Utah Code 70D-2-302. Notice required with loan application
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(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:
Terms Used In Utah Code 70D-2-302
- broker: means a person who in the regular course of business assists a person in obtaining a mortgage loan for a fee or other consideration paid directly or indirectly. See Utah Code 70D-2-102
- Lender: includes a mortgage lender. See Utah Code 70D-2-102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means a mortgage or deed of trust affecting real property located in this state. See Utah Code 70D-1-102
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan: means a loan:(6)(a)(i) secured by a mortgage; and(6)(a)(ii) made for personal, family, or household purposes. See Utah Code 70D-1-102
- Person: means :
(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5- Writing: includes :
(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5(1)(a) the mortgage loan applied for may be sold or assigned;(1)(b) the servicing of the loan may be sold or assigned; and(1)(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. - Person: means :