Title 61, Title 61: Securities Division - Real Estate Division

61-2c-105. Scope of chapter -- Exemptions. (1) Except as to an individual who will engage in an activity as a mortgage loan originator, this chapter applies to a closed-end residential mortgage loan secured by a first lien or equivalent security interest on a dwelling. This chapt…

61-2c-106. Addresses provided the division. (1) A person shall provide a physical location or street address when the person provides the nationwide database an address required by the division. The following when provided to and maintained within the division under this chapter …

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

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

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: an entity licensed to transact the business of residential mortgage l…

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: if the applicant is an entity, submit: through the nationwide database, a licensure statement that: lists any name under which the entit…

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 financial responsi…

61-2c-204.1. Education providers -- Education requirements -- Examination requirements. (1) As used in this section: "Approved continuing education course" means a course of continuing education that is approved by the nationwide database. "Approved prelicensing education course"…

61-2c-205. Term of licensure -- Renewal -- Reporting of changes. (1) A license issued under this chapter expires as follows: for the calendar year the license is issued: if the license is issued on or before October 31, the license expires on December 31 of the same calendar year…

61-2c-206. Lending manager licenses. (1) To qualify for licensure as a lending manager under this chapter, an individual shall: meet the standards in Section; 61-2c-203 successfully complete the following education: mortgage loan originator prelicensing education as required by f…

61-2c-209. Sponsorship -- Affiliation. (1) The division may not license an individual, and an individual licensed under this chapter may not conduct the business of residential mortgage loans unless: if licensed as a mortgage loan originator, the individual: is sponsored by an en…

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) does not prevent the division from pursuing ad…

61-2c-301. Prohibited conduct -- Violations of the chapter. (1) As used in this section: "Prescreened trigger lead information" means information derived from a consumer report that is given to a third party that is not affiliated with the consumer. "Solicitation" means contactin…

61-2c-302. Record requirements. (1) For the time period specified in Subsection, a licensee shall make or possess any record required for that licensee by a rule made by the division. (2) (2) A licensee, or a person required to be licensed under this chapter, shall maintain and s…

61-2c-401. Investigations. (1) The division may, either publicly or privately, investigate or cause to be investigated the actions of any of the following when engaged in the business of residential mortgage loans: a licensee; a person required to be licensed under this chapter; …

61-2c-402. Disciplinary action. (1) Subject to the requirements of Section, the commission, with the concurrence of the division, may impose a sanction described in Subsection (2) against a person if the person: 61-2c-402.1 is a licensee or a person required to be licensed under …

61-2c-402.1. Adjudicative proceedings -- Review. (1) Before an action described in Sectionmay be taken, the division shall: 61-2c-402 give notice to the person against whom the action is brought; and commence an adjudicative proceeding. If after the adjudicative proceeding is com…

61-2c-403. Cease and desist orders. (1) The director may issue and serve by certified mail, or by personal service, on a person an order to cease and desist from an act if: the director has reason to believe that the person has been engaged, is engaging in, or is about to engage …

61-2c-404. Civil actions. (1) A person who violates this chapter is liable for an additional penalty, as determined by the court, of at least the amount the person received in consequence of a violation of this chapter as: commission; compensation; or profit. A person aggrieved b…

61-2c-405. Penalty for violating this chapter -- Automatic revocation. (1) In addition to being subject to a disciplinary action by the commission, a person required to be licensed or certified under this chapter who violates this chapter: is guilty of a class A misdemeanor upon …

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 di…

61-2c-501.5. Definitions. As used in this part: (1) "Civil judgment" means a judgment in a civil action that: 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 transactio…

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: determined by the division with the concurrence of the commission; and not to exceed $18. (2) An …

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: the person obtains a final judgm…

61-2c-504. Authority to act on receipt of petition. (1) Upon receipt of a petition meeting the requirements of Section, the division may answer, initiate review proceedings, or appear in a proceeding: 61-2c-503 in the name of the defendant to the action; or on behalf of the fund.…

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 …

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 d…

61-2c-507. Division subrogated -- Authority to suspend license. (1) If the division pays a person from the fund in accordance with this part: the division is subrogated to the rights of that person for the amounts paid out of the fund; and any amount and interest recovered by the…

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.

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: this chapter; or rules made by the division under this chapter. (2) The repayment in full of all obligation…

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: investigate violations of this chapter related to fraud; and advance education and research in the field of residential mortgage…