State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-244_105

§ 53‑244.105.  Records,addresses, escrow funds, or trust accounts.

(a)        Every licenseeshall make and keep the accounts, correspondence, memoranda, papers, books, andother records as prescribed in rules adopted by the Commissioner. All recordsshall be preserved for three years unless the Commissioner, by rule, prescribesotherwise for particular types of records.

(b)        No person shallmake any false statement or knowingly and willfully make any omission of amaterial fact in connection with any information or reports filed with theCommissioner, a governmental agency, or the Nationwide Mortgage LicensingSystem and Registry or in connection with any oral or written communicationwith the Commissioner or another governmental agency. If the information containedin any document filed with the Commissioner or the Nationwide MortgageLicensing System and Registry is or becomes inaccurate or incomplete in anymaterial respect, the licensee or exempt entity shall within 30 days file acorrecting amendment to the information contained in the document.

(c)        Each mortgagebroker licensee shall maintain and transact business from a principal place ofbusiness in this State. The Commissioner may, by rule, impose terms andconditions under which the records and files of a mortgage lender or mortgageservicer may be maintained outside of this State. A principal place of businessshall not be located at an individual's home or residence. A mortgage lender,mortgage broker, or mortgage servicer licensee shall maintain a record of theprincipal place of business with the Commissioner and report any change ofaddress of the principal place of business or any branch office within 15 daysafter the change.

(d)        A licensee shallmaintain in a segregated escrow fund or trust account any funds which come intothe licensee's possession but which are not the licensee's property and whichthe licensee is not entitled to retain under the circumstances. The escrow fundor trust account shall be held on deposit in a federally insured financialinstitution. Individual loan applicants' or borrowers' accounts may beaggregated into a common trust fund so long as (i) interests in the common fundcan be individually tracked and accounted for and (ii) the common fund is keptseparate from and is not commingled with the licensee's own funds.  (2009‑374, s. 2.)