§ 34-25.1-11 — § 34-25.1-11. Annual account statements and other required disclosures.

Rhode Island § 34-25.1-11

• Jurisdiction: Rhode Island
• Title 34: Property
• Ch. 34-25.1: Reverse Mortgages

Text

§ 34-25.1-11. Annual account statements and other required disclosures.

(a) At the closing of the reverse mortgage loan, the mortgagee shall provide to the mortgagor(s) contact information for the mortgagee's (or its assignee's or servicing agent's, as the case may be) employee(s) or agent(s) who have been designated specifically to respond to inquiries concerning reverse mortgage loans. This information shall be provided by the mortgagee (or its assignee or servicing agent, as the case may be) to mortgagor(s) at least annually, and whenever this contact information concerning the designated employee(s) or agent(s) changes.

(b) On an annual basis and when the loan becomes due, the mortgagee shall issue to the mortgagor, without charge, a statement of account regarding the activity of the mortgage for the preceding calendar year, or for the period since the last statement of account was provided. The statement shall include all of the following information for the preceding year:

(1) The outstanding balance of the loan at the beginning of the statement period;

(2) Disbursements to the mortgagor;

(3) The total amount of interest added to the outstanding balance of the loan;

(4) Any property taxes, hazard insurance premiums, mortgage insurance premiums, or assessments paid by the mortgagee;

(5) Payments made to the mortgagee;

(6) The total mortgage balance owed to date;

(7) The remaining amount available to the mortgagor in reverse mortgage loans wherein proceeds have been reserved to be disbursed in one or more lump sum amounts; and

(8) All other information as shall be required to be disclosed by the director of the department of business regulation.

Legislative History

P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 2.