Home Equity Investment Loan Act.

This bill, known as the Home Equity Investment Loan Act, brings home equity investment loans in North Carolina under the same regulations as traditional residential mortgages. It directly affects homeowners who use these financial products and the companies that offer them by requiring lenders to be properly licensed and authorized by the state. Key provisions mandate clear disclosures about potential foreclosure risks, payment formulas, and total costs, while also banning mandatory arbitration clauses that would prevent homeowners from suing in court. Additionally, the law ensures that homeowners retain the right to assert defenses against their lenders and requires companies to cover specific closing costs and attorney fees.