Title 7 Financial Institutions Act Chapter 7 Savings and Loan Associations Act Section 34 Charging borrower for expenses and services for real estate loan.
7-7-34.Charging borrower for expenses and services for real estate loan.
Subject to the provisions of Title 70C, Utah Consumer Credit Code, an association may
require borrowers to pay all reasonable expenses incurred in connection with the making, closing,
disbursing, extending, readjusting, or renewing of real estate loans. Without limiting the
generality of the foregoing provisions in this section, these expenses may include appraisal,
attorney, abstract, recording, and registration fees, title examination, title insurance, loan
insurance, credit report, survey, drawing of papers, escrow services, loan closing costs, and taxes
or charges imposed upon or in connection with the making or recording of any loan. Subject to
the provisions of Title 70C, Utah Consumer Credit Code, and of applicable federal law, an
association may also require borrowers to pay the cost of all other necessary and incidental
services rendered by the association or by others in connection with real estate and other loans in
such reasonable amounts as may be fixed by the board of directors. Without limiting the
generality of the foregoing provisions in this section, these costs may include the costs of services
of inspectors, assayers, engineers, and architects. These initial charges shall be approved
annually by the board of directors and may be collected by the association from the borrower and
paid to any person or persons, including any director, officer, or employee of the association
rendering the services, or paid directly by the borrower. Nothing in this section shall limit the
right of an association to charge discount points or similar fees for the extension of credit.
Amended by Chapter 200, 1994 General Session
Download Code Section Zipped WordPerfect 07_07_003400.ZIP 2,293 Bytes