Section 204 – Renewal of license.
70D-3-204. Renewal of license. (1) A license issued under this chapter expires on December 31 of each year. (2) To qualify to renew a license under this chapter an individual shall: (a) meet the requirements of Section 70D-3-202; and (b) complete the annual continuing education requirements of Section 70D-3-303. (3) To renew a license under […]
Section 205 – Surety bond requirements.
70D-3-205. Surety bond requirements. (1) (a) To be licensed under this chapter an individual shall be covered by a surety bond that meets the minimum surety bonding requirements required by rule. (b) If an action is brought against a bond under this chapter, the commissioner may require that another bond be posted. (2) The commissioner […]
Section 206 – Challenging information in the nationwide database.
70D-3-206. Challenging information in the nationwide database. The commissioner shall by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, provide a process under which an individual may challenge information contained in the nationwide database. Enacted by Chapter 72, 2009 General Session
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 […]