STATE STATUTES & CODES

NORTH CAROLINA STATUTES AND CODES

Chapter 53 - Banks.

• § 53-1. "Bank," "surplus," "undivided profits," and other words defined.
• § 53-2. How incorporated.
• § 53-3. Certificate of incorporation; how signed, proved and filed.
• § 53-4. Examination by Commissioner; when certification to be refused; review by Commission.
• § 53-5. Certificate of incorporation, when certified.
• § 53-6. Payment of capital stock.
• § 53-7. Statement filed before beginning business.
• § 53-8. Authorized to begin business.
• § 53-9. Transactions preliminary to beginning business.
• § 53-9.1. Deposit insurance.
• § 53-10. Increase of capital stock.
• § 53-11. Decrease of capital stock.
• § 53-12. Merger or consolidation of banks and savings associations.
• § 53-13. Merged or consolidated banks and savings associations deemed one bank or savings association.
• § 53-14. Reorganization.
• § 53-15. Repealed by Session Laws 1947, c. 696.
• § 53-16. Consolidation, conversion or merger of State banks or trust companies with national banks.
• § 53-17. Fiduciary powers and liabilities of banks or trust companies merging or transferring assets and liabilities.
• § 53-17.1. Supervisory acquisition of State association.
• § 53-17.2. Conversion of savings association to a State bank.
• § 53-18. Voluntary liquidation.
• § 53-19. When Commissioner of Banks may take charge.
• § 53-20. Liquidation of banks.
• § 53-21. Sale of stocks of defunct banks validated.
• § 53-22. Statute relating to receivers applicable to insolvent banks.
• § 53-23. Disposition of books, records, etc.
• § 53-24. Destruction of records of liquidated insolvent banks.
• § 53-25. Trust terminated on insolvency of trustee bank.
• § 53-26. Petition for new trustee; service upon parties interested.
• § 53-27. Publication and contents of notice.
• § 53-28. Appointment where no objection made.
• § 53-29. Hearing where objection made; appeal from order.
• § 53-30. Registration of final order.
• § 53-31. Petition and order applicable to all instruments involved.
• § 53-32. Additional remedy.
• § 53-33. Validation of acts of officers of insolvent banks as trustees in deeds of trust.
• § 53-34. Validation of sales by Commissioner of Banks under mortgages, etc., giving banks power of sale.
• § 53-35. Foreclosures and execution of deeds by Commissioner of Banks validated.
• § 53-36. Commissioner to report to Secretary of State certain matters relative to liquidation of closed banks; publication.
• § 53-37. Conditions under which banks may reopen.
• § 53-38. Certain contracts not affected.
• § 53-39. New State banks to set up surplus fund.
• § 53-40. Executors, trustees, etc., not personally liable.
• § 53-41. Stock sold if subscription unpaid.
• § 53-42. Impairment of capital; assessments, etc.
• § 53-42.1. Change in bank control or management.
• § 53-43. General powers.
• § 53-43.1. Obligations of agencies supervised by Farm Credit Administration as securities for deposits of public funds.
• § 53-43.2. Obligations of agencies supervised by Federal Home Loan Bank Board as securities for deposits of public funds.
• § 53-43.3. Officers and employees; share purchase and option plans.
• § 53-43.4. Issuance of capital notes and debentures.
• § 53-43.5. Minors' deposits and safe-deposit agreements.
• § 53-43.6. School thrift or savings plan.
• § 53-43.7. Safe-deposit boxes; unpaid rentals; procedure; escheats.
• § 53-44. Investment in bonds guaranteed by United States.
• § 53-44.1. Investments in obligations of agencies supervised by Farm Credit Administration.
• § 53-44.2. Investments in obligations of agencies supervised by Federal Home Loan Bank Board.
• § 53-45. Banks, fiduciaries, etc., authorized to invest in securities approved by the Secretary of Housing and Urban Development, Federal Housing Administration, Veterans Administration, etc.
• § 53-46. Limitations on investments in securities.
• § 53-46.1. Investments in mutual funds.
• § 53-47. Limitations on investment in stocks.
• § 53-48. Limitation of loans.
• § 53-49. Suspension of investment and loan limitation.
• § 53-50. Requirement of reserve fund.
• § 53-51. Reserve and cash defined.
• § 53-52. Repealed by Session Laws 1981, c. 599, s. 19, effective October 1, 1981.
