North Carolina General Statutes 53-244.112. Criminal penalties for unlicensed activity
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Engaging in the mortgage business as defined by N.C. Gen. Stat. § 53-244.030(11) or acting as a mortgage loan originator without a license as required by the provisions of N.C. Gen. Stat. § 53-244.040 is a Class 3 misdemeanor. Each transaction involving unlicensed activity is a separate offense. ?(2009-374, s. 2.)
Attorney's Note
Under the N.C. Gen. Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class 3 misdemeanor | up to 20 days | up to $200 |
Terms Used In North Carolina General Statutes 53-244.112
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC