Any lender failing to make loan advances as required by the terms of the reverse mortgage, and failing to cure such a default as required by such terms, shall forfeit the right to collect any interest on such reverse mortgage and shall be liable for any civil damages arising from such default. This section shall not apply if the default is by an insurance company which is not owned or controlled directly or indirectly by the lender and the default by the insurance company is pursuant to an annuity purchased by a borrower with reverse mortgage loan advances.
Source: L. 92: Entire article added, p. 941, § 1, effective April 23.
Structure Colorado Code
Title 11 - Financial Institutions
Article 38 - Reverse Mortgages
§ 11-38-101. Legislative Declaration
§ 11-38-104. Intervening Liens
§ 11-38-105. Interest - Periodic Advances
§ 11-38-108. Inapplicability of Related Statutes
§ 11-38-109. Disclosure - Total Loan Cost
§ 11-38-110. Treatment of Reverse Mortgage Loan Proceeds by Public Benefit Programs