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2018 Louisiana Laws
Revised Statutes
TITLE 6 - Banks and Banking
RS 6:1103 - Commitment and cooling off period
Universal Citation: LA Rev Stat § 6:1103 (2018)
§1103. Commitment and cooling off period
In connection with a conventional reverse mortgage loan, at least seven calendar days prior to closing a reverse mortgage loan, a reverse mortgage lender shall provide the borrower with a loan term sheet or commitment letter outlining the proposed terms of the loan and informing the borrower that the borrower is not obligated to proceed with the loan transaction.
Acts 2010, No. 418, §1.
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