Skip to main content

Search

Mortgage Lending: WYOMING

Wyo. Stat. Ann. § 42-2-405

Definition and Scope

There is no explicit definition of “reverse mortgage.”

Origination

Authorized Lenders: No applicable law.

Disclosures: No applicable law.

Application and Approval: No applicable law.

Cooling Off Period: No applicable law.

Truth in Lending: F.3 Sample First Request for Production of Documents

This request is based on discovery materials prepared by consumer law practitioners in three different cases.31 It is intended to be adaptable for both loans and credit sales.

IN THE UNITED STATES DISTRICT COURT FOR THE _______________ DISTRICT OF _______________

Plaintiff

v.

Defendant

INSTRUCTIONS

Mortgage Lending: Introduction

This appendix compiles citations to state usury, mortgage lending, and loan originator (including mortgage broker) laws. It also includes state laws adopted in response to the federal SAFE Act, which is described in § 4.3.2, supra.

Mortgage Lending: ALABAMA

Legal Interest Rate: Ala. Code § 8-8-1

Contract Interest Rate: Ala. Code § 8-8-1 or Ala. Code § 8-8-14 or Ala. Code § 8-8-5; Ala. Code § 8-8-12 (usurious contracts)

Criminal Usury Cap: Ala. Code § 13A-9-130 (Alabama Residential Mortgage Fraud Act)

Open-End Loans: Ala. Code §§ 5-18-14(c), 5-18-15 (small loans chapter); Ala. Code § 5-19-3 (maximum finance charges/open-end credit sales/consumer finance chapter)

Mortgage Lending: CALIFORNIA

Legal Interest Rate: Cal. Const. art. XV, § 1; Cal. Civ. Code § 1916-1 (West)

Contract Interest Rate: Cal. Const. art. XV, § 1; Cal. Uncodified Initiative Measures & Statutes 1919-1 Ann. § 2 (Deering) (Usury Law of 1919); Cal. Civ. Code §§ 1912 to 1916-5 (West) (usury law)

Mortgage Requirements: Cal. Civ. Code §§ 1918.5 to 1921, 2920 to 2944.10, 2947 to 2955.5 (West); Cal. Fin. Code §§ 1480 to 1498 (West) (loan limits)

Reverse Mortgage Loans: Cal. Civ. Code §§ 1923 to 1923.10 (West)

Mortgage Lending: COLORADO

Legal Interest Rate: Colo. Rev. Stat. § 5-12-101

Contract Interest Rate: Colo. Rev. Stat. § 5-12-103

Criminal Usury Cap: Colo. Rev. Stat. §§ 18-15-101, 18-15-104

Uniform Consumer Credit Code (UCCC): Colo. Rev. Stat. §§ 5-1-101 to 5-9-103

Mortgage Requirements: Colo. Rev. Stat. §§ 38-39-100.5 to 38-39-209

Reverse Mortgage Loans: Colo. Rev. Stat. §§ 11-38-101 to 11-38-112

Appraisers: Colo. Rev. Stat. §§ 12-10-601 to 12-10-623; Colo. Code Regs. §§ 725-2:1 to 725-2:18

Mortgage Lending: DELAWARE

Legal Interest Rate: Del. Code Ann. tit. 6, §§ 2301, 2304 (usury/debtor’s right of action)

Contract Interest Rate: Del. Code Ann. tit. 6, § 2301

Mortgage Requirements: Del. Code Ann. tit. 25, §§ 2101 to 2124

Appraisers: Del. Code Ann. tit. 24, §§ 4001 to 4038

Mortgage Brokers and Loan Originators: Del. Code Ann. tit. 5, §§ 2101 to 2119; Del. Code Ann. tit. 5, §§ 2401 to 2423 (Delaware S.A.F.E. Mortgage Licensing Act)

