Full text of Utah Utah Code § 57-28-203 — Disclosures to borrower., with citation guidance and answers to common questions.
§ 57-28-203. Disclosures to borrower.
Effective 5/12/2015
57-28-203.
Disclosures to borrower.
A lender shall give a prospective borrower or a borrower the following written disclosures:
| (1) |
at the time the lender provides an application for a reverse mortgage to a prospective borrower:
| (a) |
a disclosure that explains any adjustable interest rate feature of the reverse mortgage, including:
| (i) |
the circumstances under which the interest rate may increase; |
| (ii) |
any limitation on the amount that the interest rate may increase; and |
| (iii) |
the effect of an increase in the interest rate; and |
|
| (b) |
a list of at least five independent housing counselors that includes each independent housing counselor's name, address, and telephone number; |
|
| (2) |
at least 10 days before the day on which a reverse mortgage closes, a disclosure that describes:
| (a) |
that the prospective borrower's liability under the reverse mortgage is limited; |
| (b) |
the prospective borrower's rights, obligations, and remedies that relate to:
| (i) |
temporary absences, late payments, and payment default by the lender; and |
| (ii) |
each condition that requires satisfaction of the reverse mortgage; and |
|
| (c) |
the projected total cost of the reverse mortgage to the prospective borrower, based on the projected total future loan balance; |
|
| (3) |
on an annual basis, on or before January 31 of each year, a statement that summarizes:
| (a) |
the total principal amount paid to the borrower under the reverse mortgage; |
| (b) |
the total amount of deferred interest added to the principal; and |
| (c) |
the outstanding loan balance at the end of the preceding year; and |
|
| (4) |
if applicable, at least 25 days before the day on which the lender adjusts the interest rate on a reverse mortgage, a disclosure that states:
| (a) |
the current index amount; |
| (b) |
the publication date of the index; and |
| (c) |
the new interest rate. |
|
Enacted by Chapter
290, 2015 General Session
Frequently Asked Questions About Utah § 57-28-203
What does Utah Code § 57-28-203 cover?
Section 57-28-203 ("Disclosures to borrower.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 57-28-203?
A common citation format is "Utah Code § 57-28-203" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 57-28-203 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
