Section 210 – Surrender of license.
Effective 5/13/2014 61-2c-210. Surrender of license. (1) The division may, by written agreement, accept the voluntary surrender of a license issued under this chapter. (2) Tender and acceptance of a voluntary surrender of a license under Subsection (1): (a) does not prevent the division from pursuing additional action, including disciplinary action, that relates to the […]
Section 301 – Prohibited conduct — Violations of the chapter.
Effective 5/12/2020 61-2c-301. Prohibited conduct — Violations of the chapter. (1) A person transacting the business of residential mortgage loans in this state may not: (a) violate Section 8 of RESPA; (b) charge a fee in connection with a residential mortgage loan transaction: (i) that is excessive; or (ii) without providing to the loan applicant […]
Section 302 – Record requirements.
Effective 5/8/2018 61-2c-302. Record requirements. (1) For the time period specified in Subsection (2), a licensee shall make or possess any record required for that licensee by a rule made by the division. (2) A licensee, or a person required to be licensed under this chapter, shall maintain and safeguard in the licensee’s or the […]
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 […]
Section 204.1 – Education providers — Education requirements — Examination requirements.
Effective 5/12/2020 61-2c-204.1. Education providers — Education requirements — Examination requirements. (1) As used in this section: (a) “Approved continuing education course” means a course of continuing education that is approved by the nationwide database. (b) “Approved prelicensing education course” means a course of prelicensing education that is approved by the nationwide database or by […]
Section 103 – Powers and duties of the division.
61-2c-103. Powers and duties of the division. (1) The division shall administer this chapter. (2) In addition to a power or duty expressly provided in this chapter, the division may: (a) receive and act on a complaint including: (i) taking action designed to obtain voluntary compliance with this chapter; or (ii) commencing an administrative or […]
Section 104 – Residential Mortgage Regulatory Commission.
Affected by 63I-1-261 on 7/1/2031 61-2c-104. Residential Mortgage Regulatory Commission. (1) (a) There is created within the division the “Residential Mortgage Regulatory Commission” consisting of the following members appointed by the executive director with the approval of the governor: (i) four members who: (A) have at least three years of experience in transacting the business […]
Section 105 – Scope of chapter — Exemptions.
Effective 5/8/2018 61-2c-105. Scope of chapter — Exemptions. (1) (a) Except as to an individual who will engage in an activity as a mortgage loan originator, this chapter applies to a closed-end residential mortgage loan secured by a first lien or equivalent security interest on a dwelling. (b) This chapter does not apply to a […]