Reverse mortgage lenders are prohibited from engaging in any of the following acts in connection with the making, servicing, or collecting of a reverse mortgage loan: (1) Misrepresenting material facts, making false promises, or engaging in a course of misrepresentation through agents or otherwise; (2) Failing to disburse funds in accordance with the terms of the reverse mortgage loan contract or other written commitment; (3) Improperly refusing to issue a release of a mortgage; (4) Engaging in any action or practice that is unfair or deceptive, or that operates a fraud on any person; (5) Contracting for or receiving shared appreciation, except that this subdivision (5) shall not apply to any Fannie Mae Reverse Mortgage Loan; (6) Closing a reverse mortgage loan without receiving certification from a counselor that the borrower has received counseling on the advisability of a reverse mortgage loan and the appropriate reverse mortgage loan for the borrower; or (7) Failing to comply with this chapter. Acts 1993, ch. 410, §16; 1997 , ch. 286, § 11. Reverse mortgage lenders are prohibited from engaging in any of the following acts in connection with the making, servicing, or collecting of a reverse mortgage loan: (1) Misrepresenting material facts, making false promises, or engaging in a course of misrepresentation through agents or otherwise; (2) Failing to disburse funds in accordance with the terms of the reverse mortgage loan contract or other written commitment; (3) Improperly refusing to issue a release of a mortgage; (4) Engaging in any action or practice that is unfair or deceptive, or that operates a fraud on any person; (5) Contracting for or receiving shared appreciation, except that this subdivision (5) shall not apply to any Fannie Mae Reverse Mortgage Loan; (6) Closing a reverse mortgage loan without receiving certification from a counselor that the borrower has received counseling on the advisability of a reverse mortgage loan and the appropriate reverse mortgage loan for the borrower; or (7) Failing to comply with this chapter. Acts 1993, ch. 410, §16; 1997 , ch. 286, § 11. Reverse mortgage lenders are prohibited from engaging in any of the following acts in connection with the making, servicing, or collecting of a reverse mortgage loan: (1) Misrepresenting material facts, making false promises, or engaging in a course of misrepresentation through agents or otherwise; (2) Failing to disburse funds in accordance with the terms of the reverse mortgage loan contract or other written commitment; (3) Improperly refusing to issue a release of a mortgage; (4) Engaging in any action or practice that is unfair or deceptive, or that operates a fraud on any person; (5) Contracting for or receiving shared appreciation, except that this subdivision (5) shall not apply to any Fannie Mae Reverse Mortgage Loan; (6) Closing a reverse mortgage loan without receiving certification from a counselor that the borrower has received counseling on the advisability of a reverse mortgage loan and the appropriate reverse mortgage loan for the borrower; or (7) Failing to comply with this chapter. Acts 1993, ch. 410, §16; 1997 , ch. 286, § 11. Reverse mortgage lenders are prohibited from engaging in any of the following acts in connection with the making, servicing, or collecting of a reverse mortgage loan: (1) Misrepresenting material facts, making false promises, or engaging in a course of misrepresentation through agents or otherwise; (2) Failing to disburse funds in accordance with the terms of the reverse mortgage loan contract or other written commitment; (3) Improperly refusing to issue a release of a mortgage; (4) Engaging in any action or practice that is unfair or deceptive, or that operates a fraud on any person; (5) Contracting for or receiving shared appreciation, except that this subdivision (5) shall not apply to any Fannie Mae Reverse Mortgage Loan; (6) Closing a reverse mortgage loan without receiving certification from a counselor that the borrower has received counseling on the advisability of a reverse mortgage loan and the appropriate reverse mortgage loan for the borrower; or (7) Failing to comply with this chapter. Acts 1993, ch. 410, §16; 1997 , ch. 286, § 11.
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