Effective 5/14/2019 61-2c-201. Licensure required of person engaged in the business of residential mortgage loans. (1) (a) Except as provided in Subsection (1)(b), a person may not transact the business of residential mortgage loans without first obtaining a license under this chapter. (b) A person may transact the business of residential mortgage loans without first […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