• § 53-53. Repealed by Session Laws 1981, c. 599, s. 18, effective October 1, 1981.
• § 53-54. Transactions not performed during banking hours.
• § 53-55. Commercial and business paper defined.
• § 53-56. Bank acceptances defined.
• §§ 53-57 through 53-58. Repealed by Session Laws 1965, c. 700, s. 2.
• § 53-59: Repealed by Session Laws 1991, c. 677, s. 3.
• § 53-60. Authorized investment in farm loan bonds.
• § 53-61. Authority to join federal reserve bank.
• § 53-62. Establishment of branches; limited service facilities; and off-premises customer-bank communications terminals.
• § 53-63. Unlawful issuing of certificate of deposit.
• § 53-64. Loans secured by bank's own stock or stock of parent bank holding company.
• § 53-65. Deposits payable on demand.
• § 53-66. Repealed by Session Laws 1983, c. 214, s. 7, effective April 22, 1983.
• § 53-67. Banks controlled by boards of directors.
• § 53-68. Statements showing deposits of State and State officials.
• § 53-69. Repealed by Session Laws 1945, c. 635.
• § 53-70. No fees on remittances covering checks.
• § 53-71. Checks payable in exchange.
• § 53-72. Repealed by Session Laws 1971, c. 244, s. 3.
• § 53-73. Checks exempted.
• § 53-74. Repealed by Session Laws 1971, c. 244, s. 3.
• § 53-75. Statement of account from bank to depositor deemed final adjustment if not objected to within five years; statements of account to be rendered annually or on request.
• § 53-76. Depositor not relieved from exercising diligence as to errors.
• § 53-77. Governor empowered to proclaim banking holidays.
• § 53-77.1: Repealed by Session Laws 1989, c. 187, s. 9.
• § 53-77.1A. Days and hours of operation.
• § 53-77.2. Repealed by Session Laws 1971, c. 319, s. 2.
• § 53-77.2A: Repealed by Session Laws 1995 (Regular Session, 1996), c. 556, s. 1.
• § 53-77.3. Banks suspending business during an emergency.
• § 53-78. Appointment of executive and loan committees by directors.
• § 53-79. Minutes of meetings of directors and executive and loan committees.
• § 53-80. Qualifications of directors.
• § 53-81. Directors shall take oath.
• § 53-82. Liability of directors.
• § 53-83. Examining committee of directors.
• § 53-84. Depositories designated by directors.
• § 53-85. Shareholders' book.
• § 53-86. Directors, officers, etc., accepting fees, etc.
• § 53-87. Directors may declare dividends.
• § 53-87.1. Payment of dividends on preferred shares issued to the United States Treasury.
• § 53-88. Use of surplus.
• § 53-89. Overdrafts, payment by officer, etc.
• § 53-90. Officers and employees shall give bond.
• § 53-91: Repealed by Session Laws 1995, c. 129, s. 17.
• § 53-91.1. Assets to be written off.
• § 53-91.2. Loans to executive officers.
• § 53-91.3. Directors defined; appointment of advisory directors.
• § 53-92. Appointment of Commissioner of Banks; State Banking Commission.
• § 53-92.1. Commission bound by requirements imposed on Commissioner as to certification of new banks, establishment of branches, etc.
• § 53-93. Powers and duties of Commissioner.
• § 53-93.1. Deputy commissioners.
• § 53-94. Right to sue and defend in actions involving banks; liability to suit.
• § 53-95. Commissioner to exercise powers under supervision of Banking Commission.
• § 53-96. Salary of Commissioner; legal assistance.
• § 53-96.1. Salaries, promotions, and leave of employees of the Office of the Commissioner of Banks.
• § 53-97. Repealed by Session Laws 1983, c. 328, s. 4, effective June 1, 1983.
• § 53-98. Seal of office of Commissioner; certification of documents.
• § 53-99. Official records.
• § 53-99.1. Confidential records.
• § 53-100. General or special investigations of insolvent banks.
• § 53-101. Clerical help.
• § 53-102. Offices.
• § 53-103. Repealed by Session Laws 1945, c. 743, s. 1.
• § 53-104. Commissioner of Banks shall have supervision over, etc.
• § 53-104.1. Examination of nonbanking affiliates.
• § 53-105. Reports of condition.
• § 53-106. Special reports.
• § 53-107. Penalty for failure to make report.
• § 53-107.1. Administrative orders; penalties for violation.
• § 53-107.2. Review by the Banking Commission; additional penalties.
• § 53-108. List of shareholders of record to be kept.
• § 53-109. Official communications of Commissioner of Banks.
• § 53-110. Banking Commission to prescribe books, records, etc.; retention, reproduction and disposition of records.
• § 53-111. When reserve below legal requirement.
• § 53-112. Appraisal of assets of doubtful value.
• § 53-113. Certified copies of records as evidence.
• § 53-114. Other powers of State Banking Commission.
• § 53-115. State Banking Commission to adopt rules.
• § 53-116. Commissioner need not take over banks failing to meet deposit demands.
• § 53-117. Appointment by Commissioner of Banks; examination of banks.
• § 53-118. Duties and powers.
• § 53-119. Removal of officers and employees.
• § 53-120. Examiners may administer oaths; summoning witnesses.
• § 53-121. Examiners may make arrest.
• § 53-122. Fees and assessments.
• § 53-123. Examiners shall make report.
• § 53-124. Examiner making false report.
• § 53-125. Examiners disclosing confidential information.
• § 53-126. Loans or gratuities forbidden.
• § 53-127. Unlawful use of terms indicating that business is bank or trust company; unauthorized use of name of banking entity.
• § 53-128. Willfully and maliciously making derogatory reports.
• § 53-129. Misapplication, embezzlement of funds, etc.
• § 53-130. Making false entries in banking accounts; misrepresenting assets and liabilities of banks.
• § 53-131. False certification of a check.
• § 53-132. Receiving deposits in insolvent banks.
• § 53-133. Advertising larger amount than that paid in capital stock.
• § 53-134. Offenses declared misdemeanors; prosecution; employment of counsel; punishment.
• § 53-135. General corporation law to apply.
• § 53-136. Industrial bank defined.
• § 53-137. Manner of organization.
• § 53-138. Corporate title.
• § 53-139. Capital stock.
• § 53-140. Sales of capital stock; accounting; fees.
• § 53-141. Powers.
• § 53-142. Restriction on powers.
• § 53-143. Investments; securities; loans; limitations.
• § 53-144. Supervision and examination.
• § 53-145. Sections of general law applicable.
• § 53-146. Deposits in two names.
• § 53-146.1. Joint accounts.
• § 53-146.2. Payable on Death (POD) accounts.
• § 53-146.3. Personal agency accounts.
• § 53-147. Repealed by Session Laws 1943, c. 543.
• § 53-148. Provision for bank conservators; duties and powers.
• § 53-149. Examination of bank.
• § 53-150. Termination of conservatorship.
• § 53-151. Special funds for paying depositors and creditors ratably; new deposits.
• § 53-152. Reorganization on agreement of depositors and stockholders.
• § 53-153. Segregation of recent deposits not effective after bank turned back to officers; notice of turning bank back to officers.
• § 53-154. Issuance of preferred stock.
• § 53-155. Rights and liabilities of preferred stockholders.
• § 53-156. Term "stock" to include preferred stock.
• § 53-157. Rights and liabilities of conservator.
• § 53-158. Naming of conservator not liquidation.
• § 53-158.1. Scope of preferred stock provisions.
• § 53-159. Bank may act as fiduciary.
• § 53-159.1. Power of fiduciary or custodian to deposit securities in a clearing corporation.
• § 53-160. License to do business.
• § 53-161. Examination as to solvency.
• § 53-162. Certificate of solvency.
• § 53-163. Clerk of superior court notified of license and revocation.
• § 53-163.1. Funds held by a corporation exercising fiduciary powers awaiting investment or distribution.
• § 53-163.2. Investments in securities by banks or trust companies.
• § 53-163.5. Establishment of common trust funds.
• § 53-163.6. Court accountings.
• § 53-163.7. Supervision by State Banking Commission.
• § 53-163.8. Uniformity of interpretation.
• § 53-163.9. Short title.
• § 53-164. Title.
• § 53-165. Definitions.
• § 53-166. Scope of Article; evasions; penalties; loans in violation of Article void.
• § 53-167. Expenses of supervision.
• § 53-168. License required; showing of convenience, advantage and financial responsibility; investigation of applicants; hearings; existing businesses; contents of license; transfer; posting.
• § 53-169. Application for license.
• § 53-170. Locations; change of ownership or management.
• § 53-171. Revocation, suspension or surrender of license.
• § 53-172. Conduct of other business in same office.
• § 53-173. Maximum rate of interest and fee; computation of interest; limitation on interest after judgment; limitation on interest after maturity of the loan.
