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La. Rev. Stat. § 6:1103

Commitment and cooling off period

Louisiana · Louisiana Revised Statutes Title 6 — Banks and Banking · Status: effective

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La. Rev. Stat. § 6:1103, Commitment and cooling off period, Louisiana, version 1 as recorded 2026-10-04, yourstate.us, https://yourstate.us/provision/2636702
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In connection with a conventional reverse mortgage loan, at least seven calendar days prior to closing a reverse mortgage loan, a reverse mortgage lender shall provide the borrower with a loan term sheet or commitment letter outlining the proposed terms of the loan and informing the borrower that the borrower is not obligated to proceed with the loan transaction.