Utah Admin. Code R982-502-5 - Lender Responsibilities
(1)
After making a low-income ADU loan, the lender shall monitor the activities of
the borrower on a yearly basis during the term of the loan to ensure the
borrower:
(a) agrees in writing to
participate in the pilot program;
(b) constructs an accessory dwelling unit on
the borrower's residential property within one year after the day on which the
borrower receives the loan;
(c)
complies with Section
R982-502-6; and
(d) complies with any other term or condition
of the loan.
(2) The
lender shall promptly notify the executive director in writing if the borrower
fails to comply with any requirement in Subsection
R982-502-5(1).
(3) The lender shall perform all necessary
and standard loan servicing activities for each loan secured by a low-income
ADU loan guarantee.
Notes
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