{"data":{"id":"us-nc/n.c.-gen.-stat.-53-270","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 53-270","heading":"Prohibited acts.","body":"Reverse mortgage lenders are prohibited from engaging in any of the following acts in connection with the making, servicing, or collecting of a reverse mortgage loan:\n(1)\tMisrepresenting material facts, making false promises, or engaging in a course of misrepresentation through agents or otherwise.\n(2)\tFailing to disburse funds in accordance with the terms of the reverse mortgage loan contract or other written commitment.\n(3)\tImproperly refusing to issue a satisfaction of a mortgage.\n(4)\tEngaging in any action or practice that is unfair or deceptive, or that operates a fraud on any person.\n(5)\tContracting for or receiving shared appreciation or shared value, except as provided in G.S. 53-270.1.\n(6)\tClosing a reverse mortgage loan without receiving certification from a person who is certified as a reverse mortgage counselor by the State that the borrower has received counseling on the advisability of a reverse mortgage loan and the various types of reverse mortgage loans and the availability of other financial options and resources for the borrower, as well as potential tax consequences.\n(7)\tFailing to comply with this Article. (1991, c. 546, s. 1; 1995, c. 115, s. 1; 1998-116, s. 1.)","path":["Chapter 53. Regulation of Financial Services.","Article 21. Reverse Mortgages."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_53/GS_53-270.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:05:12Z","sha256":"daae10bcb61b1d19a724f934fc25ab260c50896e5bbf0ee8fbeb74057aa1fd59","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-53-269","next":"us-nc/n.c.-gen.-stat.-53-270.1"},"notice":"GroundRules: Original legal text. Not legal advice."}