reglab/housing_qa huggingface dataset:
UT Code § 7-17-4 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 17 - Interest on Mortgage Loan Reserve Accounts|Section 4 - Options in lieu of reserve account -- Notice by lender -- Selection by borrower -- Noninterest-bearing reserve account -- Exemption.

7-17-4. Options in lieu of reserve account -- Notice by lender -- Selection by borrower -- Noninterest-bearing reserve account -- Exemption.    (1) A lender not requiring the establishment and maintenance of a reserve account shall offer the borrower the following options:   (a) the borrower may elect to maintain a noninterest-bearing reserve account to be serviced by the lender at no charge to the borrower; or     (b) the borrower may manage the payment of insurance premiums, taxes and other charges for the borrower's own account.       (2)   (a) The lender shall give written notice of the options to the borrower:   (i) with respect to real estate loans existing on July 1, 1979, by notice mailed not more than 30 days after July 1, 1979; or     (ii) with respect to real estate loans made on or after July 1, 1979, by notice given at or prior to the closing of the loan.       (b) The notice required by this Subsection (2) shall:   (i) clearly describe the options; and     (ii) state that:   (A) a reserve account is not required by the lender;     (B) the borrower is legally responsible for the payment of taxes, insurance premiums, and other charges; and     (C) the notice is being given pursuant to this chapter.         (c) For real estate loans in existence on July 1, 1979, the borrower shall select one of the options prior to 60 days after July 1, 1979.     (d) If no option is selected prior to 60 days after July 1, 1979, the borrower will be considered to have selected the option described in Subsection (1)(a), provided, however, that the borrower at a later time may select the option described in Subsection (1)(b).     (e) For loans made on or after July 1, 1979, the borrower shall select one of the options at the closing.     (f) If the borrower selects the option described in Subsection (1)(a), the lender may not be required to account for earnings, if any, on the account.       (3)   (a) Subject to Subsection (3)(b), if the borrower who selects the option described in Subsection (1)(b), or the borrower's successors or assigns, fails to pay the taxes, insurance premiums, or other charges pertaining to the property securing the loan prior to the delinquency date for such payments, the lender may require a reserve account without interest or other compensation for the use of the funds.     (b) Notwithstanding Subsection (3)(a), the lender may not require a reserve account without interest or other compensation if:   (i) the borrower pays any delinquency within 30 days; and     (ii) the borrower has not previously been delinquent in payment of taxes, insurance premiums, or other charges.         (4) This section does not apply to a loan made, renewed, or modified on or after May 6, 2002.    Amended by Chapter 378, 2010 General Session
UT Code § 7-17-5 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 17 - Interest on Mortgage Loan Reserve Accounts|Section 5 - Statements.

7-17-5. Statements.  Every lender shall furnish to the borrower, or his successors or assigns, without charge, within 60 days after the end of each calendar year, an itemized statement showing money (1) received for interest and principal repayment and (2) received and held in or disbursed from a reserve account, if any.  Enacted by Chapter 124, 1979 General Session
UT Code § 7-17-6 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 17 - Interest on Mortgage Loan Reserve Accounts|Section 6 - Liability of lender for failure to pay taxes, insurance premiums, or other charges.

7-17-6. Liability of lender for failure to pay taxes, insurance premiums, or other charges.  A lender administering a reserve account shall make timely payments of taxes, insurance premiums and other charges for which the account is established, if funds paid into the account by the borrower, his successors or assigns, are sufficient for the payments. Negligent failure to make the payments required for taxes, insurance premiums and other charges as they become due, from available funds in the reserve account, shall subject the lender to liability for all damages directly resulting from the failure; provided that this sentence does not deprive the lender of the right to present any defense it may have in any action brought to enforce the liability. Failure of the borrower or his successors or assigns to deliver promptly to the lender all notices of tax assessments and insurance premiums or other charges, received by the borrower, his successors or assigns, shall relieve the lender from liability under this section.  Amended by Chapter 378, 2010 General Session
UT Code § 7-17-7 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 17 - Interest on Mortgage Loan Reserve Accounts|Section 7 - Limit on amount borrower required to pay into account -- Deficiency -- Method of recouping and remedies for default.

