Section 503 – Notice to division — Judgment against mortgage licensee — Fraud, misrepresentation, or deceit — Verified petition for order directing payment from fund — Limitations and procedure.
61-2c-503. Notice to division — Judgment against mortgage licensee — Fraud, misrepresentation, or deceit — Verified petition for order directing payment from fund — Limitations and procedure. (1) A person may bring a claim against the fund if: (a) the person obtains a final judgment; (b) the person complies with the requirements under this part; […]
Section 405 – Penalty for violating this chapter — Automatic revocation.
61-2c-405. Penalty for violating this chapter — Automatic revocation. (1) In addition to being subject to a disciplinary action by the commission, a person required to be licensed or certified under this chapter who violates this chapter: (a) is guilty of a class A misdemeanor upon conviction of a first violation of this chapter; and […]
Section 401 – Investigations.
Effective 5/8/2018 61-2c-401. Investigations. (1) The division may, either publicly or privately, investigate or cause to be investigated the actions of: (a) (i) a licensee; (ii) a person required to be licensed under this chapter; or (iii) the following with respect to an entity that is a licensee or an entity required to be licensed […]
Section 402 – Disciplinary action.
Effective 5/4/2022 61-2c-402. Disciplinary action. (1) Subject to the requirements of Section 61-2c-402.1, the commission, with the concurrence of the division, may impose a sanction described in Subsection (2) against a person if the person: (a) (i) is a licensee or a person required to be licensed under this chapter; and (ii) violates this chapter; […]
Section 402.1 – Adjudicative proceedings — Review.
Effective 5/13/2014 61-2c-402.1. Adjudicative proceedings — Review. (1) (a) Before an action described in Section 61-2c-402 may be taken, the division shall: (i) give notice to the person against whom the action is brought; and (ii) commence an adjudicative proceeding. (b) If after the adjudicative proceeding is commenced under Subsection (1)(a) the presiding officer determines […]
Section 403 – Cease and desist orders.
61-2c-403. Cease and desist orders. (1) (a) The director may issue and serve by certified mail, or by personal service, on a person an order to cease and desist from an act if: (i) the director has reason to believe that the person has been engaged, is engaging in, or is about to engage in […]
Section 404 – Civil actions.
61-2c-404. Civil actions. (1) (a) A person who violates this chapter is liable for an additional penalty, as determined by the court, of at least the amount the person received in consequence of a violation of this chapter as: (i) commission; (ii) compensation; or (iii) profit. (b) A person aggrieved by a violation of this […]
Section 201.2 – Temporary authorization to act as a mortgage loan originator.
Effective 5/14/2019 61-2c-201.2. Temporary authorization to act as a mortgage loan originator. (1) In accordance with the provisions of this section, an individual is temporarily authorized to act as a mortgage loan originator if: (a) an entity licensed to transact the business of residential mortgage loans employs the individual; (b) the individual submits an application […]
Section 202 – Licensure procedures.
Effective 5/4/2022 61-2c-202. Licensure procedures. (1) To apply for licensure under this chapter an applicant shall in a manner provided by the division by rule: (a) if the applicant is an entity, submit: (i) through the nationwide database, a licensure statement that: (A) lists any name under which the entity will transact business in this […]
Section 203 – General qualifications for licensure.
Effective 5/4/2022 61-2c-203. General qualifications for licensure. (1) To qualify for licensure under this chapter, a person shall demonstrate through procedures established by rule made by the division in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act: (a) financial responsibility; (b) honesty, integrity, and truthfulness; and (c) the competence to transact the business […]