Amended by Chapter 24, 2010 General Session2010Reinstatement or payoff statement -- Timeliness of request -- Trustee's duty to provide statement -- Statement to include accounting of costs and fees. As used in this section: "Approved delivery method" means delivery by: certified or registered United States mail with return receipt requested; or a nationally recognized letter or package delivery or courier service operating in the state that provides a service for: tracking the delivery of an item; or documenting: that the item was received by the intended recipient; or a refusal to accept delivery of the item. "Compensation" means anything of economic value that is paid, loaned, granted, given, donated, or transferred to a trustee for or in consideration of: services; personal or real property; or other thing of value. "Interested party" means a person with a right under Subsection 57-1-31(1) to reinstate an obligation secured by a trust deed. "Payoff statement" means a statement under Subsection (2) that an interested party requests in order to obtain the amount required to pay off a loan secured by a trust deed. "Reinstatement statement" means a statement under Subsection (2) that an interested party requests in order to obtain the amount required under Subsection 57-1-31(1) to reinstate an obligation secured by a trust deed. An interested party may submit a written request to a trustee for a statement of the amount required to be paid: to reinstate an obligation secured by a trust deed; or to pay off a loan secured by a trust deed. A request for a reinstatement statement is not timely unless the trustee receives the request at least 10 business days before expiration of the three-month period under Section 57-1-31 to reinstate an obligation. A request for a payoff statement is not timely unless the trustee receives the request at least 10 business days before the trustee's sale. An interested party submitting a reinstatement statement or payoff statement to a trustee shall submit the statement to the trustee: at the address specified in the trust deed for notices to the trustee; or at an alternate address approved by the trustee for delivery of mail or notices. A trustee is considered to have received a request submitted under Subsection (2)(a)(i) if: the interested party submitted the request through an approved delivery method; and documentation provided under the approved delivery method indicates that: the request was delivered to the trustee; or delivery of the request was refused. A trustee who receives a written request under Subsection (2)(a) shall provide the statement to the interested party. A trustee is considered to have provided the statement requested under Subsection (2)(a) on the date that the trustee deposits the statement with an approved delivery method: with all delivery costs prepaid; and addressed to the interested party at the address provided in the request. If the trustee provides a requested reinstatement statement later than five business days after the request is received, the time to reinstate under Section 57-1-31 is tolled from the date of the request to the date that the trustee provides the statement. If, after scheduling a trustee's sale, the trustee fails to provide a requested payoff statement within five business days after the request is received, the trustee shall: cancel the trustee's sale; or postpone the trustee's sale to a date at least 10 business days after the trustee provides the statement. A trustee shall include with each statement required under Subsection (2)(a): a detailed listing of any of the following that the trustor would be required to pay to reinstate or payoff the loan: attorney fees; trustee fees; or any costs including: title fees; publication fees; or posting fees; and subject to Subsection (4), a disclosure of: any relationship that the trustee has with a third party that provides services related to the foreclosure of the loan; and whether the relationship described in Subsection (3)(b)(i) is created by: an ownership interest in the third party; or contract or other agreement. Subsection (3)(b) does not require a trustee to provide a trustor: a copy of any contract or agreement described in Subsection (3)(b); specific detail as to the nature of the ownership interest described in Subsection (3)(b); or the amount of compensation the trustee receives related to the foreclosure of the loan under a relationship described in Subsection (3)(b).