Utah Code § 57-1-31.5: Reinstatement or payoff statement -- Timeliness of request -- Trustee's duty to provide statement -- Statement to include accounting of costs and fees.

(1) As used in this section:

(a) "Approved delivery method" means delivery by:

(i) certified or registered United States mail with return receipt requested; or

(ii) a nationally recognized letter or package delivery or courier service operating in the state that provides a service for:

(A) tracking the delivery of an item; or

(B) documenting:

(I) that the item was received by the intended recipient; or

(II) a refusal to accept delivery of the item.

(b) "Compensation" means anything of economic value that is paid, loaned, granted, given, donated, or transferred to a trustee for or in consideration of:

(i) services;

(ii) personal or real property; or

(iii) other thing of value.

(c) "Interested party" means a person with a right under Subsection 57-1-31(1) to reinstate an obligation secured by a trust deed.

(d) "Payoff statement" means a statement under Subsection (2) that an interested party requests in order to obtain the amount required to pay off a loan secured by a trust deed.

(e) "Reinstatement statement" means a statement under Subsection (2) that an interested party requests in order to obtain the amount required under Subsection 57-1-31(1) to reinstate an obligation secured by a trust deed.

(2)

(a)

(i) An interested party may submit a written request to a trustee for a statement of the amount required to be paid:

(A) to reinstate an obligation secured by a trust deed; or

(B) to pay off a loan secured by a trust deed.

(ii)

(A) A request for a reinstatement statement is not timely unless the trustee receives the request at least 10 business days before expiration of the three-month period under Section 57-1-31 to reinstate an obligation.

(B) A request for a payoff statement is not timely unless the trustee receives the request at least 10 business days before the trustee's sale.

(iii) An interested party submitting a reinstatement statement or payoff statement to a trustee shall submit the statement to the trustee:

(A) at the address specified in the trust deed for notices to the trustee; or

(B) at an alternate address approved by the trustee for delivery of mail or notices.

(iv) A trustee is considered to have received a request submitted under Subsection (2)(a)(i) if:

(A) the interested party submitted the request through an approved delivery method; and

(B) documentation provided under the approved delivery method indicates that:

(I) the request was delivered to the trustee; or

(II) delivery of the request was refused.

(b)

(i) A trustee who receives a written request under Subsection (2)(a) shall provide the statement to the interested party.

(ii) A trustee is considered to have provided the statement requested under Subsection (2)(a) on the date that the trustee deposits the statement with an approved delivery method:

(A) with all delivery costs prepaid; and

(B) addressed to the interested party at the address provided in the request.

(c)

(i) If the trustee provides a requested reinstatement statement later than five business days after the request is received, the time to reinstate under Section 57-1-31 is tolled from the date of the request to the date that the trustee provides the statement.

(ii) If, after scheduling a trustee's sale, the trustee fails to provide a requested payoff statement within five business days after the request is received, the trustee shall:

(A) cancel the trustee's sale; or

(B) postpone the trustee's sale to a date at least 10 business days after the trustee provides the statement.

(3) A trustee shall include with each statement required under Subsection (2)(a):

(a) a detailed listing of any of the following that the trustor would be required to pay to reinstate or payoff the loan:

(i) attorney fees;

(ii) trustee fees; or

(iii) any costs including:

(A) title fees;

(B) publication fees; or

(C) posting fees; and

(b) subject to Subsection (4), a disclosure of:

(i) any relationship that the trustee has with a third party that provides services related to the foreclosure of the loan; and

(ii) whether the relationship described in Subsection (3)(b)(i) is created by:

(A) an ownership interest in the third party; or

(B) contract or other agreement.

(4) Subsection (3)(b) does not require a trustee to provide a trustor:

(a) a copy of any contract or agreement described in Subsection (3)(b);

(b) specific detail as to the nature of the ownership interest described in Subsection (3)(b); or

(c) the amount of compensation the trustee receives related to the foreclosure of the loan under a relationship described in Subsection (3)(b).