11-25-6. Fees, charges and interest rates -- Contract for collections -- Security -- Payment -- Assignments.
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/ut/title-11/chapter-25/11-25-6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
11-25-6. Fees, charges and interest rates -- Contract for collections -- Security -- Payment -- Assignments.
The agency may fix fees, charges, and interest rates for financing residential rehabilitation and may from time to time revise these fees, charges, and interest rates to reflect changes in interest rates on the agency's bonds, losses due to defaults, changes in loan servicing charges, or other expenses related to administration of the residential rehabilitation financing program. The agency may collect interest and principal together with the fees and charges incurred in financing and may contract to pay any person, partnership, association, corporation, or public agency with respect thereto.
The agency may hold deeds of trust as security for financing residential rehabilitation and may pledge the same as security for repayment of bonds issued pursuant to this part. The agency may establish the terms and conditions for the financing of residential rehabilitation undertaken pursuant to this act.
The full amount owed on any loan for residential rehabilitation made pursuant to this part shall be due and payable upon sale or other transfer of ownership of the property subject to such rehabilitation, except that assignment of the loan to the buyer or transferee may be permitted in case of hardship, which shall be defined, and procedures established for the determination of their existence in guidelines established by the agency.
Enacted by Chapter 276 , 1977 General Session