Frenkel, now in private practice in Washington, D.C., said it was "troubling" that McCrory delayed his resignation from Tree.com, because he had a duty as both a company director and as a state official to avoid any appearance of conflict of interest. In his 30 years as a securities lawyer, Frenkel said he had not seen a similar case where early vesting was granted to an elected official.

"You would think that upon election, he would have said: 'OK. I'm submitting my resignation effective Dec. 31, which is before I'm sworn in.'" Frenkel said.

Despite his Tree.com payments, McCrory did not recuse himself from naming the state banking director in the weeks before receiving his special dividend, or from naming eight commissioners to the regulatory agency 18 days later. In addition to licensing mortgage brokers, the commission investigates complaints, which are kept secret under state law unless they result in discipline.

North Carolina's banking regulators won't comment on whether LendingTree faces any such complaints in its home state, but records show the company has had issues with regulators elsewhere.

The company paid $3 million to South Carolina in 2012 after regulators said it failed to tell customers it was being paid by the lenders it recommended as having the best mortgage rates.