528.5 - DISCLOSURE OF ALTERNATIVE MORTGAGE LOAN INFORMATION TO APPLICANTS.
528.5 DISCLOSURE OF ALTERNATIVE MORTGAGE LOAN INFORMATION TO APPLICANTS. 1. A financial institution that offers or makes an alternative mortgage loan shall include in any disclosure of the rates or availability of mortgage loans, the rates and availability of reverse annuity mortgages or graduated payment mortgage loans, if and when such loans are offered. The administrator may prescribe by rule forms for the required disclosures. 2. A prospective mortgage loan applicant shall have the choice of applying for a mortgage loan or any type of alternative mortgage loan offered by the financial institution.
Section History: Recent Form 89 Acts, ch 267, §5