Section 528.1 – Title.
528.1 Title. This chapter is entitled “Alternative and Reverse Annuity Mortgage Loan Act”. 89 Acts, ch 267, §1
Section 528.2 – Definitions.
528.2 Definitions. As used in this chapter, unless the context otherwise requires: 1. “Administrator” means the superintendent of banking and the superintendent of credit unions within the department of commerce. 2. “Alternative mortgage loan” means a mortgage loan which is a reverse annuity mortgage loan or graduated payment mortgage loan. 3. “Financial institution” means financial […]
Section 528.3 – Financial institutions allowed to make alternative mortgages.
528.3 Financial institutions allowed to make alternative mortgages. A financial institution may make alternative mortgage loans in accordance with this chapter. General provisions governing a financial institution’s mortgage loans apply to alternative mortgage loans unless inconsistent with the provisions of this chapter. This chapter does not prohibit a financial institution from making any loan which […]
Section 528.4 – Prepayment penalty prohibited.
528.4 Prepayment penalty prohibited. A financial institution making an alternative mortgage loan may contract with the mortgagor for interest to be paid currently or to accrue, and if accrued, for accrued interest to be added to the mortgage debt on which interest may be charged and collected. Accrued interest which is added to the mortgage […]
Section 528.5 – Disclosure of alternative mortgage loan information to applicants.
528.5 Disclosure of alternative mortgage loan information to applicants. 1. A financial institution that offers or makes an alternative mortgage loan shall include in any disclosure of the rates or availability of mortgage loans, the rates and availability of reverse annuity mortgages or graduated payment mortgage loans, if and when such loans are offered. The […]
Section 528.6 – Prototype plan for alternative mortgage loans — approval by administrator.
528.6 Prototype plan for alternative mortgage loans — approval by administrator. 1. Before a financial institution makes an alternative mortgage loan, it shall submit to the administrator for that type of institution, for the administrator’s approval, the prototype plan and subsequent amendments to the plan under which alternative mortgage loans are to be made. A […]
Section 528.7 – Reduction in installment payments — repayment of mortgage debt.
528.7 Reduction in installment payments — repayment of mortgage debt. 1. If the mortgagee or its assignee and the mortgagor agree, any installment payment of either the loan proceeds or an annuity purchased with the loan proceeds of a reverse annuity mortgage loan may be reduced by an amount used for partial repayment of the […]
Section 528.8 – Interest on graduated payment mortgage loans.
528.8 Interest on graduated payment mortgage loans. A graduated payment mortgage loan offered or made by a financial institution shall provide for interest at a specified rate or a series of specified rates. 89 Acts, ch 267, §8
Section 528.9 – Rules.
528.9 Rules. The administrator may adopt rules pursuant to chapter 17A, as the administrator deems necessary and convenient to carry out the provisions of this chapter. 89 Acts, ch 267, §9