Modernize NC Secure and Fair Enforcement (S.A.F.E.) Act/Second Mortgage Fee Act.

Header information was updated from 'Committee Substitute' to 'Ratified Bill' with revised session dates and committee adoption dates removed.

Several definitions in Section 1 were cleaned up to remove redundant phrasing like 'means the' and fix inconsistent capitalization and punctuation.

Draft version metadata including bill version numbers and committee dates were removed in the final ratified version.

The definition of 'Employee' was expanded to explicitly include reference to federal income tax laws and IRS Form W-2 reporting requirements for clarity.

The bill title was changed from 'Modernize NC S.A.F.E. Act' to 'Modernize NC S.A.F.E. Act/2d Mortgage Fee Act' to reflect the addition of second mortgage fee regulation.

The bill's purpose statement was updated to include modifying maximum permissible fees or discounts on second or junior lien real estate loans to align with federal qualified mortgage standards.

The definitions section was reorganized with new numbering. A new definition for 'Banking Commission' was added (now item 2a), and subsequent definitions were renumbered accordingly.

Minor formatting and numbering adjustments were made throughout the document, including changes to page headers and section numbering.

Updated the definition of 'Banking Commission' to specify that for credit union compliance purposes, it refers to the North Carolina Credit Union Commission instead of the Banking Commission.

Modified the 'Employee' definition to require that individuals be treated as common law employees for federal income tax purposes and have income reported on IRS Form W-2, clarifying tax classification standards.

Removed incomplete or placeholder text from the header section including sponsor lists and committee referral information that were not finalized in the committee substitute version.

Added committee substitute designation with date (4/15/25) indicating this is a revised version approved by the committee.

Added co-sponsors (Representatives Arp, N. Jackson, and Setzer) to the bill sponsorship list

Updated referral information to include additional House committees (Commerce and Economic Development, Finance, Rules, Calendar, and Operations)

Changed bill date from April 2, 2025 to April 7, 2025 in the header

Reformatted header layout and added version identifier H762-v-1