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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-17-3

A lender with a reserve account tied to an existing or future real estate loan must, once a year as of December 31, credit interest to the account at one of the stated rates, unless a listed exception applies.…

Source excerpt

interest calculationinterest creditinglendingloan-to-value thresholdreal estate loanreserve accountreserve account administrationreserve accountsservice chargeservice charges
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“A lender with a reserve account tied to an existing or future real estate loan must, once a year as of December 31, credit interest to the account at one of the stated rates, unless a listed exception applies. A lender may not charge a service charge for administering the reserve account.”

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Subsection 7-17-3(2)

Subsection (1) does not apply to three listed cases: certain reserve accounts tied to a governmental insurer or guarantor, certain high-loan-to-value real estate loan reserve accounts until the loan balance falls to 80% of appraised value, and interest or…

Section 7-17-3(2)

Subsection 7-17-3(2)(b)

A reserve account is maintained for a real estate loan when the original principal amount exceeds 80% of the lender’s appraised property value, and the condition lasts until the loan balance is reduced to 80% of that value.

Section 7-17-3(2)(b)

Subsection 7-17-3(3)

A lender must not require or impose a service charge for administering a reserve account.

Section 7-17-3(3)

04

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In force source record

Source record from le.utah.gov · Legal dates not recorded

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Showing 10 of 10 provisions

Provision 10
§ 7-17-3Lender to pay interest -- Exceptions -- Service charges prohibited.Provision

Source excerpt

A lender with a reserve account tied to an existing or future real estate loan must, once a year as of December 31, credit interest to the account at one of the stated rates, unless a listed exception applies. A lender may not charge a service charge for administering the reserve account.

Lender to pay interest -- Exceptions -- Service charges prohibited. Except as provided in Subsection (2) , each lender requiring the establishment or continuance of a reserve account in connection with an existing or future real estate loan shall, on a yearly basis as of December 31, calculate and credit to the account interest on the average daily balance of funds deposited in the account at a rate equal to: 5-1/2%; the average of the 11th District monthly weighted average cost of funds index as calculated and published by the Federal Home Loan Bank of San Francisco during the calendar year, less 1-1/2 percentage points; or the statement savings rate or share account rate offered to the public for accounts of like size by the depository institution holding the reserve account. Subsection (1) does not apply to: a reserve account required by a governmental insurer or guarantor of the loan as a condition of insurance or guaranty; a reserve account maintained in connection with a real estate loan in an original principal amount exceeding 80% of the lender's appraised value of the property at the time the loan is made, until the principal balance of the loan is paid down to 80% of the lender's appraised value at the time of the loan; or payment of interest or other compensation to the borrower if this payment is prohibited by federal law or regulations. A lender may not require or impose a service charge for the administration of a reserve account.
Section 7-17-3Verify source
§ 7-17-3(1)Subsection 7-17-3(1)Provision

Source excerpt

Except as provided in Subsection (2), a lender with a reserve account tied to an existing or future real estate loan must annually, as of December 31, calculate and credit interest to the account on the average daily balance of deposited funds.

Except as provided in Subsection (2) , each lender requiring the establishment or continuance of a reserve account in connection with an existing or future real estate loan shall, on a yearly basis as of December 31, calculate and credit to the account interest on the average daily balance of funds deposited in the account at a rate equal to: 5-1/2%; the average of the 11th District monthly weighted average cost of funds index as calculated and published by the Federal Home Loan Bank of San Francisco during the calendar year, less 1-1/2 percentage points; or the statement savings rate or share account rate offered to the public for accounts of like size by the depository institution holding the reserve account.
Section 7-17-3(1)Verify source
§ 7-17-3(1)(a)Subsection 7-17-3(1)(a)Provision

Source excerpt

5-1/2%;

5-1/2%;
Section 7-17-3(1)(a)Verify source
§ 7-17-3(1)(b)Subsection 7-17-3(1)(b)Provision

Source excerpt

Uses the average of the 11th District monthly weighted average cost of funds index for the calendar year, minus 1.5 percentage points.

the average of the 11th District monthly weighted average cost of funds index as calculated and published by the Federal Home Loan Bank of San Francisco during the calendar year, less 1-1/2 percentage points; or
Section 7-17-3(1)(b)Verify source
§ 7-17-3(1)(c)Subsection 7-17-3(1)(c)Provision

Source excerpt

the statement savings rate or share account rate offered to the public for accounts of like size by the depository institution holding the reserve account.

the statement savings rate or share account rate offered to the public for accounts of like size by the depository institution holding the reserve account.
Section 7-17-3(1)(c)Verify source
§ 7-17-3(2)Subsection 7-17-3(2)Provision

Source excerpt

Subsection (1) does not apply to three listed cases: certain reserve accounts tied to a governmental insurer or guarantor, certain high-loan-to-value real estate loan reserve accounts until the loan balance falls to 80% of appraised value, and interest or other compensation to the borrower when federal law or regulations prohibit that payment.

Subsection (1) does not apply to: a reserve account required by a governmental insurer or guarantor of the loan as a condition of insurance or guaranty; a reserve account maintained in connection with a real estate loan in an original principal amount exceeding 80% of the lender's appraised value of the property at the time the loan is made, until the principal balance of the loan is paid down to 80% of the lender's appraised value at the time of the loan; or payment of interest or other compensation to the borrower if this payment is prohibited by federal law or regulations.
Section 7-17-3(2)Verify source
§ 7-17-3(2)(a)Subsection 7-17-3(2)(a)Provision

Source excerpt

a reserve account required by a governmental insurer or guarantor of the loan as a condition of insurance or guaranty;

a reserve account required by a governmental insurer or guarantor of the loan as a condition of insurance or guaranty;
Section 7-17-3(2)(a)Verify source
§ 7-17-3(2)(b)Subsection 7-17-3(2)(b)Provision

Source excerpt

A reserve account is maintained for a real estate loan when the original principal amount exceeds 80% of the lender’s appraised property value, and the condition lasts until the loan balance is reduced to 80% of that value.

a reserve account maintained in connection with a real estate loan in an original principal amount exceeding 80% of the lender's appraised value of the property at the time the loan is made, until the principal balance of the loan is paid down to 80% of the lender's appraised value at the time of the loan; or
Section 7-17-3(2)(b)Verify source
§ 7-17-3(2)(c)Subsection 7-17-3(2)(c)Provision

Source excerpt

A borrower must not receive interest or other compensation if that payment is prohibited by federal law or regulations.

payment of interest or other compensation to the borrower if this payment is prohibited by federal law or regulations.
Section 7-17-3(2)(c)Verify source
§ 7-17-3(3)Subsection 7-17-3(3)Provision

Source excerpt

A lender must not require or impose a service charge for administering a reserve account.

A lender may not require or impose a service charge for the administration of a reserve account.
Section 7-17-3(3)Verify source

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