(1) A lender or broker may not accept a fee or deposit from an applicant for a mortgage loan unless at the time the lender or broker accepts the fee or deposit there is a written statement:

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Terms Used In Utah Code 70D-2-305

  • broker: means a person who in the regular course of business assists a person in obtaining a mortgage loan for a fee or other consideration paid directly or indirectly. See Utah Code 70D-2-102
  • Lender: includes a mortgage lender. See Utah Code 70D-2-102
     (1)(a) signed by the applicant;
     (1)(b) stating whether or not the fee or deposit is refundable; and
     (1)(c) describing the conditions, if any, under which all or a portion of the fee or deposit will be refunded to the applicant.
(2) Notwithstanding Subsection (1), a lender or broker may accept a fee or deposit from an applicant for a mortgage loan if the lender or broker receives an email from the applicant acknowledging that the applicant was provided the information required by Subsections (1)(b) and (c).