61-2d-103. Prepayment penalty. (1) The terms of a high-cost mortgage loan may contain terms under which a borrower must pay a penalty for prepayment. (a) However, a penalty for prepayment cannot be assessed more than 36 months after the loan was originally made. (b) The amount of the penalty may not exceed the total amount […]
61-2d-104. Negative amortization prohibited. A high cost mortgage shall provide for regular, periodic payments sufficient to pay: (1) all accrued interest and a portion of principal on the scheduled due date for each payment; and (2) the full amount owed during the term of the loan, if no late fees or other contingent charges are […]
61-2d-105. Financing points and fees — Restrictions. (1) A lender may not, in connection with the formation or consummation of a high-cost mortgage, finance, directly or indirectly, any portion of the points, fees, or other charges payable to the lender or any third party in an amount in excess of 8% of the total loan […]
61-2d-106. Arbitration clauses. To be valid, an arbitration clause in a high-cost mortgage contract must comply with the standards set forth in Title 78B, Chapter 11, Utah Uniform Arbitration Act or the Federal Arbitration Act, or any successor acts. Amended by Chapter 3, 2008 General Session
61-2d-107. Prohibition on single premium credit life insurance. A borrower credit transaction involving a high-cost mortgage may not include: (1) the offer or sale of any insurance policy, on a single premium or single fee basis, that insures, guarantees, or indemnifies the repayment of the outstanding balance of the loan against: (a) death; (b) illness; […]
61-2d-108. Increase in employees. Funds allocated for investigations in this chapter may only be used to employ additional employees if there is a 10% increase in caseloads. Enacted by Chapter 252, 2004 General Session
61-2d-109. Copies. The lender shall provide, at no cost to the borrower, a complete set of all documents pertaining to the transaction, including copies of all documents to be executed or recorded and any loan documents changed at the closing: (1) at the time of the closing if done in person; or (2) no later […]
61-2d-110. Encouraging default prohibited. (1) A lender may not recommend or encourage default or nonpayment leading to foreclosure on an existing loan or other debt prior to and in connection with the closing or planned closing of a high-cost mortgage that refinances all or any portion of such existing loan or debt. (2) This section […]
61-2d-111. Mortgage forms. All lines, figures, forms, and blanks that regulate, govern, control, and authorize a mortgage must be filled in before the documents are signed. Enacted by Chapter 252, 2004 General Session
61-2d-112. Notice of information available to borrowers. (1) In addition to any other notice or disclosure a lender or title company may provide to a borrower seeking, obtaining, or inquiring about a high-cost mortgage, the lender shall provide the borrower any brochure or other document information prepared by a federal or state authority in a […]
61-2d-113. Effect of failure to comply. Failure to provide the notices or information described in Subsection 61-2d-105(1) and Sections 61-2d-111 and 61-2d-112 does not affect the enforceability of the loan or any of its terms. Enacted by Chapter 252, 2004 General Session
