Section 402 – Prohibited acts.
Effective 5/12/2015 70D-3-402. Prohibited acts. (1) An individual transacting the business of a loan originator in this state may not: (a) violate or not comply with: (i) this chapter; (ii) an order of the commissioner under this chapter; (iii) a rule made by the commissioner under this chapter; (iv)Title 70C, Utah Consumer Credit Code, if […]
Section 501 – Disciplinary action.
70D-3-501. Disciplinary action. (1) The commissioner may through an adjudicative proceeding subject to Title 63G, Chapter 4, Administrative Procedures Act, impose a sanction described in Subsection (2) against an individual if the individual: (a) is licensed or required to be licensed under this chapter; and (b) violates this chapter. (2) The commissioner may against an […]
Section 502 – Investigations.
70D-3-502. Investigations. (1) The commissioner may investigate the actions of: (a) a licensee; or (b) an individual required to be licensed under this chapter. (2) In conducting an investigation or adjudicative proceeding, the commissioner may: (a) administer an oath or affirmation under penalty of perjury; (b) subpoena a witness; (c) compel the attendance of a […]
Section 301 – Prelicensing education.
70D-3-301. Prelicensing education. (1) Before an individual may be licensed under this chapter, the individual shall complete the number of hours of prelicensing education required by rule made by the commissioner. (2) (a) The commissioner shall make the rules described in Subsection (1): (i) in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; […]
Section 302 – Examination.
70D-3-302. Examination. (1) Before an individual may be licensed under this chapter, the individual shall pass a written examination that: (a) meets the requirements of 12 U.S.C. Sec. 5104(d); (b) is developed by the nationwide database; and (c) is administered by an approved examination provider. (2) The commissioner shall make rules made in accordance with […]
Section 303 – Continuing education.
70D-3-303. Continuing education. (1) A licensee shall annually complete at least the number of hours of continuing education required by rule made by the commissioner. (2) (a) The commissioner shall make the rules described in Subsection (1): (i) in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and (ii) subject to the requirements […]
Section 401 – Record requirements — Reports of condition.
70D-3-401. Record requirements — Reports of condition. (1) An individual required to be licensed under this chapter shall create a record required by rule made by the commissioner in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. (2) An individual required to be licensed under this chapter shall maintain and produce for inspection […]
Section 201 – Licensing required — Exemptions.
70D-3-201. Licensing required — Exemptions. (1) (a) On or after January 1, 2011, except as provided in Subsection (2), an individual described in Subsection (1)(b) may not engage in the business of a loan originator unless that individual: (i) is licensed under this chapter; or (ii) is a registered loan originator. (b) This Subsection (1) […]
Section 202 – Qualifications for licensure.
70D-3-202. Qualifications for licensure. To qualify for a license under this chapter an individual shall comply with all of the following, the individual: (1) shall comply with 12 U.S.C. Sec. 5104 to register with and maintain a unique identifier through the nationwide database; (2) may not have had a loan originator license revoked in a […]
Section 203 – Initial licensure procedure.
70D-3-203. Initial licensure procedure. (1) To apply for licensure under this chapter an individual shall: (a) file an application with the commissioner in a form prescribed by the commissioner in rule; (b) demonstrate that the individual provided the information to the nationwide database required by 12 U.S.C. Sec. 5104; (c) provide the commissioner the individual’s […]