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Securities Division - Real Estate Division | |
Utah High Cost Home Loan Act | |
Section 107 | Prohibition on single premium credit life insurance. |
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61-2d-107. Prohibition on single premium credit life insurance. 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: (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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