Mortgage Lending: GEORGIA

Legal Interest Rate: Ga. Code Ann. § 7-4-2

Contract Interest Rate: Ga. Code Ann. § 7-4-2

Criminal Usury Cap: Ga. Code Ann. § 7-4-18 (usury misdemeanor); Ga. Code Ann. §§ 16-8-100 to 16-8-106 (Residential Mortgage Fraud Act); Ga. Code Ann. § 7-1-845(a)(3)(G) (felony: unlicensed mortgage broker or lender)

Mortgage Requirements: Ga. Code Ann. §§ 44-14-30 to 44-14-49

Appraisers: Ga. Code Ann. §§ 43-39A-1 to 43-39A-26; Ga. Comp. R. & Regs. 539-1.01 to 539-5.05

Mortgage Lending: HAWAII

Legal Interest Rate: Haw. Rev. Stat. § 478-2

Contract Interest Rate: Haw. Rev. Stat. § 478-4

Criminal Usury Cap: Haw. Rev. Stat. § 478-6

Open-End Loans: Haw. Rev. Stat. §§ 412:9-302, 412:9-305 (financial services loan companies); Haw. Rev. Stat. § 478-11.5 (credit cards)

Appraisers: Haw. Rev. Stat. §§ 466K-1 to 466K-6; Haw. Code R. §§ 16-114-1 to 116-114-140

Mortgage Brokers and Loan Originators: Haw. Rev. Stat. §§ 454F-1 to 454F-54 (Safe and Fair Enforcement for Mortgage Licensing Act)

Mortgage Lending: IDAHO

Legal Interest Rate: Idaho Code § 28-22-104(1)

Contract Interest Rate: Idaho Code § 28-42-201

Uniform Consumer Credit Code (UCCC): Idaho Code §§ 28-41-101 to 28-46-509 (§ 28-41-204)

Mortgage Requirements: Idaho Code §§ 45-901 to 45-1004

Appraisers: Idaho Code §§ 54-4101 to 54-4134; Idaho Admin. Code. r. 24.18.01.000 to 24.18.01.700

Mortgage Lending: INDIANA

Legal Interest Rate: Ind. Code § 24-4.6-1-102

Contract Interest Rate: See rates specified in consumer sections of UCCC, Ind. Code §§ 24-4.5-3-601 to 24-4.5-3-605

Criminal Usury Cap: Ind. Code §§ 24-4.5-5-107, 35-45-7-2

Uniform Consumer Credit Code (UCCC): Ind. Code §§ 24-4.5-1-101 to 24-4.5-7-414

Mortgage Requirements: Ind. Code §§ 32-29-1-0.2 to 32-29-1-11

Appraisers: Ind. Code. §§ 25-34.1-1-1 to 25-34.1-11-19; 876 Ind. Admin. Code 3-1-1 to 3-6-10

Mortgage Lending: KENTUCKY

Legal Interest Rate: Ky. Rev. Stat. Ann. § 360.010 (West)

Contract Interest Rate: Ky. Rev. Stat. Ann. § 360.010 (West)

Appraisers: Ky. Rev. Stat. Ann. §§ 324A.010 to 324A.164 (West); 201 Ky. Admin. Regs. 30:010 to 30:330

Mortgage Brokers and Loan Originators: Ky. Rev. Stat. Ann. §§ 286.8-010 to 286.8-990 (West) (mortgage loan companies and brokers); Ky. Rev. Stat. Ann. § 286.8-990 (West) (Residential Mortgage Fraud Act)

Mortgage Lending: LOUISIANA

Legal Interest Rate: La. Stat. Ann. § 9:3500

Contract Interest Rate: La. Stat. Ann. § 9:3500

Mortgage Requirements: La. Civ. Code Ann. arts. 3278 to 3298

Residential Mortgage Loans: La. Stat. Ann. §§ 9:3503, 6:1095 to 6:1099

Reverse Mortgage Loans: La. Stat. Ann. §§ 6:1101 to 6:1104

Appraisers: La. Stat. Ann. §§ 37:1430 to 37:1470, 37:3391 to 37:3413; 37:3415.1 to 37:3415.22; La. Admin. Code tit. 46, §§ 10101 to 10701, 30101 to 31103

