A borrower credit transaction involving a high-cost mortgage may not include:

(1)  the offer or sale of any insurance policy, on a single premium or single fee basis, that insures, guarantees, or indemnifies the repayment of the outstanding balance of the loan against:

Terms Used In Utah Code 61-2d-107

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(a)  death;

(b)  illness;

(c)  accident;

(d)  disability; or

(e)  unemployment of the borrower; or

(2)  debt cancellation or a debt suspension agreement.

Enacted by Chapter 252, 2004 General Session

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