• § 53-173.1: Repealed by Session Laws 1989, c. 17, s. 4.
• § 53-173.2. Repealed by Session Laws 1975, c. 110, s. 2.
• § 53-174: Repealed by Session Laws 1989, c. 17, s. 4.
• § 53-175. Fee for returned checks.
• § 53-176. Optional rates, maturities and amounts.
• § 53-176.1: Repealed by Session Laws 1989, c. 17, s. 4.
• § 53-177. Recording fees.
• § 53-178. No further charges; no splitting contracts; certain contracts void.
• § 53-179. Multiple-office loan limitations.
• § 53-180. Limitations and prohibitions on practices and agreements.
• § 53-181. Statements and information to be furnished to borrowers; power of attorney or confession of judgment prohibited.
• § 53-182. Payment of loans; receipts.
• § 53-183. Advertising, broadcasting, etc., false or misleading statements.
• § 53-184. Securing of information; records and reports; allocations of expense.
• § 53-185. Rules and regulations by Banking Commission and Commissioner.
• § 53-186. Commissioner to issue subpoenas, conduct hearings, give publicity to investigations, etc.
• § 53-187. Injunctive powers; receivers.
• § 53-188. Review of regulations, order or act of Commission or Commissioner.
• § 53-189. Insurance.
• § 53-190. Loans made elsewhere.
• § 53-191. Businesses exempted.
• §§ 53-192 through 53-208: Repealed by Session Laws 2001-443, s. 1, effective November 1, 2001, and applicable to contracts entered into on or after that date.
• § 53-208.1. Citation of Article.
• § 53-208.2. Definitions.
• § 53-208.3. License required.
• § 53-208.4. Exemptions.
• § 53-208.5. License qualifications.
• § 53-208.6. Permissible investments and statutory trust.
• § 53-208.7. License application.
• § 53-208.8. Surety bond.
• § 53-208.9. Fees.
• § 53-208.10. Issuance of license.
• § 53-208.11. Renewal of license and annual report.
• § 53-208.12. Quarterly reports.
• § 53-208.13. Extraordinary reporting requirements.
• § 53-208.14. Changes in control of a license.
• § 53-208.15. Examinations.
• § 53-208.16. Maintenance of records and certificate of authority.
• § 53-208.17. Confidentiality of data submitted to the Commissioner.
• § 53-208.18. Suspension or revocation of licenses.
• § 53-208.19. Authorized delegate contracts.
• § 53-208.20. Authorized delegate conduct.
• § 53-208.21. Revocation or suspension of authorized delegates.
• § 53-208.22. Licensee liability.
• § 53-208.22A. Disclosures of transmissions.
• § 53-208.23. Hearings; procedures.
• § 53-208.24. Civil penalties.
• § 53-208.25. Enforcement.
• § 53-208.26. Criminal penalties.
• § 53-208.27. Rules.
• § 53-208.28. Severability.
• § 53-208.29. Appointment of Secretary of State as agent for service of process.
• § 53-208.30. Transition.
• § 53-209. Title.
• § 53-210. Definitions.
• § 53-211. Acquisitions by out-of-state bank holding companies.
• § 53-212: Repealed by Session Laws 1993, c. 175, s. 10, as amended by Session Laws 1993 (Regular Session, 1994), c. 599, s. 1.
• § 53-212.1. Bank agent for deposit institution affiliate.
• § 53-213. Prohibitions.
• § 53-214. Applicable laws, rules and regulations.
• § 53-215. Appeal of Commissioner's decision.
• § 53-216. Periodic reports; interstate agreements.
• § 53-217. Enforcement.
• § 53-218. Nonseverability.
• §§ 53-219 through 53-224.8: Repealed by Session Laws 1995, c. 322, s. 1.
• § 53-224.9. Definitions.
• § 53-224.10. Purpose.
• § 53-224.11. Interstate branching by North Carolina State banks.
• § 53-224.12. Interstate branching by de novo entry.
• § 53-224.13. Interstate branching through the acquisition of a branch.
• § 53-224.14. Requirement of notice and other conditions.
• § 53-224.15. Conditions for approval.
• § 53-224.16. Powers.
• § 53-224.17. Purpose.
• § 53-224.18. Authority of State banks to establish interstate branches by merger.
• § 53-224.19. Interstate merger transactions and branching permitted.
• § 53-224.20. Notice and filing requirements.
