks, andthe clerk of court as provided by G.S. 45‑107 shall have access to thedatabase. (2008‑226,s. 1.)
§ 45‑103. (Forexpiration date, see note) Pre‑foreclosure information to be filed withthe Administrative Office of the Courts for certain subprime loans.
(a) Within threebusiness days of mailing the notice required by G.S. 45‑102, the mortgageservicer shall file certain information with the Administrative Office of theCourts. The filing shall be in an electronic format, as designated by theAdministrative Office of the Courts, and shall contain the name and address ofthe borrower and the date the notice was mailed to the borrower.
(b) As permitted byapplicable State and federal law, optional information may be requested fromthe mortgage servicer to facilitate further review by the State HomeForeclosure Prevention Project described in G.S. 45‑104. The nature ofthe optional information requested shall be determined in connection with thedesign of the database established by subsection (c) of this section. Thisoptional information shall be used by the State Home Foreclosure PreventionProject to prioritize efforts to reach borrowers most likely to avoidforeclosure and to prevent delay for defaults where foreclosure is unavoidable.
(c) No later thanOctober 1, 2008, the Administrative Office of the Courts shall establish aninternal database to track information provided in this section. TheCommissioner of Banks shall design and develop this database, in consultationwith the Administrative Office of the Courts, in a manner to promote theefforts of the State Home Foreclosure Prevention Project. Only theAdministrative Office of the Courts, the Office of Commissioner of Banks, andthe clerk of court as provided by G.S. 45‑107 shall have access to thedatabase. (2008‑226,s. 1.)
