The North Carolina Secure and Fair Enforcement (S.A.F.E.) Mortgage Licensing Act is found at Article 19B of the North Carolina General Statutes, Chapter 53, Sections 53-244.010 through 52-244.121. The law itself is pretty straight forward as it is a licensing statute related to mortgage lending. Any person that lends money when those funds are secured by a dwelling, must be licensed. This is true whether or not the dwelling currently exists (as in a construction loan scenario) or when the dwelling is a second home or rental property.
Where we real estate lawyers and paralegals find ourselves researching this law is not in determining who the law seeks to license, but who the law does NOT seek to license. In other words, the exceptions to the law are the more interesting aspects of the law to us as practitioners. The exceptions are found in N.C.G.S. 52-244.040. I took this blurb from the Commissioner of Bank’s website:
Also in this edition – Meet the Family – Jennifer Conrad