Interest on Mortgage Loan Reserve Accounts

  1. Law
  2. Utah Code
  3. Financial Institutions Act
  4. Interest on Mortgage Loan Reserve Accounts

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Section
1

Legislative intent.

Section
2

Definitions.

Section
3

Lender to pay interest -- Exceptions -- Service charges prohibited.

Section
4

Options in lieu of reserve account -- Notice by lender -- Selection by borrower -- Noninterest-bearing reserve account -- Exemption.

Section
5

Statements.

Section
6

Liability of lender for failure to pay taxes, insurance premiums, or other charges.

Section
7

Limit on amount borrower required to pay into account -- Deficiency -- Method of recouping and remedies for default.

Section
8

Damages for lender's violation of act -- Limitations on recovery.

Section
9

Actions on accounts established prior to 1979 -- Limitations on recovery.

Section
10

Applicability of act to accounts and actions thereon.