§ 37-5-202. (3) With respect to an assumption of an existing obligation, the lender may, in addition to the other authorized charges.
109 words·~1 min read·
/sc/title-37-consumer-protection-code/chapter-3/loans/37-5-202·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 37-5-202.
(3)With respect to an assumption of an existing obligation, the lender may, in addition to the other authorized charges, charge an assumption fee not exceeding the lesser of four hundred dollars or one percent of the unpaid balance of the debt at the time the assumption transaction is consummated whenever the primary collateral securing the credit is real estate or a residential manufactured home and not exceeding the lesser of fifty dollars or one percent of the unpaid balance of the debt at the time the assumption transaction is consummated whenever the primary collateral securing the credit is personal property other than a residential manufactured home.