§ 6-1708 – Lien priority and validity
6-1708. Lien priority and validity The full amount secured by a reverse mortgage security interest has the same priority over any other lien on the property as if the full amount had been disbursed on the date of the loan closing regardless of the actual date of any disbursement. The amount secured by the security […]
§ 6-1417 – Servicing of premium finance agreements
6-1417. Servicing of premium finance agreements A. A licensee may receive and disburse monies in the servicing of premium finance agreements. All monies received in the process of servicing these agreements shall be kept separate, distinct and apart from funds belonging to the licensee and shall be deposited with a financial institution located in this […]
§ 6-1418 – Exemption from any filing requirements
6-1418. Exemption from any filing requirements No filing is necessary to perfect the validity of the premium finance agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrancers, trustees in bankruptcy or their successors or assigns or any other insolvency proceeding under any law.
§ 6-1419 – Rules
6-1419. Rules The deputy director may adopt rules necessary for the proper conduct of a premium finance company.
§ 6-1501 – Method of taxing national banking associations
6-1501. Method of taxing national banking associations A. Each national banking association: 1. Shall be taxed on its net income under title 43. 2. Is subject to all other taxes that are authorized by 12 United States Code section 548 and that are levied or imposed by this state or any political subdivision of this […]
§ 6-1502 – Method of taxing banks, investment companies and savings and loan associations
6-1502. Method of taxing banks, investment companies and savings and loan associations Banks, including national banking associations, investment companies and savings and loan associations, including federal savings and loan associations, are subject to all taxes that are levied or imposed generally on a nondiscriminatory basis, throughout this state or any political subdivision of this state, […]
§ 6-1601 – Financial institutions data match and data exchange; surrender of assets of delinquent taxpayer; nonliability
6-1601. Financial institutions data match and data exchange; surrender of assets of delinquent taxpayer; nonliability A. Financial institutions may enter into agreements with the department of revenue for data match and data exchange as prescribed by section 42-1207. B. On receipt of a notice of levy, a financial institution shall encumber or surrender, as appropriate, […]
§ 6-1701 – Definitions
6-1701. Definitions In this chapter, unless the context otherwise requires: 1. " Agreement" means the document that on execution obligates the borrower and originator under the reverse mortgage. 2. " Dwelling" means a residence that is designed principally for at least one and not more than four families in which the borrower occupies at least […]
§ 6-1702 – Financial counseling; counselor requirements
6-1702. Financial counseling; counselor requirements A. Adequate counseling under this chapter must be provided by a counselor who is an independent third party. B. To qualify as an independent third party, the counselor may not be associated with or compensated, directly or indirectly, by a party involved in any of the following: 1. Originating or […]
§ 6-1703 – Required disclosures; counseling
6-1703. Required disclosures; counseling A. Before accepting a final and complete application for a reverse mortgage or assessing any fees, the originator shall: 1. Provide the borrower with a list of at least five housing counseling agencies, including at least two housing counseling agencies that can provide counseling by telephone. 2. Receive from the borrower […]