61-2d-104 - Negative amortization prohibited.

61-2d-104. Negative amortization prohibited.
A high cost mortgage shall provide for regular, periodic payments sufficient to pay:
(1) all accrued interest and a portion of principal on the scheduled due date for eachpayment; and
(2) the full amount owed during the term of the loan, if no late fees or other contingentcharges are incurred.

Enacted by Chapter 252, 2004 General Session