Section 303 – Investigatory powers and proceedings of division.
Effective 5/10/2016 57-29-303. Investigatory powers and proceedings of division. (1) The division may: (a) conduct a public or private investigation to determine whether a person has violated or is about to violate a provision of this chapter; and (b) require or allow a person to file a written statement with the division that relates to […]
Section 304 – Enforcement.
Effective 5/10/2016 57-29-304. Enforcement. (1) (a) If the director believes that a person has been or is engaging in conduct that violates this chapter, the director: (i) shall issue and serve upon the person a cease and desist order; and (ii) may order the person to take any action necessary to carry out the purposes […]
Section 305 – Voidable agreements.
Effective 5/10/2016 57-29-305. Voidable agreements. (1) (a) If a sponsor violates a provision of this chapter in entering into an agreement to purchase an undivided fractionalized long-term estate, the purchaser may rescind the agreement. (b) A purchaser may rescind an agreement under this Subsection (1) at any time before the closing. (2) A purchaser who […]
Section 302 – Rulemaking.
Effective 5/10/2016 57-29-302. Rulemaking. In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, and consistent with this chapter, the commission, with concurrence by the division, may make rules governing: (1) the form of the disclosures required under this chapter; and (2) enforcement of the provisions of this chapter. Enacted by Chapter 381, 2016 […]
Section 202 – License required.
Effective 5/10/2016 57-29-202. License required. Except as provided by Section 61-2f-202, a person may not offer, sell, or otherwise dispose of an undivided fractionalized long-term estate unless the person is licensed by the division under Title 61, Chapter 2f, Real Estate Licensing and Practices Act, as a principal broker, associate broker, or sales agent. Enacted […]
Section 203 – Required disclosures.
Effective 5/10/2016 57-29-203. Required disclosures. (1) A sponsor or licensee who sells or offers to sell an undivided fractionalized long-term estate shall provide each prospective purchaser a written disclosure, related to the real property in which the undivided fractionalized long-term estate is offered, that: (a) if applicable: (i) includes a copy of any master lease […]
Section 205 – Costs and repayment.
Effective 5/12/2015 57-28-205. Costs and repayment. A lender may collect the following charges and fees in connection with the origination of a reverse mortgage: (1) the actual expenses that the lender incurs in originating and closing the reverse mortgage, including a mortgage broker’s fee if the mortgage broker and the lender do not share any […]
Section 206 – Disbursement.
Effective 5/12/2015 57-28-206. Disbursement. (1) Subject to Subsection (2) and except as provided in Subsection (3), a lender shall pay the loan proceeds of a reverse mortgage under a term payment option, a tenure payment option, or a line of credit payment option. (2) Under a term payment option or a tenure payment option, upon […]
Section 207 – Cooling off period — Closing.
Effective 5/12/2015 57-28-207. Cooling off period — Closing. (1) After a prospective borrower accepts, in writing, a lender’s written commitment to make a reverse mortgage, the lender may not bind the prospective borrower to the reverse mortgage earlier than seven days after the day on which the prospective borrower gives the written acceptance to the […]
Section 208 – Federally insured reverse mortgages.
Effective 5/12/2015 57-28-208. Federally insured reverse mortgages. When a lender makes a reverse mortgage that is federally insured by the United States Department of Housing and Urban Development, the lender satisfies the requirements described in Sections 57-28-202 through 57-28-206 if the lender complies with the federal requirements described in 12 U.S.C. Sec. 1715z-20 and 24 […]