Colorado Statutes
§ 11-38-106 — Lender default
Any lender failing to make loan advances as
required by the terms of the reverse mortgage, and failing to cure such a default as
required by such terms, shall forfeit the right to collect any interest on such reverse
mortgage and shall be liable for any civil damages arising from such default. This
section shall not apply if the default is by an insurance company which is not owned
or controlled directly or indirectly by the lender and the default by the insurance
company is pursuant to an annuity purchased by a borrower with reverse mortgage
loan advances.
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Legislative History
Source: L. 92: Entire article added, p. 941, � 1, effective April 23.
Nearby Sections
15
§ 11-10.5-101
Short title§ 11-10.5-102
Legislative declaration§ 11-10.5-103
Definitions§ 11-10.5-104
Applicability of article§ 11-10.5-105
Authority of banking board§ 11-10.5-107
Eligible collateral - uninsured public deposits§ 11-10.5-109
Verification of collateral held - reports required§ 11-10.5-110
Procedures when event of default occurs§ 11-10.5-112
Annual fees and assessments§ 11-101-101
Short title§ 11-101-102
Declaration of policy§ 11-101-201
Effect on existing banks§ 11-101-301
Application of code§ 11-101-302
No private right of action