Utah § 70D-2-305 Fee restrictions.

Utah Statutes

§ 70D-2-305 — Fee restrictions.

Utah·Title 70D Financial Institution Mortgage Financing Regulation Act·Ch. 70D-2 Mortgage Lending and Servicing Act·Part 70D-2-3 Operational Requirements

(1)A lender or broker may not accept a fee or deposit from an applicant for a mortgage loan unless at the time the lender or broker accepts the fee or deposit there is a written statement:

(1)(a) signed by the applicant;

(1)(b) stating whether or not the fee or deposit is refundable; and

(1)(c) describing the conditions, if any, under which all or a portion of the fee or deposit will be refunded to the applicant.

(2)Notwithstanding Subsection (1), a lender or broker may accept a fee or deposit from an applicant for a mortgage loan if the lender or broker receives an email from the applicant acknowledging that the applicant was provided the information required by Subsections (1)(b) and (c).

Free access — add to your briefcase to read the full text and ask questions with AI

(1) A lender or broker may not accept a fee or deposit from an applicant for a mortgage loan unless at the time the lender or broker accepts the fee or deposit there is a written statement:

(1)(a) signed by the applicant;
(1)(b) stating whether or not the fee or deposit is refundable; and
(1)(c) describing the conditions, if any, under which all or a portion of the fee or deposit will be refunded to the applicant.
(2) Notwithstanding Subsection (1), a lender or broker may accept a fee or deposit from an applicant for a mortgage loan if the lender or broker receives an email from the applicant acknowledging that the applicant was provided the information required by Subsections (1)(b) and (c).

Utah § 70D-2-305 (Fee restrictions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.