§ 24-16. Itemized closing statements. - North Carolina Statutes

§24‑16.  Itemized closing statements.

Any person, copartnership,association, trust, corporation, or any other legal entity making on its ownbehalf, or as agent, broker or in other representative capacity on behalf ofany other person, copartnership, association, trust, corporation or any otherlegal entity, a loan or real property financing transaction within theregulatory authority of this Article, at the time of the closing shall furnishthe debtor or borrower or grantor in the mortgage, deed of trust or any othersecurity instrument, in addition to the disclosures required by federal lawknown as "Truth in Lending," a complete and itemized closingstatement which shall show all disbursements of the loan proceeds and whichshall total the principal amount of the loan or security transaction, and thesaid closing statement shall be signed by the lending agency or arepresentative of the lending agency, or a responsible officer in its behalfand a completed and signed additional copy retained in the files of the lendingagency involved and available at all reasonable times to the borrower, theborrower's successor in interest to the security real property, or theauthorized agent of the borrower or the borrower's successor, until such timeas the security instrument shall be satisfied in full. Such closing statementshall contain the following language printed in a conspicuous manner:

"This loan is oneregulated by the provisions of Chapter 24, Article 2 of the General Statutes ofNorth Carolina entitled 'Loans Secured by Secondary or Junior Mortgages'."(1971, c. 1229, s. 2.)