{"data":{"id":"us-nc/n.c.-gen.-stat.-75-120","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 75-120","heading":"Definitions.","body":"The following definitions shall apply in this Article:\n(1)\tRepealed by Session Laws 2015-178, s. 5(a), effective October 1, 2015, and applicable to transactions entered into on or after that date.\n(2)\tExempt transaction. - A foreclosure rescue transaction in which the transferee is any of the following:\na.\tA member of the transferor's immediate family as defined in G.S. 53-244-030(13).\nb.\tA state, federal, or local government agency or organization.\nc.\tA bank, savings institution, or credit union, including operating subsidiaries and affiliates, organized under the laws of the United States or any state.\nd.\tA mortgage lender or mortgage servicer licensed by the Commissioner of Banks under Article 19B of Chapter 53 of the General Statutes.\n(3)\tForeclosure rescue transaction. - A transfer of residential real property, including a manufactured home that is permanently attached to the real property, which includes all of the following features:\na.\tThe real property is the principal residence of the transferor.\nb.\tRepealed by Session Laws 2015-178, s. 5(a), effective October 1, 2015, and applicable to transactions entered into on or after that date.\nc.\tThe transferee, an agent of the transferee, or others acting in concert with the transferee make representations that the transfer of the residential property will enable the transferor to prevent, postpone, or reverse the effect of foreclosure and to remain in the residence.\nd.\tThe transferor retains a tenancy interest, an interest under a lease with option to purchase agreement, or an option to reacquire the property.\n(4)\tProperty. - Real property upon which there is located one or more single-family dwellings, including an individual condominium unit, cooperative unit, manufactured home, or mobile home. (2010-164, s. 2; 2015-178, s. 5(a).)","path":["Chapter 75. Monopolies, Trusts and Consumer Protection.","Article 5A. Home Foreclosure Rescue Scams."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_75/GS_75-120.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:09:17Z","sha256":"2ff86d9731be342106b6f740ed1637fd9a16de56d32394129d1d469f98b27eb3","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-75-119","next":"us-nc/n.c.-gen.-stat.-75-121"},"notice":"GroundRules: Original legal text. Not legal advice."}