1. (a) A reverse mortgage loan that is not insured under 12 U.S.C. § 1715z-20 is not subject to the provisions in 12 U.S.C. § 1715z-20, or in any regulations or guidance adopted under 12 U.S.C. § 1715z-20, that:

   1. (1) Limit origination fees to $6,000 as adjusted under 12 U.S.C. § 1715z-20(r);
   2. (2) Impose maximum claim amounts or other loan limit restrictions; or
   3. (3) Require government insurance for the loan.
2. (b) A lender or an arranger of financing is not subject to the federal regulatory approval requirements of 24 C.F.R., Part 202 when making or arranging a reverse mortgage loan that is not insured under 12 U.S.C. § 1715z-20.

Added by Acts 2010, c. 622, § 1, eff. Oct. 1, 2010; Acts 2010, c. 623, § 1, eff. Oct. 1, 2010.