Rhode Island General Laws 34-25.1-10. Pre-closing disclosures
At least three (3) business days before closing of the loan, all mortgagees, or their authorized representative who is then duly licensed by the Rhode Island department of business regulation as lender or as a loan broker shall provide in writing all of the following information to, each prospective reverse mortgage mortgagor:
(1) All information as shall be required to be disclosed in connection with a reverse mortgage loan pursuant to the Truth in Lending Act (15 U.S.C. § 1601 et seq.), Regulation Z (12 C.F.R. part 226), and 12 U.S.C. § 1715z-20 and the federal regulations promulgated with respect thereto (including without limitation 24 C.F.R. part 206); and
(2) All other information as shall be required to be disclosed by the director of the department of business regulation.
History of Section.
P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 2; P.L. 2011, ch. 363, § 15.
Terms Used In Rhode Island General Laws 34-25.1-10
- in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC