§ 34-25.1-12 - Non-binding on the applicant. - Rhode Island Statutes

SECTION 34-25.1-12

   § 34-25.1-12  Non-binding on the applicant.– An applicant for a reverse mortgage loan shall not be bound for at least three(3) business days after all of the following shall have occurred: (1) Theapplicant's execution and delivery to the mortgagee of a fully completedapplication for the reverse mortgage loan; (2) The applicant's delivery to themortgagee of the requisite fully completed and executed certificate in properform evidencing the applicant's completion of the counseling required pursuantto § 37-25.1-9 (as to any reverse mortgage loan that is exempt, pursuantto subsection 34-25.1-9(g), from the requirements of subsections 34-25.1-9(b),(c) and (e), such certificate must meet the requirements of 12 U.S.C. §1715z-20 and the federal regulations promulgated with respect thereto); and (3)The applicant's receipt, in writing, of all of the information required to bedisclosed pursuant to § 37-25.1-10. No reverse mortgage loan shall beclosed prior to the expiration of this three (3) business day period, and thisthree (3) business day period shall be in addition to any right of rescissionthe mortgagors may have following the closing of the loan. In addition, nocosts in connection with the application and processing of a proposed reversemortgage loan shall be imposed upon any applicant for a reverse mortgage untilthe events described in subsections 34-25.1-12(1) and (2) have occurred. Eachmortgagee shall inform each applicant in writing of the applicant's rightspursuant to § 34-25.1-12 simultaneously with providing the application tothe applicant for completion.