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(1) A lender or broker may not accept a fee or deposit from an applicant for a mortgage loan unless at the time the lender or broker accepts the fee or deposit there is a written statement:
(a) signed by the applicant;
(b) stating whether or not the fee or deposit is refundable; and
(c) describing the conditions, if any, under which all or a portion of the fee or deposit will be refunded to the applicant.
(2) Notwithstanding Subsection (1), a lender or broker may accept a fee or deposit from an applicant for a mortgage loan if the lender or broker receives an email from the applicant acknowledging that the applicant was provided the information required by Subsections (1)(b) and (c).
Cite this article: FindLaw.com - Utah Code Title 70D. Financial Institution Mortgage Financing Regulation Act § 70D-2-305. Fee restrictions - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-70d-financial-institution-mortgage-financing-regulation-act/ut-code-sect-70d-2-305/
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