§ 34-25.1-12 — § 34-25.1-12. Non-binding on the applicant.

Rhode Island § 34-25.1-12

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

Text

§ 34-25.1-12. Non-binding on the applicant.

An applicant for a reverse mortgage loan shall not be bound for at least three (3) business days after all of the following shall have occurred: (1) The applicant's execution and delivery to the mortgagee of a fully completed application for the reverse mortgage loan; (2) The applicant's delivery to the mortgagee of the requisite fully completed and executed certificate in proper form evidencing the applicant's completion of the counseling required pursuant to § 37-25.1-9 (as to any reverse mortgage loan that is exempt, pursuant to subsection 34-25.1-9(g), from the requirements of subsections 34-25.1-9(b), (c) and (e), such certificate must meet the requirements of 12 U.S.C. § 1715z-20 and the federal regulations promulgated with respect thereto); and (3) The applicant's receipt, in writing, of all of the information required to be disclosed pursuant to § 37-25.1-10. No reverse mortgage loan shall be closed prior to the expiration of this three (3) business day period, and this three (3) business day period shall be in addition to any right of rescission the mortgagors may have following the closing of the loan. In addition, no costs in connection with the application and processing of a proposed reverse mortgage loan shall be imposed upon any applicant for a reverse mortgage until the events described in subsections 34-25.1-12(1) and (2) have occurred. Each mortgagee shall inform each applicant in writing of the applicant's rights pursuant to § 34-25.1-12 simultaneously with providing the application to the applicant for completion.

Legislative History

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