(1) As used in this section:

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Terms Used In Utah Code 57-1-31.5

  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: means :
         (24)(a) an individual;
         (24)(b) an association;
         (24)(c) an institution;
         (24)(d) a corporation;
         (24)(e) a company;
         (24)(f) a trust;
         (24)(g) a limited liability company;
         (24)(h) a partnership;
         (24)(i) a political subdivision;
         (24)(j) a government office, department, division, bureau, or other body of government; and
         (24)(k) any other organization or entity. See Utah Code 68-3-12.5
  • State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
  • Trustee: A person or institution holding and administering property in trust.
  • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
     (1)(a) “Approved delivery method” means delivery by:

          (1)(a)(i) certified or registered United States mail with return receipt requested; or
          (1)(a)(ii) a nationally recognized letter or package delivery or courier service operating in the state that provides a service for:

               (1)(a)(ii)(A) tracking the delivery of an item; or
               (1)(a)(ii)(B) documenting:

                    (1)(a)(ii)(B)(I) that the item was received by the intended recipient; or
                    (1)(a)(ii)(B)(II) a refusal to accept delivery of the item.
     (1)(b) “Compensation” means anything of economic value that is paid, loaned, granted, given, donated, or transferred to a trustee for or in consideration of:

          (1)(b)(i) services;
          (1)(b)(ii) personal or real property; or
          (1)(b)(iii) other thing of value.
     (1)(c) “Interested party” means a person with a right under Subsection 57-1-31(1) to reinstate an obligation secured by a trust deed.
     (1)(d) “Payoff statement” means a statement under Subsection (2) that an interested party requests in order to obtain the amount required to pay off a loan secured by a trust deed.
     (1)(e) “Reinstatement statement” means a statement under Subsection (2) that an interested party requests in order to obtain the amount required under Subsection 57-1-31(1) to reinstate an obligation secured by a trust deed.
(2)

     (2)(a)

          (2)(a)(i) An interested party may submit a written request to a trustee for a statement of the amount required to be paid:

               (2)(a)(i)(A) to reinstate an obligation secured by a trust deed; or
               (2)(a)(i)(B) to pay off a loan secured by a trust deed.
          (2)(a)(ii)

               (2)(a)(ii)(A) A request for a reinstatement statement is not timely unless the trustee receives the request at least 10 business days before expiration of the three-month period under Section 57-1-31 to reinstate an obligation.
               (2)(a)(ii)(B) A request for a payoff statement is not timely unless the trustee receives the request at least 10 business days before the trustee’s sale.
          (2)(a)(iii) An interested party submitting a reinstatement statement or payoff statement to a trustee shall submit the statement to the trustee:

               (2)(a)(iii)(A) at the address specified in the trust deed for notices to the trustee; or
               (2)(a)(iii)(B) at an alternate address approved by the trustee for delivery of mail or notices.
          (2)(a)(iv) A trustee is considered to have received a request submitted under Subsection (2)(a)(i) if:

               (2)(a)(iv)(A) the interested party submitted the request through an approved delivery method; and
               (2)(a)(iv)(B) documentation provided under the approved delivery method indicates that:

                    (2)(a)(iv)(B)(I) the request was delivered to the trustee; or
                    (2)(a)(iv)(B)(II) delivery of the request was refused.
     (2)(b)

          (2)(b)(i) A trustee who receives a written request under Subsection (2)(a) shall provide the statement to the interested party.
          (2)(b)(ii) A trustee is considered to have provided the statement requested under Subsection (2)(a) on the date that the trustee deposits the statement with an approved delivery method:

               (2)(b)(ii)(A) with all delivery costs prepaid; and
               (2)(b)(ii)(B) addressed to the interested party at the address provided in the request.
     (2)(c)

          (2)(c)(i) If the trustee provides a requested reinstatement statement later than five business days after the request is received, the time to reinstate under Section 57-1-31 is tolled from the date of the request to the date that the trustee provides the statement.
          (2)(c)(ii) If, after scheduling a trustee’s sale, the trustee fails to provide a requested payoff statement within five business days after the request is received, the trustee shall:

               (2)(c)(ii)(A) cancel the trustee’s sale; or
               (2)(c)(ii)(B) postpone the trustee’s sale to a date at least 10 business days after the trustee provides the statement.
(3) A trustee shall include with each statement required under Subsection (2)(a):

     (3)(a) a detailed listing of any of the following that the trustor would be required to pay to reinstate or payoff the loan:

          (3)(a)(i) attorney fees;
          (3)(a)(ii) trustee fees; or
          (3)(a)(iii) any costs including:

               (3)(a)(iii)(A) title fees;
               (3)(a)(iii)(B) publication fees; or
               (3)(a)(iii)(C) posting fees; and
     (3)(b) subject to Subsection (4), a disclosure of:

          (3)(b)(i) any relationship that the trustee has with a third party that provides services related to the foreclosure of the loan; and
          (3)(b)(ii) whether the relationship described in Subsection (3)(b)(i) is created by:

               (3)(b)(ii)(A) an ownership interest in the third party; or
               (3)(b)(ii)(B) contract or other agreement.
(4) Subsection (3)(b) does not require a trustee to provide a trustor:

     (4)(a) a copy of any contract or agreement described in Subsection (3)(b);
     (4)(b) specific detail as to the nature of the ownership interest described in Subsection (3)(b); or
     (4)(c) the amount of compensation the trustee receives related to the foreclosure of the loan under a relationship described in Subsection (3)(b).
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