§ 24-4.4-2-503 — Reverse mortgages; pamphlet; counseling required for debtor

A creditor in a first lien mortgage
transaction that:
(1) qualifies as a home equity conversion mortgage under the
Federal Housing Administration's program; or
(2) otherwise constitutes a reverse mortgage;
shall provide the debtor with a pamphlet that is approved by the
department and that describes the availability of reverse mortgage
counseling services provided by housing counselors approved by the
Secretary of the United States Department of Housing and Urban
Development, as provided in 24 CFR 206.41(a). The debtor must
receive the counseling described in this section and present the creditor
with the certificate described in 24 CFR 206.41(c) before the creditor
may make a first lien mortgage transaction described in this section to
the debtor.

Legislative History

As added by P.L.35-2010, SEC.27.