57-28-305. Lender default.
68 words·~1 min read·
/ut/title-57/chapter-28/57-28-305·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/12/2015
57-28-305. Lender default.
(1)A lender who fails to make a loan advance on a non-federally insured reverse mortgage in accordance with the reverse mortgage agreement shall forfeit any right to repayment of the outstanding loan balance.
(2)After a lender forfeits the lender's right to repayment under Subsection
(1), the reverse mortgage loan agreement is void.
Enacted by Chapter 290 , 2015 General Session