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2020 Colorado Revised Statutes
Title 11 - Financial Institutions
Article 38. Reverse Mortgages
Section 11-38-106. Lender default.
Universal Citation: CO Rev Stat § 11-38-106 (2020)
Any lender failing to make loan advances as required by the terms of the reverse mortgage, and failing to cure such a default as required by such terms, shall forfeit the right to collect any interest on such reverse mortgage and shall be liable for any civil damages arising from such default. This section shall not apply if the default is by an insurance company which is not owned or controlled directly or indirectly by the lender and the default by the insurance company is pursuant to an annuity purchased by a borrower with reverse mortgage loan advances.
Source: L. 92: Entire article added, p. 941, § 1, effective April 23.
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