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#1972584 - 10/28/14 09:55 PM opening a loan production office
gadawg1 Offline
Gold Star
Joined: Sep 2006
Posts: 419
Georgia
Does anyone know where I can find the state requirements for opening a LPO by a bank outside of North Carolina? Also is there an annual fee for maintaining the office? Would there be any instances when that fee might be waived or eliminated?

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#1973839 - 11/03/14 09:45 PM Re: opening a loan production office gadawg1
elcinoca Offline
Platinum Poster
Joined: Jan 2002
Posts: 537
Elizabeth City, NC
Refer to NC Administrative Code 04 NCAC 03 .1702. Prior to October 2014, NBBO was referred to as LPO. The general assembly and the Commissioner of Banks expanded the definition to include non-branch bank businesses other than just loan production offices.

NCGS 53C-1-4(46) defines an NBBO as: "(46) Non-branch bank business office. - Any staffed physical location open to the public in this State in which an office of a bank, out-of-state bank, depository institution established under the laws of another state, or federally chartered institution that is not a branch, an office of a separately organized subsidiary of such depository institution, or an office of the holding company of such depository institution, at which one or more banking or banking-related products or services are offered, other than the taking of deposits. The provision of remote deposit capture facilities or services by a non-branch bank business office shall not be deemed to be a taking of deposits. Non-branch bank business offices include loan production offices, mortgage loan offices, and insurance agency offices, or a combination thereof."

And the North Carolina Commissioner of Banks is the place to start. I am not sure about a fee. www.nccob.org

MarkB

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#1973842 - 11/03/14 09:52 PM Re: opening a loan production office gadawg1
elcinoca Offline
Platinum Poster
Joined: Jan 2002
Posts: 537
Elizabeth City, NC
Further research reveals that there is no fee for a LPO application.

See the NCCOB's Branch Application Manual

Ooops, sorry whataday. You asked about annual fees. I can't find anything. So you'll need to see if someone else responds or call the NCCOB directly.

MarkB
Last edited by elcinoca; 11/03/14 10:01 PM. Reason: Misread earlier question.
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