Settlements, Law Changes, 60 Minutes Phobia and other fun stuff
We have almost made a sport of watching all of the new laws, new measures taken by the banks in REO transactions, and the state bars... After ten years of no changes in North Carolina law, the REBA vs NREIS case has prompted two major revisions in State Law which will alter the way the title industry can operate in NC.
First: the NC Bar issued a new opinion on Jan 26, 2012 which defines what is the practice of law in NC. It also imposes stricter rules and guidelines. These have changed and you should take a good look at them: http://www.ncbar.com/ethics/ethics.asp?page=493
Second: The Real Estate Lawyers Association Of North Carolina (RELANC) has promulgated and gotten the legislature to pass laws in North Carolina which make the Unauthorized Practice of Law a private cause of action, and the remedy is the disgorgement of any money earned in the practice as a result of offending actions
I think this time the State Bar has made the language very clear, and there really is no longer a gray area. You can still operate in NC, but you will find you will need a different protocol.. We have taken a proactive approach to this, and welcome the changes... I do not necessarily agree with the changes, but those are the new rules in NC.
to post a reply: login
- or - register