§ 5-21-103. Definitions
[ Editor’s note: This section is effective January 1, 2022. ] As used in this article 21, unless the context otherwise requires: “Administrator” means the administrator of the “Uniform Consumer Credit Code”, articles 1 to 9 of this title 5, designated pursuant to section 5-6-103. “Borrower” means an individual obligated to repay a residential mortgage […]
§ 5-21-104. Notification Required
[ Editor’s note: This section is effective January 1, 2022. ] On and after January 31, 2022, a person shall not act as a mortgage servicer, directly or indirectly, without notifying the administrator pursuant to section 5-21-105. Source: L. 2021: Entire article added, (HB 21-1282), ch. 482 p. 3438, § 1, effective January 1, 2022.
§ 5-21-105. Notification by Mortgage Servicers – Rules
[ Editor’s note: This section is effective January 1, 2022.] Notification. (a) A person acting as a mortgage servicer must notify the administrator and pay the fee prescribed in section 5-21-106 within thirty days after commencing servicing in the state, and, thereafter, on or before January 31 of each year. The notification must state the […]
§ 5-21-106. Fees
[ Editor’s note: This section is effective January 1, 2022.] A notifier shall pay the following nonrefundable fees established by the administrator pursuant to subsection (3) of this section: An initial notification fee; and An annual notification fee. The administrator shall transmit the fees to the state treasurer, who shall credit them to the uniform […]
§ 5-21-107. Federal Laws
[ Editor’s note: This section is effective January 1, 2022.] A mortgage servicer shall comply with all federal laws and regulations applicable to mortgage servicers for their mortgage servicing activities, including: The federal “Real Estate Settlement Procedures Act of 1974”, 12 U.S.C. sec. 2601 et seq., as amended; and The “Truth in Lending Act”, 15 […]
§ 5-21-108. Powers and Duties of the Administrator – Rules
[ Editor’s note: This section is effective January 1, 2022.] The administrator may conduct investigations and examinations as follows: For purposes of general or specific inquiry or investigation to determine compliance with this article 21, the administrator may access, receive, and use any records or information belonging to a notifier or person subject to this […]
§ 5-21-109. Application of Administrative Procedures
[ Editor’s note: This section is effective January 1, 2022. ] Except as otherwise provided in this article 21, sections 24-4-102 to 24-4-106 apply to and govern all rules promulgated and all administrative action taken by the administrator pursuant to this article 21; except that section 24-4-104 (3) does not apply to any such action. […]
§ 5-21-110. Administrative Enforcement Orders
[ Editor’s note: This section is effective January 1, 2022.] After notice and hearing, the administrator may order a mortgage servicer or a person acting in the mortgage servicer’s behalf to cease and desist from engaging in violations of this article 21 or any rule or order lawfully made pursuant to this article 21. The […]
§ 5-21-111. Assurance of Discontinuance
[ Editor’s note: This section is effective January 1, 2022. ] If it is claimed that a person has violated this article 21, the administrator may accept an assurance in writing that the person will not engage in the conduct in the future. The assurance may also require the person to make refunds to individuals […]
§ 5-21-112. Injunctions
[ Editor’s note: This section is effective January 1, 2022. ] The administrator may bring a civil action to restrain a person from violating this article 21 or rules promulgated pursuant to this article 21 and for other appropriate relief, including such orders or judgments as may be necessary to completely compensate or restore to […]