Section 12-1205 - Inapplicability of federal provisions-Uninsured loans.
§ 12-1205. Inapplicability of federal provisions - Uninsured loans.
(a) Certain federal provisions inapplicable - Reverse mortgage loans.- A reverse mortgage loan that is not insured under 12 U.S.C. § 1715z-20 is not subject to the provisions in 12 U.S.C. § 1715z-20, or in any regulations or guidance adopted under 12 U.S.C. § 1715z-20, that:
(1) Limit origination fees to $6,000 as adjusted under 12 U.S.C. § 1715z-20(r);
(2) Impose maximum claim amounts or other loan limit restrictions; or
(3) Require government insurance for the loan.
(b) Certain federal provisions inapplicable - Lenders or arrangers of financing.- A lender or an arranger of financing is not subject to the federal regulatory approval requirements of 24 C.F.R., Part 202 when making or arranging a reverse mortgage loan that is not insured under 12 U.S.C. § 1715z-20.
[2010, chs. 622, 623.]