North Carolina § 53-270 - Prohibited acts.
Full text of North Carolina North Carolina General Statutes § 53-270 — Prohibited acts., with citation guidance and answers to common questions.
§ 53-270. Prohibited acts.
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: Misrepresenting material facts, making false promises, or engaging in a course of misrepresentation through agents or otherwise. Failing to disburse funds in accordance with the terms of the reverse mortgage loan contract or other written commitment. Improperly refusing to issue a satisfaction of a mortgage. Engaging in any action or practice that is unfair or deceptive, or that operates a fraud on any person. Contracting for or receiving shared appreciation or shared value, except as provided in G.S. 53-270.1. Closing 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. Failing to comply with this Article. History (1991, c. 546, s. 1; 1995, c. 115, s. 1; 1998-116, s. 1.)
Frequently Asked Questions About North Carolina § 53-270
What does North Carolina General Statutes § 53-270 cover?
Section 53-270 ("Prohibited acts.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 53-270?
A common citation format is "North Carolina General Statutes § 53-270" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 53-270 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.