NC Senate Approves Strict Measures for Loan Brokers
August 27, 2001
The North Carolina State Senate has approved a measure imposing stricter requirements on mortgage brokers. A vote is pending in the House. Sponsored by Democrat Sen. Wib Gulley, the measure would require brokers to make an all out effort to obtain a "reasonably advantageous" loan for their borrowers. Mortgage brokers and lenders would prohibited from misrepresenting or concealing material facts from or making false promises to consumers in order to sell a loan. Prepayment penalties