Utah Admin. Code R982-502-11 - Events of Default
(1) In addition to
any event of default defined in the contract between lender and borrower, any
violation by the borrower of any part of Section
R982-502-6 shall be considered a
default.
(2) After a loan is in
default for a period of 90 days, the lender shall, within 10 days, notify the
Division of the default and recommend a course of action.
(3) Upon collection of the amount guaranteed,
any excess funds collected shall be applied first to principal and then to
interest and be paid to the lender.
Notes
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