Report Abusive Lenders

HELP AVAILABLE:

Division of Real Estate (801) 530-6747
Regulates residential mortgage lenders except for depository institutions.

Utah Department of Financial Institutions (801) 538-8830
Regulation of mortgage and consumer lending including banks, credit unions, savings and loans, mortgage and consumer credit, check cashiers and various other lenders.

Office of Inspector General Mark Viau at (801) 524-6092
Investigate and prosecute real estate fraud in Utah.

Utah County Attorney's Office Financial Fraud Unit (801) 370-8014
Provides copies of pamphlets "How senior citizens can prevent crime" and How to prevent embezzlement" and investigates fraud and embezzlement in Utah County.

Utah Mortgage Lender's Association (800) 348-3931
Investigates complaints and refers to appropriate agencies.

Community Action Services (801) 373-8200
Education, counseling, mediation, and referrals.

Utah Department of Commerce (800) 530-6747
Various divisions within the department regulate and license businesses. Inquire if the business is in good standing as well as report fraud. Additionally, some businesses are regulated more stringently than others. Ask what regulations, bonding requirements and other restrictions are placed on the business you plan to be working with.

Better Business Bureau of Utah (800) 456-3907
Takes complaints against businesses and provides information about complaints against businesses.

Consumer Protection (800)-721-7233
A Division of Department of Commerce, providing educational information to prevent consumer injury. Complaints regarding consumer injury are taken and referred to consumer rights division for investigation and legal representation.

Federal Trades Commission (877) 382-4357
Works for the consumer to prevent fraudulent, deceptive, and unfair business practices and to provide information to help consumer spot, stop and avoid them.

Your Rights:
Your rights under the Home Ownership and Equity Protection Act Congress enacted the Home Ownership and Equity Protection Act (HOEPA) to protect consumers from excessive fees and interest rates. Under this law, you have a high interest rate loan if the annual percentage rate (APR) is 10 points (10 percent) higher than the rate on a Treasury bill for the same length of time.

For example, the current rate on a 15-year Treasury note maturing in May 2016 is 7.25 percent. If you are considering a 15-year home equity loan an APR greater than 17.25 percent (7.25 percent plus 10 percent), you may have a "high rate" or "HOEPA" loan. Fees are defined as total fees and points you have to pay up front. If these fees and points equal more than $451 (the 2000 figure) or 8 percent of the total loan amount, they are considered "high." If you are considering a HOEPA loan:

  • The lender must give you certain disclosures at least three business days before closing on the loan.
  • The lender cannot make a direct payment to a home improvement contractor.
  • Your loan cannot have a balloon (large final) payment due in less than five years.
Talk to your banker or someone else you trust before making a home equity loan decision. If you have second thoughts after taking out a loan, contact an attorney immediately.

815 S Freedom Blvd.
Suite 100
Provo, UT 84601

Phone: 801.373.8200
Fax: 801.373.8228
Email:

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