§ 10704. Limitation on reverse mortgage loan programs
No financial institution shall issue a reverse mortgage loan unless it is a lender approved by the federal Department of Housing and Urban Development (HUD) to enter into a loan insured by the federal government and the reverse mortgage loan complies with all requirements for participation in the HUD Home Equity Conversion Mortgage Program (or other similar federal reverse mortgage loan program from time to time created) and is insured by the Federal Housing Administration or other similar federal agency or is a government sponsored enterprise reverse mortgage loan. (Added 2009, No. 53, § 4.)
Structure Vermont Statutes
Title 8 - Banking and Insurance
Chapter 200 - Consumer Protection
§ 10101. Application of consumer protection chapter
§ 10201. Statement of policy on financial privacy
§ 10203. Disclosure of financial records prohibited
§ 10301. Community reinvestment reports
§ 10302. Automated teller machines
§ 10402. Lending reports, disclosures and standards
§ 10404. Home loan escrow accounts
§ 10405. Debt protection agreements
§ 10502. Definitions relating to basic banking
§ 10505. Returned check charges
§ 10506. Unsolicited distribution of cash advance contracts and notes