7-17-1. Legislative intent. It is the intent of the Legislature that the provisions of this act govern the rights, duties and liabilities of borrowers and lenders with respect to reserve accounts established before and after the effective date of this act. Enacted by Chapter 124, 1979 General Session
7-17-10. Applicability of act to accounts and actions thereon. The provisions of this act shall apply: (1) to all reserve accounts; and (2) to all actions filed after January 1, 1979, to recover interest on or other compensation for the use of the funds in any reserve account whether or not the reserve accounts were […]
7-17-3. Lender to pay interest — Exceptions — Service charges prohibited. (1) Except as provided in Subsection (2), each lender requiring the establishment or continuance of a reserve account in connection with an existing or future real estate loan shall, on a yearly basis as of December 31, calculate and credit to the account interest […]
7-17-4. Options in lieu of reserve account — Notice by lender — Selection by borrower — Noninterest-bearing reserve account — Exemption. (1) A lender not requiring the establishment and maintenance of a reserve account shall offer the borrower the following options: (a) the borrower may elect to maintain a noninterest-bearing reserve account to be serviced […]
7-17-5. Statements. Every lender shall furnish to the borrower, or his successors or assigns, without charge, within 60 days after the end of each calendar year, an itemized statement showing money (1) received for interest and principal repayment and (2) received and held in or disbursed from a reserve account, if any. Enacted by Chapter […]
7-17-6. Liability of lender for failure to pay taxes, insurance premiums, or other charges. A lender administering a reserve account shall make timely payments of taxes, insurance premiums and other charges for which the account is established, if funds paid into the account by the borrower, his successors or assigns, are sufficient for the payments. […]
7-17-7. Limit on amount borrower required to pay into account — Deficiency — Method of recouping and remedies for default. A lender in connection with a real estate loan may not require a borrower, the borrower’s successors or assigns, or a prospective borrower: (1) to deposit in any reserve account established in connection with the […]
7-17-8. Damages for lender’s violation of act — Limitations on recovery. (1) Except as otherwise provided in this act, a lender who violates this act is liable to the borrower, his successors or assigns, for the actual damages suffered by the borrower, his assigns or successors, or $100, whichever is greater. If an action is […]
Effective 5/12/2015 7-17-9. Actions on accounts established prior to 1979 — Limitations on recovery. (1) With respect to any reserve account established prior to July 1, 1979, and for which no legal action is pending as of January 1, 1979, no recovery shall be had in any action brought to require payment of interest on, […]
