Utah Servicing Reference Guide
- Kacey Olson
Owned by Kacey Olson
| Citation | Topic | Requirement |
| Conveyances / Utah Code Ann. §57-1-22 | Appointment or Substitution of Trustee | The beneficiary may, by express provision in the appointment of trustee or substitution of trustee, ratify and confirm an action taken on the beneficiary's behalf by the new trustee prior to the recording of the substitution of trustee. |
| Conveyances / Utah Code Ann. §57-1-31 | Cancellation of Notice of Default | If the default is cured and the trust deed reinstated and a reasonable fee is paid for cancellation, including the cost of recording the cancellation of notice of default, the trustee must execute, acknowledge, and deliver a cancellation of the recorded notice of default under the trust deed; and any trustee who refuses to execute and record this cancellation within 30 days is liable to the person curing the default for all actual damages resulting from this refusal. A reconveyance given by the trustee or the execution of a trustee's deed constitutes a cancellation of a notice of default. |
| Consumer Credit Code / Utah Code Ann. §70C-4-102 | Changes in the Terms of Open-End Credit | Lender may change any written term of an open-end consumer credit contract at any time while the contract is in effect and apply the new term to the unpaid balance in the account if: (1) the lender gives all other parties to the open-end consumer credit contract that may be affected not less than 30 days advance written notice of the change; and (2) the open-end consumer credit contract expressly provides that the lender may change terms of the contract agreement from time to time. |
| Utah Code Ann. §57-1-32 | Deficiency Judgment | At any time within three months after any sale of property under a trust deed as provided in Sections 57-1-23, 57-1-24, and 57-1-27, an action may be commenced to recover the balance due upon the obligation for which the trust deed was given as security, and in that action the complaint shall set forth the entire amount of the indebtedness that was secured by the trust deed, the amount for which the property was sold, and the fair market value of the property at the date of sale. |
| Utah Code Ann. §57-1-29(1) | Distribution of Proceeds of Sale | (1) (a) The purchaser at the sale shall pay the price bid as directed by the trustee. (b) The beneficiary shall receive a credit on the beneficiary's bid in an amount not to exceed the amount representing: (i) the unpaid principal owed; (ii) accrued interest as of the date of the sale; (iii) advances for the payment of: (A) taxes; (B) insurance; and (C) maintenance and protection of the trust property; (iv) the beneficiary's lien on the trust property; and (v) costs of sale, including reasonable trustee's and attorney's fees. |
| UT Consumer Credit Code | Utah Code Ann. §70C-2-102(1) | Late Payment Fees | 1) (a) The parties to any consumer credit agreement may contract for a delinquency charge on any installment not paid in full by its scheduled due date in an amount not exceeding the greater of: (i) $30; or (ii) 5% of the delinquent unpaid amount of the installment. (b) Notwithstanding Subsection (1)(a), in a contract, renewed, executed, or modified on or after May 3, 1999, a depository institution as defined in Section 7-1-103 may contract for and collect a delinquency charge on an installment not paid in full by its scheduled due date in excess of the limitation imposed under Subsection (1)(a). |
| Conveyances / Utah Code Ann. §57-1-22.5 | Notice of Assignment of Beneficial Interest | A recorded notice of assignment of a beneficial interest, executed by the assigning beneficiary, is prima facie evidence of an assignment of the trust deed. |
| Real Estate / Utah Code Ann. §57-1-26(3) | Notice of Default | No later than 10 days after recordation of the Notice of Default, the trustee must send a copy to each person named in the trust deed and to each person that has requested notice. A trustee may not give a notice of sale until at least 3 months have elapsed from the time the trustee filed for record a Notice of Default. |
| Conveyances / Utah Code Ann. §57-1-24.3(2) | Notice of Intent and Point of Contact | Notice must advise the default trustor of the intent of the beneficiary or servicer to file a notice of default and provide a single point of contact. |
| Consumer Credit Code / Utah Code Ann. §70C-7-107(1) | Notice of Negative Credit Information | Must be provided to borrower prior to or within 30 days of transmission of negative credit information. The notice may be part of any notice of default, billing statement, or other correspondence. |
Utah Code Ann. §57-1-24(2), (3) | Notice of Sale - Non-Judicial | The power of sale conferred upon the trustee who is qualified under Subsection 57-1-21(1)(a)(i) or (iv) may not be exercised until: (2) not less than three months has elapsed from the time the trustee filed for record under Subsection (1); and The Notice of Sale must be published at least once a week for 3 consecutive weeks. The last publication must be at least 10 days, but not more than 30 days, prior to the scheduled date of the sale. Notice must be posted at least 20 days prior to the scheduled date of the sale. See citation for details as to posting requirements. |
| Utah Code Ann. §57-1-25(3) | Notice to Tenant | (b) If the stated purpose of the obligation for which the trust deed was given as security is to finance residential rental property, the notice required under Subsection (1)(c) shall include a statement, in at least 14-point font, substantially as follows: "Notice to Tenant"... |
| Utah Code Ann. §78B-6-802.7 | Notice to Vacate | (3) (a) A new owner who terminates a bona fide tenant's occupancy of a foreclosed rental property shall serve, to the bona fide tenant, a notice to vacate: (i) at least 45 days before the day on which the new owner requires the bona fide tenant to vacate the foreclosed rental property; and (ii) as provided in Section 78B-6-805. (b) A notice to vacate under Subsection (3)(a) shall: (i) be in at least 14-point font; (ii) state the new owner's name, address, and contact information; (iii) explain the reason the new owner requires the bona fide tenant to vacate the rental property; (iv) state the date on which the bona fide tenant is required to vacate the rental property; and (v) refer to this section as the law under which the notice to vacate is provided. |
| Real Estate / Utah Code Ann. §57-1-38(3) | Release of Lien | A lender or servicer must release a security interest within 90 days after receipt of the final payment of the loan. |