6-941. Definitions In this article, unless the context otherwise requires: 1. " Affiliate" means an entity which directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with the entity specified. 2. " Compensation" means anything of value or any benefit including points, commissions, bonuses, referral fees, loan […]
6-942. Exemptions A. This article does not apply to: 1. A person who does business under any other law of this state, or any other state while regulated by a state agency of such other state, or of the United States, relating to banks, savings banks, trust companies, savings and loan associations, profit sharing and […]
6-943. Licensing of mortgage bankers required; qualifications; application; bond; fees; renewal A. A person shall not act as a mortgage banker if the person is not licensed under this article. B. The deputy director shall not grant a mortgage banker’s license to a person, other than a natural person, who is not registered to do […]
6-944. Issuance of license; renewal; branch office license; application; fee A. If the deputy director determines that the applicant has met the requirements set forth in section 6-943, subsection C, is qualified and has paid the fees, the deputy director shall issue a mortgage banker’s license to the applicant evidenced by a continuous certificate. The […]
6-945. Denial, suspension or revocation of licenses A. The deputy director may deny a license to a person or suspend or revoke a license if the deputy director finds that an applicant or licensee: 1. Is insolvent as defined in section 47-1201. 2. Refuses to allow an examination by the deputy director of the licensee’s […]
6-946. Required accounting practices and records; refundable deposits; periodic impoundment payments; disclosure A. Every mortgage banker shall keep and maintain at all times correct and complete records clearly reflecting the financial condition of the business as prescribed by the deputy director that will enable the deputy director to determine whether the licensee is conducting the […]
6-947. Prohibited acts A. Except for employment verifications and deposit or account verifications, a person in connection with or incidental to the making of any mortgage banking loan or mortgage loan shall not induce, require or permit any document to be signed by a party to the transaction if the document contains any blank spaces […]
6-948. Noncompliance not to affect validity of loan A failure to comply with the provisions of this article does not affect the validity or enforceability of any debt or any mortgage, deed of trust or lien interest on real estate. A person acquiring a mortgage banking loan or mortgage loan or any interest in a […]
6-949. Conversion to mortgage broker license Notwithstanding any other law, a licensee who funds in the aggregate one hundred fifty or fewer loans in the immediately preceding calendar year may apply at the time of license renewal to the department for a conversion to a mortgage broker license issued pursuant to article 1 of this […]
