Section 502 – Additional license fee.
Effective 5/12/2015 61-2c-502. Additional license fee. (1) An individual who applies for or renews a license shall pay, in addition to any other fee required under this chapter, a reasonable annual fee: (a) determined by the division with the concurrence of the commission; and (b) not to exceed $18. (2) (a) An entity that applies […]
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 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 205 – Term of licensure — Renewal — Reporting of changes.
61-2c-205. Term of licensure — Renewal — Reporting of changes. (1) (a) A license issued under this chapter expires as follows: (i) for the calendar year the license is issued: (A) if the license is issued on or before October 31, the license expires on December 31 of the same calendar year; and (B) if […]
Section 206 – Lending manager licenses.
Effective 5/9/2017 61-2c-206. Lending manager licenses. (1) To qualify for licensure as a lending manager under this chapter, an individual shall: (a) meet the standards in Section 61-2c-203; (b) successfully complete the following education: (i) mortgage loan originator prelicensing education as required by federal licensing regulations; and (ii) 40 hours of Utah-specific prelicensing education for […]
Section 209 – Sponsorship — Affiliation.
Effective 5/8/2018 61-2c-209. Sponsorship — Affiliation. (1) (a) The division may not license an individual, and an individual licensed under this chapter may not conduct the business of residential mortgage loans unless: (i) if licensed as a mortgage loan originator, the individual: (A) is sponsored by an entity licensed under this chapter; and (B) is […]