61-2c-501. Fund created. (1) There is created an expendable special revenue fund known as the “Residential Mortgage Loan Education, Research, and Recovery Fund.” (2) The interest earned on the fund shall be deposited into the fund. (3) At the beginning of each fiscal year, the division shall make available $100,000 in the fund to satisfy […]
61-2c-501.5. Definitions. As used in this part: (1) “Civil judgment” means a judgment in a civil action that: (a) is awarded in an action brought against a person licensed under this chapter on the basis of fraud, misrepresentation, or deceit in a residential mortgage loan transaction; and (b) awards actual damages. (2) “Criminal restitution judgment” […]
Effective 5/12/2015 61-2c-502. Additional license fee. (1) An individual who applies for or renews a license shall pay, in addition to any other fee required under this chapter, a reasonable annual fee: (a) determined by the division with the concurrence of the commission; and (b) not to exceed $18. (2) (a) An entity that applies […]
61-2c-503. Notice to division — Judgment against mortgage licensee — Fraud, misrepresentation, or deceit — Verified petition for order directing payment from fund — Limitations and procedure. (1) A person may bring a claim against the fund if: (a) the person obtains a final judgment; (b) the person complies with the requirements under this part; […]
61-2c-504. Authority to act on receipt of petition. (1) Upon receipt of a petition meeting the requirements of Section 61-2c-503, the division may answer, initiate review proceedings, or appear in a proceeding: (a) in the name of the defendant to the action; or (b) on behalf of the fund. (2) The division may settle a […]
61-2c-505. Court determination and order. If the court determines that a claim should be levied against the portion of the fund allocated to carry out this chapter, the court shall enter an order requiring the division to pay from the fund the portion of a final judgment that is payable from the fund under Section […]
61-2c-506. Insufficient funds to satisfy judgment — Procedure and interest. If the money deposited in the fund and allotted for satisfying judgments against licensees is insufficient to satisfy an authorized claim for payment, the division shall, when sufficient money has been deposited in the fund, satisfy the unpaid claims in the order they originally were […]
Effective 5/10/2016 61-2c-507. Division subrogated — Authority to suspend license. (1) If the division pays a person from the fund in accordance with this part: (a) the division is subrogated to the rights of that person for the amounts paid out of the fund; and (b) any amount and interest recovered by the division shall […]
61-2c-508. Failure to comply. The failure of a person to comply with this part is a waiver of any right provided under this part. Enacted by Chapter 297, 2004 General Session
61-2c-509. Disciplinary actions. (1) This part does not limit the authority of the director or commission to take disciplinary action against a licensee for a violation of: (a) this chapter; or (b) rules made by the division under this chapter. (2) The repayment in full of all obligations to the fund by a licensee does […]
61-2c-510. Money accumulated — Purpose. (1) The division may use money accumulated in the fund in excess of the amount necessary to satisfy claims to: (a) investigate violations of this chapter related to fraud; and (b) advance education and research in the field of residential mortgage loans. (2) The division may use the excess money […]
