7-7-34 - Charging borrower for expenses and services for real estate loan. - Utah Statutes

7-7-34. Charging borrower for expenses and services for real estate loan.
Subject to the provisions of Title 70C, Utah Consumer Credit Code, an association mayrequire borrowers to pay all reasonable expenses incurred in connection with the making, closing,disbursing, extending, readjusting, or renewing of real estate loans. Without limiting thegenerality of the foregoing provisions in this section, these expenses may include appraisal,attorney, abstract, recording, and registration fees, title examination, title insurance, loaninsurance, credit report, survey, drawing of papers, escrow services, loan closing costs, and taxesor charges imposed upon or in connection with the making or recording of any loan. Subject tothe provisions of Title 70C, Utah Consumer Credit Code, and of applicable federal law, anassociation may also require borrowers to pay the cost of all other necessary and incidentalservices rendered by the association or by others in connection with real estate and other loans insuch reasonable amounts as may be fixed by the board of directors. Without limiting thegenerality of the foregoing provisions in this section, these costs may include the costs of servicesof inspectors, assayers, engineers, and architects. These initial charges shall be approvedannually by the board of directors and may be collected by the association from the borrower andpaid to any person or persons, including any director, officer, or employee of the associationrendering the services, or paid directly by the borrower. Nothing in this section shall limit theright of an association to charge discount points or similar fees for the extension of credit.

Amended by Chapter 200, 1994 General Session