7-17-7. Limit on amount borrower required to pay into account -- Deficiency -- Method of recouping and remedies for default.  A lender in connection with a real estate loan may not require a borrower, the borrower's successors or assigns, or a prospective borrower:  (1) to deposit in any reserve account established in connection with the loan, prior to or upon closing, a sum exceeding the estimated total payments for taxes, insurance premiums, or other charges which will be due and payable on the date of closing, and the pro rata portion thereof which has accrued, plus 1/6th of the estimated total taxes, insurance premiums, and other charges which will become due and payable during the 12-month period beginning on the date of closing; or     (2) to deposit in any reserve account in any month beginning after closing a sum exceeding 1/12th of the total estimated taxes, insurance premiums, or other charges which will become due and payable during the 12-month period beginning on the first day of the month plus an amount necessary to maintain the additional balance permitted in Subsection (1) in the reserve account not to exceed 1/6th of the total estimated taxes, insurance premiums, or other charges that will become due and payable during the 12-month period beginning on the first day of the month, except that:   (a) if the lender determines there will be a deficiency on the due date, it may require additional monthly deposits in the reserve account of pro rata portions of the deficiency corresponding to the number of months from the date of the lender's determination of the deficiency to the date upon which the charges become due and payable;     (b) if the lender determines there is a deficiency on or after the due date, it may:   (i) bill the borrower, the borrower's successors or assigns, for the deficiency, which bill shall promptly be paid;     (ii) add the deficiency to the principal; or     (iii) charge the reserve account, and require additional monthly deposits in the reserve account for up to 12 months to recoup the deficiency;       (c) if the borrower, the borrower's successors or assigns, fails to pay any amount billed by the lender to meet the deficiency as permitted under Subsection (2)(b)(i), the lender may exercise any remedies for default contained in the real estate loan document. If such failure to pay continues for 30 days after written notice to borrower, the lender may also terminate any obligation to pay interest or to otherwise pay compensation for the use of the funds in the reserve account.      Amended by Chapter 182, 1996 General Session
UT Code § 7-17-8 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 17 - Interest on Mortgage Loan Reserve Accounts|Section 8 - Damages for lender's violation of act -- Limitations on recovery.

7-17-8. Damages for lender's violation of act -- Limitations on recovery.    (1) Except as otherwise provided in this act, a lender who violates this act is liable to the borrower, his successors or assigns, for the actual damages suffered by the borrower, his assigns or successors, or $100, whichever is greater. If an action is commenced, the prevailing party may be awarded reasonable attorney's fees as determined by the court.     (2) A lender has no liability under this section if the court finds that written demand for payment of the claim of the borrower, his successors or assigns, was made on the lender not less than 30 days before commencement of the action and that the lender tendered to the borrower, his successors or assigns, prior to the commencement of the action, an amount not less than the damages awarded.     (3) A lender may not be held liable under this section for a violation of this act if the lender shows that the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures to avoid such errors.     (4) A reserve account established or maintained in violation of this act is voidable, at the option of the borrower, his successors or assigns, at any time, but does not otherwise affect the validity of the loan, the security interest in the real property or any other obligation of the borrower.     (5) No action under this section may be brought more than one year after the date of the violation.    Amended by Chapter 378, 2010 General Session
UT Code § 7-17-9 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 17 - Interest on Mortgage Loan Reserve Accounts|Section 9 - Actions on accounts established prior to 1979 -- Limitations on recovery.

 Effective 5/12/2015  7-17-9. Actions on accounts established prior to 1979 -- Limitations on recovery.    (1) With respect to any reserve account established prior to July 1, 1979, and for which no legal action is pending as of January 1, 1979, no recovery shall be had in any action brought to require payment of interest on, or other compensation for, the use prior to July 1, 1979, of the funds in such account unless:   (a) An agreement in writing expressly so providing was executed by the borrower and the lender; or     (b) The borrower, or his successors or assigns, establishes by clear and convincing evidence an agreement between the parties that the lender would pay interest on or to otherwise compensate the borrower for the use of the funds in such account. Use in the loan documents of such words as "trust" or "pledge" alone does not establish the intent of the parties; and     (c) There is no federal law or regulation prohibiting the payment of interest on or otherwise compensating the borrower for the use of the funds in such an account.       (2) No action seeking payment of interest on or other compensation for the use of the funds in any reserve account for any period prior to July 1, 1979, shall be brought after June 30, 1981. Any recovery in any such action shall be limited to the four-year period immediately preceding the commencement of the action. No recovery shall be had in respect of any reserve account established prior to July 1, 1979, greater than if the provisions of Section 7-17-3 of this act were applicable to such accounts.     (3) With respect to any reserve account established prior to July 1, 1979, an agreement in writing between the lender and the borrower, or his successors or assigns, that:   (a) the provisions of Section 7-17-3 of this act shall apply to all payments made subsequent to July 1, 1979; or     (b) the borrower may exercise, for the period subsequent to July 1, 1979, either of the options provided in Section 7-17-4 of this act, shall bar any recovery by the borrower, his successors or assigns, for interest on or other compensation for the use of the funds in such account for any period prior to July 1, 1979.      Amended by Chapter 258, 2015 General Session
UT Code § 7-17-10 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 17 - Interest on Mortgage Loan Reserve Accounts|Section 10 - Applicability of act to accounts and actions thereon.

