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Senate advances reverse-mortgage regulation bill targeting nonfederally insured products
Summary
Senate Bill 120 would create a Utah reverse-mortgage act—including definitions, counseling and cooling-off periods, lender-priority rules and remedies—applied to non‑federally insured reverse mortgages; sponsor framed the bill as consumer-protection to avoid abuses seen in other states.
Senator Harper presented Senate Bill 120 to establish a Utah reverse-mortgage act that defines the product, sets counseling and review requirements, provides a cooling-off period and clarifies lender priority and enforcement for non‑federally insured reverse-mortgage products.
"So senate bill 120 goes through and establishes the Utah reverse mortgages act," Harper said, explaining the bill borrows provisions…
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