§ 34-25.1-10 - Pre-closing disclosures. - Rhode Island Statutes

SECTION 34-25.1-10

   § 34-25.1-10  Pre-closing disclosures.– (a) At least three (3) business days before closing of the loan, allmortgagees, or their authorized representative who is then duly licensed by theRhode Island department of business regulation as lender or as a loan brokershall provide in writing all of the following information to, each prospectivereverse mortgage mortgagor:

   (1) All information as shall be required to be disclosed inconnection with a reverse mortgage loan pursuant to the Truth in Lending Act(15 U.S.C. § 1601 et seq.), Regulation Z (12 CFR Part 226), and 12 U.S.C.§ 1715z-20 and the federal regulations promulgated with respect thereto(including without limitation 24 CFR Part 206); and

   (2) All other information as shall be required to bedisclosed by the director of the department of business regulation.