7-17-10. Applicability of act to accounts and actions thereon.  The provisions of this act shall apply:  (1) to all reserve accounts; and     (2) to all actions filed after January 1, 1979, to recover interest on or other compensation for the use of the funds in any reserve account whether or not the reserve accounts were established prior to or subsequent to July 1, 1979.    Enacted by Chapter 124, 1979 General Session
UT Code § 7-19-1 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies|Section 1 - Definitions.

 Effective 5/13/2014  7-19-1. Definitions.  As used in this chapter:  (1) "Failing or failed depository institution" means a depository institution under the jurisdiction of the department:   (a) regarding which the commissioner makes a finding that any of the conditions set forth in Subsections 7-2-1(1)(a) through (k) exist;     (b) that meets the requirements of Subsection 7-2-1(1)(l);     (c) whose shareholders have consented to a supervisory action by the commissioner pursuant to Subsection 7-2-1(2); or     (d) which is in the possession of the commissioner, or any receiver or liquidator appointed by the commissioner, pursuant to Chapter 2, Possession of Depository Institution by Commissioner.       (2) "Failing or failed depository institution holding company" means a depository institution holding company under the jurisdiction of the department:   (a) regarding which the commissioner makes a finding that any of the conditions set forth in Subsections 7-2-1(1)(a) through (k) exist;     (b) that meets the requirements of Subsection 7-2-1(1)(l);     (c) whose shareholders have consented to a supervisory action by the commissioner pursuant to Subsection 7-2-1(2);     (d) which is in the possession of the commissioner, or any receiver or liquidator appointed by the commissioner, pursuant to Chapter 2, Possession of Depository Institution by Commissioner; or     (e) whose subsidiary depository institution is a failing or failed depository institution.       (3) "Supervisory acquisition" means the acquisition of control, the acquisition of all or a portion of the assets, or the assumption of all or a portion of the liabilities, pursuant to Section 7-2-1, 7-2-12, or 7-2-18, of a failing or failed depository institution or a failing or failed depository institution holding company, whether or not in the possession of the commissioner, by:   (a) a Utah depository institution;     (b) an out-of-state depository institution;     (c) a Utah depository institution holding company; or     (d) an out-of-state depository institution holding company.       (4) "Supervisory merger" means the merger or consolidation, pursuant to Section 7-2-1, 7-2-12, or 7-2-18 of a failing or failed depository institution or a failing or failed depository institution holding company, whether or not in the possession of the commissioner, with:   (a) a Utah depository institution;     (b) an out-of-state depository institution;     (c) a Utah depository institution holding company; or     (d) an out-of-state depository institution holding company.      Amended by Chapter 189, 2014 General Session
UT Code § 7-19-2 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies|Section 2 - Supervisory acquisition or merger authorized or required by commissioner.

7-19-2. Supervisory acquisition or merger authorized or required by commissioner.  Notwithstanding any provision of law to the contrary, the commissioner, or any receiver or liquidator appointed by the commissioner, may solicit offers from and authorize, require, or give effect to, a supervisory acquisition of, or a supervisory merger with respect to a failing or failed depository institution or failing or failed depository institution holding company by a Utah depository institution, an out-of-state depository institution, a Utah depository institution holding company, or an out-of-state depository institution holding company.  Amended by Chapter 49, 1995 General Session
UT Code § 7-19-3 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies|Section 3 - Waiver of procedures.

7-19-3. Waiver of procedures.  The commissioner may waive any of the procedures of Section 7-1-705 or any regulation of the department if he considers it necessary to protect the interest of depositors, creditors, and other customers of a failing or failed depository institution or failing or failed depository institution holding company in a supervisory merger or a supervisory acquisition.  Amended by Chapter 1, 1986 General Session
UT Code § 7-19-4 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies|Section 4 - Rights and powers of acquired or resulting institution or holding company.

7-19-4. Rights and powers of acquired or resulting institution or holding company.  Any depository institution or depository institution holding company acquired, or the resulting institution in a merger under the provisions of this chapter, has all the rights, powers, and privileges of any other depository institution of the same class under the laws of this state, the rules of the department, the applicable laws of the United States or any other state, and the rules and regulations of the primary federal regulatory agency with jurisdiction over that institution. These rights, powers, and privileges include, but are not limited to, acquiring control of, merging with, acquiring all or a portion of the assets of, or assuming all or a portion of the liabilities of, a Utah depository institution or Utah depository institution holding company.  Amended by Chapter 1, 1986 General Session
UT Code § 7-19-5 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies|Section 5 - Findings prerequisite to requiring or authorizing supervisory acquisitions or mergers by commissioner.