Mortgage Lending: MAINE

Legal Interest Rate: Me. Stat. tit. 9-B, § 432

Contract Interest Rate: Me. Stat. tit. 9-B, § 432

Uniform Consumer Credit Code (UCCC): Me. Stat. tit. 9-A, §§ 1-101 to 13-120

Appraisers: Me. Stat. tit. 32, §§ 14001 to 14039, 14041 to 14049

Mortgage Brokers and Loan Originators: Me. Stat. tit. 9-A, §§ 10-101 to 10-401 (Maine Consumer Credit Code—Loan Brokers); Me. Stat. tit. 9-A, §§ 13-101 to 13-120 (Secure and Fair Enforcement for Mortgage Licensing Act of 2009)

Mortgage Lending: MARYLAND

Legal Interest Rate: Md. Code Ann., Com. Law § 12-102 (West); Md. Const. art. III, § 57

Contract Interest Rate: Md. Code Ann., Com. Law §§ 12-103, 12-108 (West)

Mortgage Requirements: Md. Code Ann., Real Prop. §§ 7-101 to 7-113 (West)

Second Mortgage Loans: Md. Code Ann., Com. Law § 12-404 (West)

Reverse Mortgage Loans: Md. Code Ann., Com. Law §§ 12-1201 to 12-1208 (West)

Mortgage Lending: MICHIGAN

Legal Interest Rate: Mich. Comp. Laws §§ 450.1275, 438.31; Mich. Comp. Laws § 445.1854 (limit on “regulated lenders”)

Contract Interest Rate: Mich. Comp. Laws §§ 450.1275, 438.31, 438.31a to 438.32

Criminal Usury Cap: Mich. Comp. Laws §§ 450.1275, 438.41

Second Mortgage Loans: Mich. Comp. Laws §§ 493.51 to 493.81 (§ 493.71)

Home Improvement Loans: Mich. Comp. Laws §§ 445.1101 to 445.1431 (§§ 445.1204b, 445.1301) (Home Improvement Finance Act)

Mortgage Lending: MINNESOTA

Legal Interest Rate: Minn. Stat. § 334.01

Contract Interest Rate: Minn. Stat. §§ 47.59(2), (3), 334.01

Residential Mortgage Loans: Minn. Stat. §§ 47.20, 47.59

Reverse Mortgage Loans: Minn. Stat. § 47.58

Appraisers: Minn. Stat. §§ 82B.021 to 82B.25

Mortgage Lending: MONTANA

Legal Interest Rate: Mont. Code Ann. § 31-1-106

Contract Interest Rate: Mont. Code Ann. § 31-1-107

Mortgage Requirements: Mont. Code Ann. §§ 71-1-201 to 71-1-235

Reverse Mortgage Loans: Mont. Code Ann. §§ 90-6-501 to 90-6-507 (Reverse Annuity Mortgage Loan Act)

Appraisers: Mont. Code Ann. §§ 37-54-101 to 37-54-519; Mont. Admin. R. 24.207.101 to 24.207.2305

Mortgage Brokers and Loan Originators: Mont. Code Ann. §§ 32-9-101 to 32-9-172 (Mortgage Broker, Lender, and Loan Originator Licensing Act)

Mortgage Lending: NEVADA

Legal Interest Rate: Nev. Rev. Stat. § 99.040

Contract Interest Rate: Nev. Rev. Stat. § 99.050

Appraisers: Nev. Rev. Stat. §§ 645C.010 to 645C.740; Nev. Admin. Code §§ 645C.005 to 645C.710

Mortgage Lending: NEW JERSEY

Legal Interest Rate: N.J. Stat. Ann. § 31:1-1 (West)

Contract Interest Rate: N.J. Stat. Ann. §§ 31:1-1, 31:1-1.1 (West)

Criminal Usury Cap: N.J. Stat. Ann. § 2C:21-19 (West)

