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Utah Code612d103 Prepayment penalty.
(1) The terms of a high-cost mortgage loan may contain terms under which a borrower must pay a
penalty for prepayment.
(a) However, a penalty for prepayment cannot
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What is 61-2d-103 prepayment penalty?
It is a penalty imposed on a borrower for paying off a loan early.
Who is required to file 61-2d-103 prepayment penalty?
The borrower who is paying off a loan early is required to file the 61-2d-103 prepayment penalty.
How to fill out 61-2d-103 prepayment penalty?
The borrower must provide details of the loan, amount to be paid off early, and any applicable penalty fees.
What is the purpose of 61-2d-103 prepayment penalty?
The purpose is to compensate the lender for potential loss of interest income due to early repayment of the loan.
What information must be reported on 61-2d-103 prepayment penalty?
The loan details, amount being paid off early, penalty amount, and any other relevant information.
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