§ 70D-2-302. Notice required with loan application.

Latest version.

(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:

(a)	the mortgage loan applied for may be sold or assigned;

(b)	the servicing of the loan may be sold or assigned; and

(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.

Renumbered and Amended by Chapter 72, 2009 General Session

                    
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