§ 34-23-6. Loan fees. In the event any brokerage fees, loan fees, points, finders' fees, origination fees, or any similar charges shall be imposed on any secured mortgage loan on real estate containing thereon dwelling houses of not more than four (4) dwelling units, those charges shall not be subject to any refund in the event the underlying loan contract is prepaid in full provided that the loan originator, broker or lender gives the following disclosure to the loan applicant in writing: not later than three (3) business days after the application is received. "Notice regarding nonrefundability of loan fees: You have received a good faith estimate of fees and charges showing the loan fees and similar charges you are likely to pay to obtain this loan. As provided in § 34-23-6, none of these or other fees and charges will be refunded in the event the loan is prepaid in whole or in part."
History of Section. (P.L. 1988, ch. 246, § 2; P.L. 2001, ch. 294, § 1; P.L. 2002, ch. 307, § 1; P.L. 2011, ch. 344, § 1; P.L. 2011, ch. 390, § 1.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
