§ 12-1205. Inapplicability of federal provisions -- Uninsured loans.

   (a) Certain federal provisions inapplicable--Reverse mortgage loans. -- A reverse mortgage loan that is not insured under 12 U.S.C. § 1715z-20 is not subject to the provisions in 12 U.S.C. § 1715z-20, or in any regulations or guidance adopted under 12 U.S.C. § 1715z-20, that:

   (1) Limit origination fees to $ 6,000 as adjusted under 12 U.S.C. § 1715z-20(r);

   (2) Impose maximum claim amounts or other loan limit restrictions; or

   (3) Require government insurance for the loan.

(b) Certain federal provisions inapplicable--Lenders or arrangers of financing. -- A lender or an arranger of financing is not subject to the federal regulatory approval requirements of 24 C.F.R., Part 202 when making or arranging a reverse mortgage loan that is not insured under 12 U.S.C. § 1715z-20.

HISTORY: 2010, chs. 622, 623.