11-25-6 - Fees, charges and interest rates -- Contract for collections -- Security -- Payment -- Assignments. - Utah Statutes

11-25-6. Fees, charges and interest rates -- Contract for collections -- Security --Payment -- Assignments.
The agency may fix fees, charges, and interest rates for financing residential rehabilitationand may from time to time revise these fees, charges, and interest rates to reflect changes ininterest rates on the agency's bonds, losses due to defaults, changes in loan servicing charges, orother expenses related to administration of the residential rehabilitation financing program. Theagency may collect interest and principal together with the fees and charges incurred in financingand may contract to pay any person, partnership, association, corporation, or public agency withrespect thereto. The agency may hold deeds of trust as security for financing residentialrehabilitation and may pledge the same as security for repayment of bonds issued pursuant to thispart. The agency may establish the terms and conditions for the financing of residentialrehabilitation undertaken pursuant to this act.
The full amount owed on any loan for residential rehabilitation made pursuant to this partshall be due and payable upon sale or other transfer of ownership of the property subject to suchrehabilitation, except that assignment of the loan to the buyer or transferee may be permitted incase of hardship, which shall be defined, and procedures established for the determination of theirexistence in guidelines established by the agency.

Enacted by Chapter 276, 1977 General Session