• § 53-224.21. Conditions for interstate merger prior to June 1, 1997.
• § 53-224.22. Powers.
• § 53-224.23. Applicability of supervisory authority.
• § 53-224.24. Examinations; periodic reports; cooperative agreements; assessment of fees.
• § 53-224.25. Enforcement.
• § 53-224.26. Rules.
• § 53-224.27. Additional branches.
• § 53-224.28. Notice of subsequent merger or other change in control.
• § 53-224.29. Branch closings.
• § 53-224.30. Appeal of Commissioner's decision.
• § 53-224.31. Severability.
• § 53-225. Title and scope.
• § 53-226. Definitions.
• § 53-227. Registration of bank holding companies.
• § 53-227.1. Criteria for certain bank holding company acquisitions.
• § 53-228. Cease and desist.
• § 53-229: Repealed by Session Laws 1995, c. 129, s. 31.
• § 53-230. Rules.
• § 53-231. Appeal of Commissioner's decision.
• § 53-232. Fees.
• § 53-232.1. Title and scope.
• § 53-232.2. Definitions.
• § 53-232.3. Authority to establish and operate federal international bank institutions, international bank branches, international bank agencies, and international representative offices.
• § 53-232.4. Application of this Chapter.
• § 53-232.5. Application of the North Carolina Business Corporation Act.
• § 53-232.6. Requirements for carrying on banking business.
• § 53-232.7. Actions against international banking corporations.
• § 53-232.8. Application for license.
• § 53-232.9. Effect, renewal, and revocation of licenses; permissible activities.
• § 53-232.10. Securities, etc., to be held in this State.
• § 53-232.11. Financial certification; restrictions on investments, loans, and acceptances.
• § 53-232.12. Reports.
• § 53-232.13. Dissolution.
• § 53-232.14. International representative offices.
• § 53-232.15. Rules.
• § 53-232.16. Cease and desist.
• § 53-232.17. Appeal of Commissioner's decision.
• §§ 53-233 through 53-243: Repealed by Session Laws 2001-393, s. 1, effective July 1, 2002.
• § 53-243.01: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.02: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.03: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.04: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.05: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.05A: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mor
• § 53-243.06: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.07: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.08: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.09: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.10: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.11: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.12: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.13: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.14: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.15: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.16: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.17: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-243.18: Repealed by Session Laws 2009-374, s. 1, effective July 31, 2009, and applicable to all applications for licensure as a mortgage loan originator, mortgage lender, mortgage broker, or mort
• § 53-244. Reserved for future codification purposes.
• § 53-244.010. Title.
• § 53-244.020. Purpose and construction.
• § 53-244.030. Definitions.
• § 53-244.040. License and registration requirements.
• § 53-244.050. License and registration application; claim of exemption.
• § 53-244.060. Issuance of license.
• § 53-244.070. Educational requirements for mortgage loan originators.
• § 53-244.080. Testing requirements for mortgage loan originators.
• § 53-244.090. License application fees.
• § 53-244.100. Active license requirements and assignability.
• § 53-244.101. License renewal.
• § 53-244.102. Continuing education for mortgage loan originators.
• § 53-244.103. Surety bond requirements.
• § 53-244.104. Minimum net worth requirements.
• § 53-244.105. Records, addresses, escrow funds, or trust accounts.
• § 53-244.106. Display of license.
• § 53-244.107. Unique identifier shown.
• § 53-244.108. Reports.
• § 53-244.109. Mortgage broker duties.
• § 53-244.110. Mortgage servicer duties.
• § 53-244.111. Prohibited acts.
• § 53-244.112. Criminal penalties for unlicensed activity.
• § 53-244.113. Regulatory authority.
• § 53-244.114. Licensure authority.
• § 53-244.115. Investigation and examination authority.
• § 53-244.116. Disciplinary authority.
• § 53-244.117. Foreclosure suspension.
• § 53-244.118. Rule-making authority; records.
• § 53-244.119. Commissioner's participation in nationwide registry.
• § 53-244.120. Confidentiality of information.
• § 53-244.121. Review by Banking Commission.
• § 53-245. Title and scope.
• § 53-246. Definitions.
• § 53-247. Registration requirement.
• § 53-248. Registration procedure; informal hearing.
• § 53-249. Filing and posting of loan fees; disclosures.
• § 53-250. Prohibited activities.
• § 53-251. Cease and desist; revocation of registration; penalties.
