§ 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 […]
§ 6-1410 – Form of premium finance agreement; notice
6-1410. Form of premium finance agreement; notice A. A premium finance agreement shall: 1. Be dated and signed by the insured and the printed portion of the agreement shall be in at least eight-point type. 2. Contain the name, place of business and mailing address of the agent or broker who is negotiating the related […]
§ 6-1704 – Reverse mortgage; provisions
6-1704. Reverse mortgage; provisions A. A reverse mortgage may provide for a fixed or variable interest rate or future sharing between the originator and the borrower of the appreciation in the value of the property, as agreed on by the originator and the borrower. B. The reverse mortgage agreement shall prominently disclose any interest rate […]
§ 6-1411 – Disclosure requirements
6-1411. Disclosure requirements Every licensee shall make available to agents, brokers and managing general agents disclosures as prescribed by title I of the consumer credit protection act (15 United States Code sections 1601 through 1667) in both English and Spanish. All premium finance agreements shall disclose in English and Spanish, in close proximity to the […]
§ 6-1705 – Prepayment; repayment conditions
6-1705. Prepayment; repayment conditions A. Prepayment, in whole or in part, shall be permitted without penalty at any time during the term of a reverse mortgage. B. For the purposes of this section, penalty does not include: 1. Any fees, payments or other charges that would otherwise be due when the reverse mortgage becomes due […]
§ 6-1412 – Limitation on interest and other charges
6-1412. Limitation on interest and other charges A. It is unlawful for a licensee to charge, contract for, receive or collect an interest charge other than as permitted by this article. B. The interest is to be computed on the balance of the premiums due, after subtracting the down payment made by the insured in […]