Section 54-14-15 – Information to be furnished to nationwide mortgage licensing system and registry–Distribution of information–Criminal background check.
54-14-15. Information to be furnished to nationwide mortgage licensing system and registry–Distribution of information–Criminal background check. In connection with an application for licensing as a mortgage lender, mortgage broker, or mortgage loan originator, the applicant shall furnish to the nationwide mortgage licensing system and registry information concerning the applicant’s identity, including: (1)Fingerprints for submission to […]
Section 54-14-16 – Fees.
54-14-16. Fees. The applicant for an initial license shall submit a fee in the amount of not more than two hundred fifty dollars for a mortgage loan originator, not more than five hundred dollars for a mortgage broker or mortgage brokerage license, and not more than one thousand dollars for a mortgage lender license. The […]
Section 54-14-17 – License and registration not assignable.
54-14-17. License and registration not assignable. No license or registration granted pursuant to this chapter is assignable. Source: SL 2007, ch 279, §6.
Section 54-14-12 – Definitions.
54-14-12.Definitions. Terms used in this chapter mean: (1)”Depository institution,” the same meaning as provided in 12 U.S. C. §1813(c) as of January 1, 2009, and includes any credit union; (2)”Director,” the director of the Division of Banking of the Department of Labor and Regulation; (3)”Division,” the Division of Banking of the Department of Labor and […]
Section 54-14-12.1 – Loan processor or underwriter defined.
54-14-12.1. Loan processor or underwriter defined. For the purposes of this chapter, the term, loan processor or underwriter, means any individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed according to this chapter, or a person exempt according to […]
Section 54-14-12.2 – Mortgage loan originator defined.
54-14-12.2. Mortgage loan originator defined. For the purposes of this chapter, the term, mortgage loan originator, means an individual who for compensation or gain or in the expectation of compensation or gain takes a mortgage loan application or offers or negotiates terms of a mortgage loan. A mortgage loan originator does not include: (1)An individual […]
Section 54-14-12.3 – Real estate brokerage activity defined.
54-14-12.3. Real estate brokerage activity defined. For the purposes of this chapter, the term, real estate brokerage activity, means any activity that involves offering or providing real estate brokerage services to the public, including: (1)Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property; (2)Bringing […]
Section 54-14-12.4 – Registered mortgage loan originator defined.
54-14-12.4. Registered mortgage loan originator defined. For the purposes of this chapter, the term, registered mortgage loan originator, means any individual who: (1)Meets the definition of mortgage loan originator and is an employee of: (a)A depository institution; (b)A subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; […]
Section 54-14-13 – License required for mortgage lenders, brokerage, brokers, and loan originators–Identification through nationwide mortgage licensing system and registry–Exemption.
54-14-13. License required for mortgage lenders, brokerage, brokers, and loan originators–Identification through nationwide mortgage licensing system and registry–Exemption. No person may act as a mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator in this state or use the title, mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator with respect to any […]
Section 54-14-13.1 – (See §54-14-13.3 for effective dates) Mortgage loan originator license–Required findings.
54-14-13.1.(See §54-14-13.3 for effective dates) Mortgage loan originator license–Required findings. The director may not issue a mortgage loan originator license unless the director makes the following findings: (1)The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction. No revocation for which there has been a subsequent formal vacation of the […]