Second Mortgage Loans: N.J. Stat. Ann. §§ 17:11C-51 to 17:11C-89 (West) (§§ 17:11C-76, 17:11C-77)

Home Improvement Loans: N.J. Stat. Ann. §§ 17:16C-62 to 17:16C-94 (West) (§ 17:16C-69) (Home Repair Financing Act)

Appraisers: N.J. Stat. Ann. §§ 45:14F-1 to 45:14F-50 (West); N.J. Admin. Code §§ 13:40A-1.1 to 13:40A-9.2

Mortgage Lending: OHIO

Legal Interest Rate: Ohio Rev. Code Ann. §§ 1343.01, 1343.03 (West)

Contract Interest Rate: Ohio Rev. Code Ann. §§ 1343.01 to 1343.031 (West)

Criminal Usury Cap: Ohio Rev. Code Ann. §§ 2905.21, 2905.22 (West)

Second Mortgage Loans: Ohio Rev. Code Ann. §§ 1321.51 to 1321.60 (West) (§§ 1321.57, 1321.571, 1321.58) (second mortgages and home equity loans)

Appraisers: Ohio Rev. Code Ann. §§ 4763.01 to 4763.99 (West); Ohio Admin. Code 1301:11-1 to 1301:11-7-04

Mortgage Lending: OREGON

Legal Interest Rate: Or. Rev. Stat. § 82.010

Contract Interest Rate: Or. Rev. Stat. §§ 82.010, 82.025

Reverse Mortgage Loans: Or. Rev. Stat. § 86A.196

Mortgage Brokers and Loan Originators: Or. Rev. Stat. §§ 86A.095 to 86A.992 (Oregon Mortgage Lender Law)

Appraisers: Or. Rev. Stat. §§ 674.010 to 674.995

Loans from Specified Financial Institutions: Or. Rev. Stat. §§ 725.010, 725.340 (Consumer Finance Act); Or. Rev. Stat. § 723.502 (credit unions)

Mortgage Lending: PENNSYLVANIA

Legal Interest Rate: 41 Pa. Stat. and Cons. Stat. Ann. §§ 201, 202 (West)

Contract Interest Rate: 41 Pa. Stat. and Cons. Stat. Ann. § 201 (West)

Residential Mortgage Interest Rates: 41 Pa. Stat. and Cons. Stat. Ann. § 301 (West)

Criminal Usury Cap: 41 Pa. Stat. and Cons. Stat. Ann. §§ 501, 505 (West); 18 Pa. Stat. and Cons. Stat. Ann. §§ 4806.1 to 4806.3 (West)

Second Mortgage Loans: 7 Pa. Cons. Stat. § 6125(b)

Mortgage Lending: RHODE ISLAND

Legal Interest Rate: R.I. Gen. Laws § 6-26-1

Contract Interest Rate: R.I. Gen. Laws § 6-26-2; R.I. Gen. Laws §§ 6-27-3, 6-27-4 (maximum finance charges)

Criminal Usury Cap: R.I. Gen. Laws §§ 6-26-2, 6-26-3

Reverse Mortgage Loans: R.I. Gen. Laws §§ 34-25.1-1 to 34-25.1-16

Appraisers: R.I. Gen. Laws §§ 5-20.7, 5-20.9; 230 R.I. Code R. §§ 30-20-1.1 to 30-20-1.19

Mortgage Lending: SOUTH DAKOTA

Legal Interest Rate: S.D. Codified Laws § 54-3-16

Contract Interest Rate: S.D. Codified Laws § 54-3-1.1

Reverse Mortgage Loans: S.D. Codified Laws §§ 54-12-20 to 54-12-22

Appraisers: S.D. Codified Laws §§ 36-21B-1 to 36-21B-13; S.D. Admin. R. 20:14:01:01 to 20:14:15:10

Mortgage Brokers and Loan Originators: S.D. Codified Laws §§ 54-14-12 to 54-14-40

Loans from Specified Financial Institutions: S.D. Codified Laws § 51a-12-11 (banks)