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N.C. mortgage loan bill with CU provision clears committee
GREENSBORO, N.C. (5/5/09)--A mortgage loan bill has cleared the North Carolina Committee on Financial Institutions with a key change that will benefit credit unions, the North Carolina Credit Union League announced Friday. The bill--the Secure and Fair Enforcement Mortgage Licensing (SAFE) Act--aims to reduce mortgage fraud. The bill’s original language did not include credit unions. “In reviewing the original bill, it was clear to our legal counsel that credit unions would have reported to the North Carolina Commissioner of Banks to comply with the SAFE Act,” said Dan Schline, North Carolina league senior vice president of association services. With the change, credit unions can report to their regulator regulator, the State Credit Union Division, instead of the State Banking Commission. A federal statute mandates that each state have a law such as the SAFE Act on the books by July 31. The bill now moves to the State Finance Committee.


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