Tennessee Statutes
§ 47-30-104 — Compliance - Noncomplying loans unenforceable - Counseling
Tennessee·Title 47
(a)No authorized lender shall issue a reverse mortgage loan contract unless it complies with all requirements for participation in HUD's Home Equity Conversion Mortgage Program (or other similar federal reverse mortgage loan program from time to time created) and is insured by the federal housing administration or other similar federal agency or is a Fannie Mae Reverse Mortgage Loan.
(b)Any home equity conversion loan, reverse mortgage loan, mortgage or deed of trust which fails to comply with this chapter is unenforceable as to all interest, service fees, and insurance premiums incurred on the loan.
(c)Prior to accepting an application for a home equity conversion loan, an authorized lender shall refer the borrower to a counselor and shall receive certification from the counselor that
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Tennessee § 47-30-104 (Compliance - Noncomplying loans unenforceable - Counseling) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1993, ch. 410, §5; 1997 , ch. 286, § 5.
Nearby Sections
15
§ 47-1-101
Short title§ 47-1-102
Scope of chapter§ 47-1-104
Construction against implied repeal§ 47-1-105
Severability§ 47-1-106
Use of singular and plural - Gender§ 47-1-201
General definitions§ 47-1-202
Notice - Knowledge§ 47-1-204
Value§ 47-1-205
Reasonable time - Seasonableness§ 47-1-206
Presumptions§ 47-1-302
Variation by agreement