Section 303 – Priority.
Effective 5/12/2015 57-28-303. Priority. (1) All amounts secured by a reverse mortgage have the same lien priority as the first disbursement under the reverse mortgage. (2) For purposes of Subsection (1), the amount secured by the reverse mortgage includes any payment to the borrower from the loan proceeds, regardless of the purpose of the payment. […]
Section 304 – Foreclosure.
Effective 5/10/2016 57-28-304. Foreclosure. Before a person initiates foreclosure proceedings on a reverse mortgage, the person shall: (1) send the borrower, by certified mail, return receipt requested, written notice that states the grounds for default and foreclosure; and (2) provide the borrower at least 30 days after the day on which the person sends the […]
Section 305 – Lender default.
Effective 5/12/2015 57-28-305. Lender default. (1) A lender who fails to make a loan advance on a non-federally insured reverse mortgage in accordance with the reverse mortgage agreement shall forfeit any right to repayment of the outstanding loan balance. (2) After a lender forfeits the lender’s right to repayment under Subsection (1), the reverse mortgage […]
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 202 – Borrower requirements.
Effective 5/12/2015 57-28-202. Borrower requirements. A borrower shall: (1) be 62 years of age or older; and (2) occupy the dwelling that secures the reverse mortgage as a principal residence. Enacted by Chapter 290, 2015 General Session
Section 203 – Disclosures to borrower.
Effective 5/12/2015 57-28-203. Disclosures to borrower. A lender shall give a prospective borrower or a borrower the following written disclosures: (1) at the time the lender provides an application for a reverse mortgage to a prospective borrower: (a) a disclosure that explains any adjustable interest rate feature of the reverse mortgage, including: (i) the circumstances […]
Section 204 – Independent counseling.
Effective 5/12/2015 57-28-204. Independent counseling. (1) Before a prospective borrower signs a reverse mortgage application, the prospective borrower shall meet with an independent housing counselor. (2) During the meeting described in Subsection (1): (a) the prospective borrower and the independent housing counselor shall discuss the financial impacts of a reverse mortgage, including: (i) options other […]
Section 116 – Priority subject to subordination.
57-26-116. Priority subject to subordination. This chapter does not preclude subordination by agreement as to rents or proceeds. Enacted by Chapter 139, 2009 General Session
Section 117 – Uniformity of application and construction.
57-26-117. Uniformity of application and construction. In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Enacted by Chapter 139, 2009 General Session
Section 118 – Relation to Electronic Signatures in Global and National Commerce Act.
57-26-118. Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act (15 U.S.C. Section 7001, et seq.) but does not modify, limit, or supersede Section 101(c) of that act (15 U.S.C. Section 7001(c)) or authorize electronic delivery of any […]