State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-244_020

§ 53‑244.020.  Purposeand construction.

(a)        Purpose. – Aprimary purpose of this Article is to protect consumers seeking mortgage loansand to ensure that the mortgage lending industry operates without unfair,deceptive, and fraudulent practices on the part of mortgage loan originators.Therefore, the General Assembly establishes within this Article an effectivesystem of supervision and enforcement of the mortgage lending industry bygiving the Commissioner of Banks broad administrative authority to administer,interpret, and enforce this Article and adopt rules implementing this Articlein order to carry out the intentions of the General Assembly.

(b)        Construction. – Itis the intent of the General Assembly that provisions of this Article beliberally construed to effect the purposes stated or clearly encompassed by theArticle.  (2009‑374,s. 2.)