• § 53-252. Appeal of Commissioner's decision.
• § 53-253. Rules; enforcement.
• § 53-254. Exemption.
• § 53-255. Title.
• § 53-256. Purpose.
• § 53-257. Definitions.
• § 53-258. Authority and procedures governing reverse mortgage loans.
• § 53-259. Application of rules.
• § 53-260. Interest.
• § 53-261. Taxes, insurance, and assessments.
• § 53-262. Renegotiation of loan; calculation of outstanding balance; prepayment.
• § 53-263. Limits on borrowers' liability.
• § 53-264. Disclosures of loan terms.
• § 53-265. Information required of lender.
• § 53-266. Effects of lender's default.
• § 53-267. Repayment upon borrower's default.
• § 53-268. Time for initiation of foreclosure.
• § 53-269. Counseling provisions.
• § 53-270. Prohibited acts.
• § 53-270.1. Contracts for shared appreciation or shared value.
• § 53-271. Commissioner's authority to enforce; penalties.
• § 53-272. Appeals.
• § 53-273. Reserved for future codification purposes.
• § 53-274. Reserved for future codification purposes.
• § 53-275. Definitions.
• § 53-276. License required.
• § 53-277. Exemptions.
• § 53-278. Application for license; investigation; application fee.
• § 53-279. Liquid assets required; other qualifications; denial of license; hearing.
• § 53-280. Maximum fees for service; fees posted; endorsement of checks cashed.
• § 53-281: Expired.
• § 53-282. Record keeping; receipt requirements.
• § 53-283. Prohibited practices.
• § 53-284. Suspension and revocation of license; grounds; procedure.
• § 53-285. Cease and desist orders.
• § 53-286. Civil penalties and restitution.
• § 53-287. Criminal penalties.
• § 53-288. Commissioner to adopt rules.
• § 53-289. Commission may review rules, orders, or acts by Commissioner.
• §§ 53-290 through 53-294. Reserved for future codification purposes.
• § 53-295. Definitions.
• § 53-296. Continuity of contract.
• § 53-297. Effect of currency substitution on performance.
• § 53-298. References to ECU in contracts.
• § 53-299. Application.
• § 53-300. No application to other currency alteration.
• § 53-301. Definitions.
• § 53-302. Title and purposes.
• § 53-303. Companies authorized to engage in trust business.
• § 53-304. Activities not requiring a charter, license, or approval.
• § 53-305. Trust business of State trust institution.
• § 53-306. Trust business of out-of-state trust institution.
• § 53-307. Trust business of foreign trust institution.
• § 53-308. Name of trust institution.
• § 53-309. Trust deposits of authorized trust institutions.
• § 53-310. Offices of State trust companies.
• § 53-311. State trust company principal office.
• § 53-312. Trust offices; representative trust offices.
• § 53-313. Out-of-state trust offices and representative trust offices.
• § 53-314. Trust business through a branch or trust office.
• § 53-315. Establishing an interstate trust office.
• § 53-316. Acquiring an interstate trust office.
• § 53-317. Requirement of notice.
• § 53-318. Action on notice.
• § 53-319. Additional trust offices; representative trust offices.
• § 53-320. Examinations; periodic reports; cooperative agreements; assessment of fees.
• § 53-321. Enforcement.
• § 53-322. Notice of transactions that cause a change in control.
• § 53-323. Foreign trust institution application for trust office or representative trust office.
• § 53-324. Conditions for approval.
• § 53-325. Additional trust offices and representative trust offices.
• § 53-326. Examinations; periodic reports; cooperative agreements; assessment of fees.
• § 53-327. Enforcement.
• § 53-328. Notice of transactions that cause a change in control.
• § 53-329. International agreements.
• § 53-330. Title and purposes.
• § 53-331. Organization and powers of State trust company.
• § 53-332. Articles of incorporation of State trust company.
• § 53-333. Application for State trust company charter and permission to incorporate State trust company.
• § 53-334. Notice and investigation of charter application.
• § 53-335. Decision on charter application and hearing.
• § 53-336. Issuance of charter.
• § 53-337. Required initial capital.
• § 53-338. Subordinated notes or debentures.
• § 53-339. Application of laws relating to general business corporations.
• § 53-340. Investment in State trust company facilities.
• § 53-341. Other real estate.
• § 53-342. Securities and other investments.
• § 53-343. Prohibited distributions, acquisitions, liens, or pledges.
