Section R982-502-11 - Events of Default(1) In addition to any event of default defined in the contract between lender and borrower, any violation by the borrower of any part of Section R982-502-6 shall be considered a default.(2) After a loan is in default for a period of 90 days, the lender shall, within 10 days, notify the Division of the default and recommend a course of action.(3) Upon collection of the amount guaranteed, any excess funds collected shall be applied first to principal and then to interest and be paid to the lender.Utah Admin. Code R982-502-11
Adopted by Utah State Bulletin Number 2022-01, effective 12/22/2021