GENERAL ASSEMBLY OF NORTH CAROLINA
1995 SESSION
CHAPTER 115
AN ACT TO REMOVE THE SUNSET ON REVERSE MORTGAGES.
The General Assembly of North Carolina enacts:
Section 1. Section 3 of Chapter 546 of the 1991 Session Laws reads as rewritten:
"Sec. 3. This act becomes effective October 1,
1991. This act expires October 1, 1995. No reverse mortgage loan
may be made on or after the date the act expires. The expiration of the
act does not affect the validity of a reverse mortgage loan made before the
date of expiration."
Sec. 2. This act is effective upon ratification.
In the General Assembly read three times and ratified this the 29th day of May, 1995.
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Dennis A. Wicker
President of the Senate
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Harold J. Brubaker
Speaker of the House of Representatives