Title 61, Securities Division - Real Estate Division

61-2d-106. Arbitration clauses. To be valid, an arbitration clause in a high-cost mortgage contract must comply with the standards set forth in Title 78B, Chapter 11, Utah Uniform Arbitration Act or the Federal Arbitration Act, or any successor acts.

61-2d-107. Prohibition on single premium credit life insurance. A borrower credit transaction involving a high-cost mortgage may not include: (1) the offer or sale of any insurance policy, on a single premium or single fee basis, that insures, guarantees, or indemnifies the repay…

61-2d-108. Increase in employees. Funds allocated for investigations in this chapter may only be used to employ additional employees if there is a 10% increase in caseloads.

61-2d-109. Copies. The lender shall provide, at no cost to the borrower, a complete set of all documents pertaining to the transaction, including copies of all documents to be executed or recorded and any loan documents changed at the closing: (1) at the time of the closing if do…

61-2d-110. Encouraging default prohibited. (1) A lender may not recommend or encourage default or nonpayment leading to foreclosure on an existing loan or other debt prior to and in connection with the closing or planned closing of a high-cost mortgage that refinances all or any …

61-2d-111. Mortgage forms. All lines, figures, forms, and blanks that regulate, govern, control, and authorize a mortgage must be filled in before the documents are signed.

61-2d-112. Notice of information available to borrowers. (1) In addition to any other notice or disclosure a lender or title company may provide to a borrower seeking, obtaining, or inquiring about a high-cost mortgage, the lender shall provide the borrower any brochure or other …

61-2d-113. Effect of failure to comply. Failure to provide the notices or information described in Subsection 61-2d-105(1) and Sections 61-2d-111 and 61-2d-112 does not affect the enforceability of the loan or any of its terms.

61-2e-101. Title. This chapter is known as the "Appraisal Management Company Registration and Regulation Act."

61-2e-102. Definitions. As used in this chapter: (1) "Applicable appraisal standards" means: (a) the Uniform Standards for Professional Appraisal Practice: (i) published by the Appraisal Foundation; and (ii) as adopted under Section 61-2g-403; (b) Chapter 2g, Real Estate Appraise…

61-2e-103. Rulemaking. In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the board may make rules, with the concurrence of the division, that are: (1) consistent with this chapter; and (2) necessary to implement this chapter.

61-2e-104. Exemption. This chapter does not apply to: (1) an entity that: (a) exclusively employs an individual on an employer-employee basis for the performance of a real estate appraisal activity in the normal course of the entity's business; (b) is responsible for ensuring tha…

61-2e-201. Registration required -- Qualification for registration. (1) Unless exempted under Section 61-2e-104, an appraisal management company is required to register under this chapter if, in a calendar year, the company: (a) contracts with one or more appraisers for the perfo…

61-2e-202. Initial registration process. (1)(a) To register under this chapter as an appraisal management company, an entity shall: (i) file with the division a registration application in a form prescribed by the division; (ii) pay to the division a fee determined in accordance …

61-2e-203. Criminal background check -- Conditional registration -- Changes in ownership or controlling person. (1) The division shall request the Department of Public Safety to complete a Federal Bureau of Investigation criminal background check for an individual described in Su…

61-2e-204. Renewal of a registration. (1)(a) A registration under this chapter expires two years from the day on which the registration is approved. (b) Notwithstanding Subsection (1)(a), the time period of a registration may be extended or shortened by as much as one year to mai…

61-2e-205. Division service fees -- National registry form and fees -- Suspension and revocation of registration -- Removal from national registry. (1) The division, with the concurrence of the board, shall establish and collect fees, in accordance with Section 63J-1-504, for ser…

61-2e-301. Use of licensed or certified appraisers. (1) An appraisal management company required to be registered under this chapter may not enter into an agreement with an appraiser for the performance of a real estate appraisal activity unless the appraiser is licensed or certi…

61-2e-302. Adherence to standards. (1) An appraisal management company required to be registered under this chapter shall have a system in place to: (a) ensure that the appraisal management company only selects for a real estate appraisal activity an appraiser who: (i) is indepen…

61-2e-303. Recordkeeping. (1) An appraisal management company required to be registered under this chapter shall: (a) maintain a detailed record of the following for the same time period an appraiser is required to maintain an appraisal record for the same real estate appraisal a…

61-2e-304. Required disclosure -- Customary and reasonable compensation. (1) Before an appraisal management company may receive money from a client for a real estate appraisal activity requested by the client, the appraisal management company shall disclose to the client the tota…

61-2e-305. Employee requirements. (1) Subsection (2) applies to an individual who: (a)(i) is an employee of an appraisal management company; or (ii) works on behalf of an appraisal management company; and (b)(i) selects an appraiser for the performance of a real estate appraisal …

61-2e-306. Removal of appraiser from appraisal panel. (1) An appraisal management company may not remove the appraiser from the appraisal management company's appraiser panel, or otherwise refuse to assign a request for a real estate appraisal activity to the appraiser without: (…

61-2e-307. Prohibited acts -- Exclusions. (1) An appraisal management company required to be registered under this chapter and a controlling person, employee, or agent of the appraisal management company may not: (a) engage in an act of coercion, extortion, intimidation, or bribe…

61-2e-401. Division authority -- Immunity -- Transmission of reports to Appraisal Subcommittee. (1)(a) In addition to a power or duty expressly provided in this chapter, the division may: (i) examine any book or record of an appraisal management company registered or required to …

61-2e-402. Enforcement -- Immunity for board. (1)(a) The board may order disciplinary action, with the concurrence of the division, against: (i) an entity registered under this chapter; (ii) an entity required to be registered under this chapter; or (iii) a controlling person of …

61-2f-102. Definitions. As used in this chapter: (1) "Admonition" means a public discipline that declares the conduct of a person as improper and does not identify the person. (2)(a) "Advertisement" means a notice or announcement meant to: (i) promote the availability of real est…

61-2f-103. Real Estate Commission. (1) There is created within the division a Real Estate Commission. (2) The commission shall: (a) subject to concurrence by the division and in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, make rules for the administr…

61-2f-104. List of licensees, registrants, and certificate holders to be available. (1) Upon request, the division shall make available a list of the names and addresses of the persons licensed, registered, or certified by it under this chapter either directly or through a third …

61-2f-105. Fees. (1) In addition to when expressly authorized in another provision of this chapter, the division may charge and collect reasonable fees determined by the commission with the concurrence of the division under Section 63J-1-504 to cover the costs for: (a) issuing a …

61-2f-106. Severability. If a provision of this chapter, or the application of a provision to any person or circumstance, is held invalid, the remainder of this chapter shall be given effect without the invalid provision or application. The provisions of this chapter are severabl…

61-2f-201. License required -- Scope of license. (1) Unless a person is licensed under this chapter, it is unlawful for the person to do the following with respect to real estate located in this state: (a) engage in the business of a principal broker, associate broker, or sales a…

61-2f-202. Exempt persons and transactions. (1) As used in this section, "owner" does not include: (a) a person that holds an option to purchase real property; (b) a mortgagee; (c) a beneficiary under a deed of trust; (d) a trustee under a deed of trust; or (e) a person that owns…

61-2f-202.5. Exempt individuals and transactions involving property management. A license under this chapter is not required for: (1) an individual who, as an owner or lessor, performs an act described in Subsection 61-2f-102(31)(a) in connection to real estate owned or leased by…

61-2f-203. Licensing requirements. (1)(a)(i) The division shall determine whether an applicant with a criminal history qualifies for licensure. (ii) If the division, acting under Subsection (1)(a)(i), denies or restricts a license or places a license on probation, the applicant m…

61-2f-204. Licensing fees and procedures -- Renewal fees and procedures. (1)(a) Upon filing an application for an examination for a license under this chapter, the applicant shall pay a nonrefundable fee established in accordance with Section 63J-1-504 for admission to the examin…

61-2f-205. Form of license. The division shall issue to a licensee a license that contains: (1) the name and address of the licensee; (2) the seal of the state; and (3) any other matter prescribed by the division.

61-2f-206. Registration of person or branch office -- Certification of education providers and courses -- Specialized licenses. (1)(a) A person may not engage in an activity described in Section 61-2f-201, unless: (i) the person is registered with the division; or (ii) an exempti…

61-2f-207. Change of information -- Failure to notify. (1) An applicant, licensee, registrant, or certificate holder shall send the division a signed statement in the form required by the division notifying the division within 10 business days of any change of: (a) principal brok…

61-2f-208. 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 pursuin…

61-2f-301. Reporting requirements. (1) A licensee shall notify the division of the following by sending the division a signed statement within 10 business days after the day on which: (a) a personal or brokerage bankruptcy is filed, if the licensee is a principal broker; (b) a li…

61-2f-302. Affiliation with a principal broker. (1) An individual who is not a principal broker may not engage in an act described in Section 61-2f-201 unless the individual is affiliated with a principal broker as: (a) an associate broker; or (b) a sales agent. (2)(a) An inactiv…

61-2f-303. Sale agents or associate broker -- Affiliated with principal broker as independent contractors or employees -- Presumption. (1)(a) A sales agent or associate broker may be affiliated with a principal broker either as an independent contractor or as an employee. (b) The…

61-2f-304. Termination of associate broker or sales agent by principal broker -- Notice. (1) If a principal broker terminates an associate broker or sales agent, the principal broker shall notify the division and the associate broker or sales agent of the termination in a manner …

61-2f-305. Restrictions on commissions. (1) Except as provided in Subsection (2), an associate broker or sales agent may not accept valuable consideration for the performance of an act specified in this chapter from a person except the principal broker with whom the associate bro…

61-2f-306. Rights and privileges of real estate licensees to fill out forms or documents. (1) Except as provided in Subsection (2), a real estate licensee may fill out only those legal forms approved by the commission and the attorney general, and those forms provided by statute.…