Coverage: The Utah High Cost Home Loan Act (the "Act") becomes effective May 3, 2004. The Act applies to "high-cost mortgages" made or originated through a person or business required to be licensed under the Utah Residential Mortgage Practices Act. A "high-cost mortgage" is defined very broadly and applies generally to all closed-end and open-end loans secured by a borrower's principal dwelling which exceed certain specified thresholds.

In order to keep DocMagic software users better apprised of document changes and additions as they occur, DSI posts listings of all newly created and revised documents. Here is the list of forms created or modified in February and March, 2004.

The following article is reprinted from Basis Points® , Vol. 3, Issue 1, Copyright © 2004, with the permission of CounselorLibrary.com, LLC. All Rights Reserved. Further reproduction is prohibited without permission.

The Iowa Supreme Court handed down a significant decision with regard to the fees a lender may charge in connection with loans made subject to the Iowa Consumer Credit Code.

The following article is reprinted from Basis Points® , Vol. 3, Issue 2, Copyright © 2004, with the permission of CounselorLibrary.com, LLC. All Rights Reserved. Further reproduction is prohibited without permission.

The OCC has issued its long awaited preemption rules for national banks. If the rules survive court challenge, they will allow national banks to ignore most state laws that affect a bank's lending operations. Even more surprisingly, the rules would prevent state regulators and enforcement agencies from enforcing the laws against national banks and their operating subsidiaries.

The following article is reprinted from Basis Points® , Vol. 3, Issue 3, Copyright © 2004, with the permission of CounselorLibrary.com, LLC. All Rights Reserved. Further reproduction is prohibited without permission.

Sometimes two mistakes are better than one! That certainly was the situation in a recent case where an under-disclosure and a separate over-disclosure of the finance charge, when netted, resulted in the disclosed finance charge being so close to the true finance charge as to be within the rescission tolerance.

The following article is reprinted from Basis Points® , Vol. 3, Issue 4, Copyright © 2004, with the permission of CounselorLibrary.com, LLC. All Rights Reserved. Further reproduction is prohibited without permission.

Some of you may have that unenviable task of reviewing marketing scripts and related advertising materials. If you do, you know how difficult it is to convince the marketing folks that some of their brilliant copy may need to be reworked. The following detail from the Federal Reserve Board and the FDIC may come in handy. It sets out some basic standards that can be applied by anyone charged with rooting out unfair, deceptive and misleading communications.