7-19-5. Findings prerequisite to requiring or authorizing supervisory acquisitions or mergers by commissioner.  The commissioner may not authorize or require any transaction pursuant to Section 7-19-2 unless he determines that:  (1) the acquiring or resulting depository institution or depository institution holding company has demonstrated an acceptable record of meeting the credit needs of the communities which it serves; and     (2) the acquiring or resulting depository institution or depository institution holding company has a record of sound performance, capital adequacy, financial capacity, and efficient management such that the acquisition or merger will not jeopardize the financial stability of the acquired or merged depository institution and will not be detrimental to the interests of depositors, creditors, other customers of the depository institution, or to the public.    Amended by Chapter 1, 1986 General Session
UT Code § 7-19-5.5 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies|Section 5.5 - Transferred assets free of encumbrances.

7-19-5.5. Transferred assets free of encumbrances.    (1) Any institution or other person to whom assets, business, and property are transferred pursuant to a supervisory merger or a supervisory acquisition shall take those assets, business, and property:   (a) free and clear of all liens, claims, and encumbrances that have been avoided or disallowed by the commissioner under Sections 7-2-6 and 7-2-12;     (b) free and clear of all unperfected liens, claims, and encumbrances pertaining to the assets, business, and property, except to the extent expressly assumed by the transferee; and     (c) subject to all allowed perfected liens, claims, security interests, and encumbrances relating to such assets, business, and property.       (2) Only those deposit liabilities and other liabilities, claims, and obligations of or against the transferring institution, its officers, directors, employees, and agents which are expressly assumed by the transferee shall be transferred or assigned pursuant to a supervisory merger or a supervisory acquisition. In addition, no such transferee shall be liable for any claim or obligation made against or attributable to acts or omissions of the commissioner, the department, or any of their agents, arising out of or related to the supervisory merger or the supervisory acquisition.    Amended by Chapter 229, 1987 General Session
UT Code § 7-19-9 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies|Section 9 - Commissioner's powers not limited -- Immunity -- Rules -- Reports.

7-19-9. Commissioner's powers not limited -- Immunity -- Rules -- Reports.    (1) This chapter does not limit any power otherwise granted to the commissioner or to any depository institution or depository institution holding company by the laws of this state.     (2) The commissioner is not subject to any civil liability or penalty nor to any criminal prosecution for any error in judgment or discretion in any action taken or omitted by him in good faith under the provisions of this chapter.     (3) The commissioner may promulgate such rules and regulations as may be necessary to implement this chapter.     (4) By January 10 of each year, the commissioner shall report to the governor and the Legislature the nature and general terms and conditions of any supervisory acquisition or supervisory merger effectuated under the provisions of this chapter during the preceding year.    Enacted by Chapter 5, 1984 Special Session 2Enacted by Chapter 5, 1984 Special Session 2
UT Code § 7-22-101 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 22 - Regulation of Independent Escrow Agents|Section 101 - Definitions -- Exemptions.

 Effective 7/1/2020  7-22-101. Definitions -- Exemptions.    (1) As used in this chapter:   (a) "Escrow" means an agreement, express or implied, that provides for one or more parties to deliver or entrust money, a certificate of deposit, a security, a negotiable instrument, a deed, or other property or asset to another person to be held, paid, or delivered in accordance with terms and conditions prescribed in the agreement.     (b) "Escrow agent" means a person that provides or offers to provide escrow services to the public.     (c) "Nationwide database" means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U.S.C. Sec. 5101 for federal licensing of mortgage loan originators.       (2) This chapter does not apply to:   (a) a trust company authorized to engage in the trust business in Utah in accordance with Chapter 5, Trust Business;     (b) a person other than an escrow agent regulated under this chapter that is exempted from the definition of trust business in Subsection 7-5-1(1);     (c) a depository institution chartered by a state or the federal government that is engaged in business as a depository institution in Utah;     (d) the Utah Board of Higher Education, the Utah Higher Education Assistance Authority, or the State Treasurer; and     (e) a person licensed under Title 31A, Insurance Code.      Amended by Chapter 365, 2020 General Session
UT Code § 7-22-102 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 22 - Regulation of Independent Escrow Agents|Section 102 - Authorization required.

7-22-102. Authorization required.  Without prior authorization by the department, no person may perform escrow services, offer to perform escrow services, advertise that it performs escrow services, use the word "escrow" in a business name, or do any other thing that might reasonably cause anyone to believe that the person performs escrow services.  Enacted by Chapter 133, 1991 General Session