Title 61, Securities Division - Real Estate Division

61-1-6. Sanctions. (1) Subject to the other provisions of this section and by means of an adjudicative proceeding conducted in accordance with Title 63G, Chapter 4, Administrative Procedures Act: (a) the commission may issue an order: (i) suspending or revoking a license; (ii) ba…

61-1-6.5. Court-ordered discipline. The division shall promptly withhold, suspend, restrict, or reinstate the use of a license issued under this chapter if so ordered by a court.

61-1-7. Registration before sale. It is unlawful for any person to offer or sell any security in this state unless it is registered under this chapter, the security or transaction is exempted under Section 61-1-14, or the security is a federal covered security for which a notice …

61-1-9. Registration by coordination. (1) A security for which a registration statement is filed under the Securities Act of 1933 in connection with the same offering may be registered by coordination. (2) A registration statement under this section shall contain the following in…

61-2-101. Title. This chapter is known as the "Division of Real Estate."

61-2-102. Definitions. As used in this chapter: (1) "Department" means the Department of Commerce. (2) "Director" means the director of the division appointed under Section 61-2-201. (3) "Division" means the Division of Real Estate created in Section 61-2-201. (4) "Executive dire…

61-2-201. Division of Real Estate created -- Director appointed -- Personnel. (1) There is created within the department a Division of Real Estate. The division is responsible for the administration and enforcement of: (a) this chapter; (b) Title 57, Chapter 11, Utah Uniform Land…

61-2-202. Powers and duties of the director or division. (1) On or before October 1 of each year, in conjunction with the department, the director shall report to the governor and the Legislature concerning the division's work for the fiscal year immediately preceding the report.…

61-2-203. Adjudicative proceedings -- Citation authority. (1) The division shall comply with Title 63G, Chapter 4, Administrative Procedures Act, in an adjudicative proceeding under a chapter the division administers. (2) The division may initiate an adjudicative proceeding throu…

61-2-204. Utah Housing Opportunity Restricted Account. (1) For purposes of this section, "account" means the Utah Housing Opportunity Restricted Account created by this section. (2) There is created in the General Fund a restricted account known as the "Utah Housing Opportunity R…

61-2-205. Concurrence. (1) If a provision under this title requires concurrence between the director or division and a commission or board created under this title and no concurrence can be reached, the director or division has final authority. (2) When this title requires concur…

61-2c-101. Title. This chapter is known as the "Utah Residential Mortgage Practices and Licensing Act."

61-2c-102. Definitions. (1) As used in this chapter: (a) "Affiliation" means that a mortgage loan originator is associated with a principal lending manager in accordance with Section 61-2c-209. (b) "Applicant" means a person applying for a license under this chapter. (c) "Approve…

61-2c-103. Powers and duties of the division. (1) The division shall administer this chapter. (2) In addition to a power or duty expressly provided in this chapter, the division may: (a) receive and act on a complaint including: (i) taking action designed to obtain voluntary comp…

61-2c-104. Residential Mortgage Regulatory Commission. (1)(a) There is created within the division the "Residential Mortgage Regulatory Commission" consisting of the following members appointed by the executive director with the approval of the governor: (i) four members who: (A)…

61-2c-105. Scope of chapter -- Exemptions. (1)(a) 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. (b) Thi…

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

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 m…

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 mortga…

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 whi…

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 resp…

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…

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 ca…

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 r…

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 sponsor…

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 pursuin…

61-2c-301. Prohibited conduct -- Violations of the chapter. (1) As used in this section: (a) "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. (b)(i) "Solicitation" mean…

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

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

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

61-2c-403. Cease and desist orders. (1)(a) 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: (i) the director has reason to believe that the person has been engaged, is engaging in, or is about to …

61-2c-404. Civil actions. (1)(a) 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: (i) commission; (ii) compensation; or (iii) profit. (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: (a) is guilty of a class A misdemeanor u…

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: (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 transa…

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.…

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 j…

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 t…

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: (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 recovere…

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

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 …

61-2d-101. Title. This chapter is known as the "Utah High Cost Home Loan Act."