• § 53-344. Subsidiaries.
• § 53-345. Engaging in commerce prohibited.
• § 53-346. Lending and lease financing; conversion to State bank.
• § 53-347. Acquisition of control.
• § 53-348. Application regarding acquisition of control.
• § 53-349. Decision on acquisition of control.
• § 53-350. Appeal.
• § 53-351. Report of changes in chief executive officer or directors.
• § 53-352. Board of directors.
• § 53-353. Required board meetings.
• § 53-354. Officers.
• § 53-355. Certain criminal offenses.
• § 53-356. Responsibility of directors.
• § 53-357. Record keeping.
• § 53-358. Bonding requirements; reports of apparent crime.
• § 53-359. Merger, share exchange, or asset transfer authority.
• § 53-360. Merger, share exchange, or asset transfer application.
• § 53-361. Notice and investigation of merger, share exchange, or asset transfer; decision, hearing, and appeal.
• § 53-362. Rights of dissenters to mergers, share exchanges, or asset transfers.
• § 53-363. Private trust companies.
• § 53-364. Requirements to apply for and maintain status as a private trust company.
• § 53-365. Conversion to public trust company.
• § 53-366. Applicability of other laws to authorized trust institutions; status of State trust company.
• § 53-367. Commissioner shall have supervision over authorized trust institutions and shall examine.
• § 53-368. Assessment of State trust companies.
• § 53-369. Administrative orders; penalties for violation; increase of equity capital.
• § 53-370. Notice and opportunity for hearing.
• § 53-371. Removal of directors, officers, and employees.
• § 53-372. Required vote of shareholders.
• § 53-373. Corporate procedure.
• § 53-374. Authority to liquidate; publication.
• § 53-375. Examination and reports.
• § 53-376. Unclaimed property.
• § 53-377. When Commissioner may take charge.
• § 53-378. Directors may act.
• § 53-379. Notice of seizure; bar to attachment of liens.
• § 53-380. Notice to trust institutions, corporations, and others holding assets; existing liens.
• § 53-381. Permission to resume business.
• § 53-382. Remedy for seizure; answer to notice; injunction; appeal; and motions.
• § 53-383. Collection of debts and claims; Commissioner succeeds to all property of the State trust company.
• § 53-384. Bond of the Commissioner; surety; condition; minimum penalty.
• § 53-385. Inventory.
• § 53-386. Notice and time for filing claims.
• § 53-387. Power to reject claims; notice; affidavit of service; action on claims.
• § 53-388. List of claims presented, copies, and proviso.
• § 53-389. Declaration of dividends; order of preference in distribution.
• § 53-390. Deposit of funds collected.
• § 53-391. Employment of counsel, accountants, and other experts; compensation.
• § 53-392. Unclaimed dividends held in trust.
• § 53-393. Action by the Commissioner following full settlement.
• § 53-394. Annual report of the Commissioner; items included; reports of condition of State trust companies.
• § 53-395. Compensation of the Commissioner's office.
• § 53-396. Exclusive method of liquidation.
• § 53-397. Disposition of books and records.
• § 53-398. Destruction of books and records.
• § 53-399. Petition for new trustee.
• § 53-400. Report to the Secretary of State.
• § 53-401. Provisions for conservator; duties and powers.
• § 53-402. Examination.
• § 53-403. Termination of conservatorship.
• § 53-404. Rights and liabilities of conservator.
• § 53-405. Naming of conservator not liquidation.
• § 53-406. Sale of assets by board of jeopardized State trust company.
• § 53-407. Authority to act as disbursing agent.
• § 53-408. Payment to creditors.
• § 53-409. Issuance of preferred shares by jeopardized trust company.
• § 53-410. Commissioner to act under authority of the Commission.
• § 53-411. Rules.
• § 53-412. Commissioner hearings; appeals.
• § 53-413. Civil enforcement.
• § 53-414. Cancellation of charter.
• § 53-415. Severability.
• § 53-416. Reserved for future codification purposes.
• § 53-417. Reserved for future codification purposes.
• § 53-418. Reserved for future codification purposes.
• § 53-419. Reserved for future codification purposes.
• § 53-420. Affiliate transfers authorized; procedure.
• § 53-421. Objection to affiliate transfer.
• § 53-422. Effect of affiliate transfer.
• § 53-423. Trust institution as agent.
• § 53-424. Construction.
• § 53-425. Definitions.
• § 53-426. Waiver of equity of redemption.

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