Utah Statutes
§ 57-28-207 — Cooling off period -- Closing.
Utah·Title 57 Real Estate·Ch. 57-28 Utah Reverse Mortgage Act·Part 57-28-2 Reverse Mortgage Requirements
(1)After a prospective borrower accepts, in writing, a lender's written commitment to make a reverse mortgage, the lender may not bind the prospective borrower to the reverse mortgage earlier than five days after the day on which the prospective borrower gives the written acceptance to the lender.
(2)During the five-day period described in Subsection (1), the lender may not require the prospective borrower to close or otherwise proceed with the reverse mortgage.
(3)A prospective borrower may not waive the provisions of this section.
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Legislative History
Amended by Chapter 385, 2023 General Session
Nearby Sections
15
§ 57-1-1
Definitions.§ 57-1-10
After-acquired title passes.§ 57-1-12
Form of warranty deed -- Effect.§ 57-1-12.5
Form of special warranty deed -- Effect.§ 57-1-13
Form of quitclaim deed.§ 57-1-14
Form of mortgage -- Effect.§ 57-1-19
Trust deeds -- Definitions of terms.