Posted by John Behle on April 11, 2000 at 12:15:21:
I’m not familiar with all state laws. I just deal in my state. Michael Morrongiello will probably know and have an answer for you. Otherwise, John and Lisa Moren were originally from NC and might have your answer.
Many times buying mortgages in the secondary market is an exemption in some of the laws, so I wouldn’t totally assume the advice you’ve had from the state so far is correct. What you do in another state should have no bearing on NC.
Requirement Familiar? - Posted by John
Posted by John on April 11, 2000 at 11:49:52:
I’m not looking for legal advice, only to see if you are subject to this with your company or if you are familiar with this requirement from your past experience.
Specifically, I was planning to conduct my ‘paper’ business under my newly formed corporation, along with real estate.
I called and spoke to my state’s secretary of state corporation division to find out what types of
permits/licenses I would need. They referred me to
the department of revenue for the ‘paper’ business.
I was told that if I am buying or discounting notes of any type that I would be classified as an ‘Installment Paper Dealer’. The requirements involve a quarterly payment to the state. I am still working on getting the remainder of the details. I specifically asked if this requirement
pertained to both individuals and corporations, or just corporations. I was told it applied to both. At this point, I am also unsure if this only applies to paper I deal with that originates in NC, or to all paper I deal with as a NC corporation (or individual). Are you familiar with this type of requirement? Any feedback would be appreciated. Thank you