Section 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:(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:(iii) any costs including: (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).Amended by Chapter 24, 2010 General Session.