US Laws, Codes, Statutes & Cases

     57-1-31.5.   Accounting of costs and fees paid -- Disclosure.
     (1) For purposes of this section, "compensation" means anything of economic value that is paid, loaned, granted, given, donated, or transferred to a trustee for or in consideration of:
     (a) services;
     (b) personal or real property; or
     (c) other thing of value.
     (2) If a trustee receives a request from the trustor for a statement as to the amount required to be paid to reinstate or payoff a loan, the trustee shall include with that statement:
     (a) a detailed listing of any of the following that the trustor would be required to pay to reinstate or payoff the loan:
     (i) attorney's fees;
     (ii) trustee fees; or
     (iii) any costs including:
     (A) title fees;
     (B) publication fees; or
     (C) posting fees; and
     (b) subject to Subsection (3), a disclosure of:
     (i) any relationship that the trustee has with a third party that provides services related to the foreclosure of the loan; and
     (ii) whether the relationship described in Subsection (2)(b)(i) is created by:
     (A) an ownership interest in the third party; or
     (B) contract or other agreement.
     (3) Subsection (2)(b) does not require a trustee to provide a trustor:
     (i) a copy of any contract or agreement described in Subsection (2)(b);
     (ii) specific detail as to the nature of the ownership interest described in Subsection (2)(b); or
     (iii) the amount of compensation the trustee receives related to the foreclosure of the loan under a relationship described in Subsection (2)(b).

Enacted by Chapter 209, 2002 General Session