State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-244_100

§ 53‑244.100.  Activelicense requirements and assignability.

(a)        It is unlawful forany person to engage in the mortgage business without first obtaining a licenseas a mortgage loan originator, mortgage lender, mortgage broker, or mortgageservicer issued by the Commissioner under this Article. It is unlawful for anyperson to employ, to compensate, or to appoint as its agent a mortgage loanoriginator unless the person is a licensed mortgage loan originator under thisArticle. Persons defined in G.S. 53‑244.030(8) or G.S. 53‑244.030(29)are not subject to this subsection.

(b)        The license of amortgage loan originator is not effective during any period when that person isnot employed by a mortgage lender, mortgage broker, or mortgage servicerlicensed under this Article. When a mortgage loan originator ceases to beemployed by a mortgage lender, mortgage broker, or mortgage servicer licensedunder this Article, the mortgage loan originator, and the mortgage lender,mortgage broker, or mortgage servicer licensed under this Article by whom thatperson is employed shall promptly notify the Commissioner in writing. Themortgage lender, mortgage broker, or mortgage servicer shall include astatement of the specific reason for the termination of the mortgage loanoriginator's employment. A mortgage loan originator shall not be employedsimultaneously by more than one mortgage lender, mortgage broker, or mortgageservicer licensed under this Article.

(c)        Each mortgagelender, mortgage broker, and mortgage servicer licensed under this Articleshall maintain on file with the Commissioner a list of all mortgage loanoriginators who are employed with the mortgage lender, mortgage broker, ormortgage servicer.

(d)        No person, otherthan an exempt person, shall hold himself or herself out as a mortgage lender,a mortgage broker, a mortgage servicer, or a mortgage loan originator unlessthe person is licensed in accordance with this Article.

(e)        Licenses issuedunder this Article are not assignable. Control of a licensee shall not beacquired through a stock purchase, merger, or other device without the priorwritten consent of the Commissioner. The Commissioner shall not give writtenconsent if the Commissioner finds that any of the grounds for denial,revocation, or suspension of a license are applicable to the acquiring person.  (2009‑374, s. 2.)