Utah Statutes
§ 70D-2-302 — Notice required with loan application.
Utah·Title 70D Financial Institution Mortgage Financing Regulation Act·Ch. 70D-2 Mortgage Lending and Servicing Act·Part 70D-2-3 Operational Requirements
(1)If the following is the case, a lender and broker shall notify in writing a person from whom the lender or broker receives or for whom the lender or broker prepares a written application for a mortgage loan that:
(1)(a) the mortgage loan applied for may be sold or assigned;
(1)(b) the servicing of the loan may be sold or assigned; and
(1)(c) the mortgage loan will not necessarily be held or serviced by the lender that originates the mortgage loan.
(2)A lender and broker shall provide a written notice required by this section at the time of receipt or preparation of the written application for a mortgage loan.
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Legislative History
Renumbered and Amended by Chapter 72, 2009 General Session
Nearby Sections
15
§ 70D-1-101
Title.§ 70D-1-102
Definitions.§ 70D-2-101
Short title.§ 70D-2-102
Definitions.§ 70D-2-103
Exemptions.§ 70D-2-201
Registration -- Exemptions.§ 70D-2-203
Fees -- Examination.§ 70D-2-301
Record retention.§ 70D-2-302
Notice required with loan application.§ 70D-2-304
Statement to be provided.§ 70D-2-305
Fee restrictions.