UT Code § 57-1-31.5 (2021)
2021 Utah Code|Title 57 - Real Estate|Chapter 1 - Conveyances|Section 31.5 - Reinstatement or payoff statement -- Timeliness of request -- Trustee's duty to provide statement -- Statement to include accounting of costs and fees.

57-1-31.5. Reinstatement or payoff statement -- Timeliness of request -- Trustee's duty to provide statement -- Statement to include accounting of costs and fees.    (1) As used in this section:   (a) "Approved delivery method" means delivery by:   (i) certified or registered United States mail with return receipt requested; or     (ii) a nationally recognized letter or package delivery or courier service operating in the state that provides a service for:   (A) tracking the delivery of an item; or     (B) documenting:   (I) that the item was received by the intended recipient; or     (II) a refusal to accept delivery of the item.           (b) "Compensation" means anything of economic value that is paid, loaned, granted, given, donated, or transferred to a trustee for or in consideration of:   (i) services;     (ii) personal or real property; or     (iii) other thing of value.       (c) "Interested party" means a person with a right under Subsection 57-1-31(1) to reinstate an obligation secured by a trust deed.     (d) "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.     (e) "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.       (2)   (a)   (i) An interested party may submit a written request to a trustee for a statement of the amount required to be paid:   (A) to reinstate an obligation secured by a trust deed; or     (B) to pay off a loan secured by a trust deed.       (ii)   (A) 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.     (B) 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.       (iii) An interested party submitting a reinstatement statement or payoff statement to a trustee shall submit the statement to the trustee:   (A) at the address specified in the trust deed for notices to the trustee; or     (B) at an alternate address approved by the trustee for delivery of mail or notices.       (iv) A trustee is considered to have received a request submitted under Subsection (2)(a)(i) if:   (A) the interested party submitted the request through an approved delivery method; and     (B) documentation provided under the approved delivery method indicates that:   (I) the request was delivered to the trustee; or     (II) delivery of the request was refused.           (b)   (i) A trustee who receives a written request under Subsection (2)(a) shall provide the statement to the interested party.     (ii) 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:   (A) with all delivery costs prepaid; and     (B) addressed to the interested party at the address provided in the request.         (c)   (i) 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.     (ii) 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:   (A) cancel the trustee's sale; or     (B) postpone the trustee's sale to a date at least 10 business days after the trustee provides the statement.           (3) A trustee shall include with each statement required under Subsection (2)(a):   (a) a detailed listing of any of the following that the trustor would be required to pay to reinstate or payoff the loan:   (i) attorney fees;     (ii) trustee fees; or     (iii) any costs including:   (A) title fees;     (B) publication fees; or     (C) posting fees; and         (b) subject to Subsection (4), a disclosure of:   (i) any relationship that the trustee has with a third party that provides services related to the foreclosure of the loan; and     (ii) whether the relationship described in Subsection (3)(b)(i) is created by:   (A) an ownership interest in the third party; or     (B) contract or other agreement.           (4) Subsection (3)(b) does not require a trustee to provide a trustor:   (a) a copy of any contract or agreement described in Subsection (3)(b);     (b) specific detail as to the nature of the ownership interest described in Subsection (3)(b); or     (c) the amount of compensation the trustee receives related to the foreclosure of the loan under a relationship described in Subsection (3)(b).      Amended by Chapter 24, 2010 General Session