Title 70D, Financial Institution Mortgage Financing Regulation Act

70D-2-104. Ordinance or law by political subdivision prohibited. (1) A county subject to Title 17, Counties, and a municipality subject to Title 10, Utah Municipal Code, may not enact an ordinance or law that: (a) regulates a term of a mortgage loan on a dwelling; or (b) makes th…

70D-2-201. Registration -- Exemptions. (1)(a) Except as provided in Subsection (2), a person may not engage in business as a lender, broker, or servicer in this state before the day on which the person: (i) provides evidence satisfactory to the commissioner that the person is reg…

70D-2-203. Fees -- Examination. (1)(a) A person required to register under this part shall pay to the commissioner: (i) a fee of $200 with the person's initial registration; and (ii) an annual fee, on or before December 31 of each year, in an amount to be set by rule of the commi…

70D-2-301. Record retention. A lender, broker, or servicer shall keep and maintain at all times in its principal place of business the records of a mortgage loan transaction of the lender, broker, or servicer as required by the rules of the commissioner.

70D-2-302. Notice required with loan application. (1) If the following is the case, a lender and broker shall notify in writing a person from whom the lender or broker receives or for whom the lender or broker prepares a written application for a mortgage loan that: (a) the mortg…

70D-2-303. Notice upon closing -- Ongoing duty to notify -- Statements required. (1) At the time of closing of a mortgage loan, a lender shall notify the mortgagor in writing of: (a) the name of the initial servicer that will service the loan; and (b) the address at which a loan …

70D-2-304. Statement to be provided. (1) Unless a servicer regularly provides the information described in this Subsection (1) in a monthly statement to a mortgagor, the servicer shall deliver to a mortgagor, within 15 days after receipt of a written request, a statement of the m…

70D-2-305. Fee restrictions. (1) A lender or broker may not accept a fee or deposit from an applicant for a mortgage loan unless at the time the lender or broker accepts the fee or deposit there is a written statement: (a) signed by the applicant; (b) stating whether or not the f…

70D-2-401. Qualification of manufactured home or mobile home as improvement to real property -- Requirements -- Removal from property. (1) Except as provided in this section, for purposes of this chapter, a manufactured home or mobile home is considered personal property. (2) For…

70D-2-401.5. Qualification of modular home as improvement to real property -- Requirements. (1) Except as provided in this section, for purposes of this chapter, a modular home is considered to be personal property. (2) Once a modular home is constructed on real property and the …

70D-2-501. Civil liability -- Misdemeanor. (1)(a) A lender, broker, or servicer who violates this chapter is liable to an injured party for actual damages. (b) In an action filed to determine the liability of a lender, broker, or servicer for damages under this chapter, the preva…

70D-2-502. Enforcement -- Rulemaking -- Federal law. (1) The commissioner may: (a) in accordance with Title 63G, Chapter 4, Administrative Procedures Act: (i) receive and act on a complaint; (ii) take action designed to obtain voluntary compliance with this chapter; or (iii) comm…

70D-2-503. Investigation. (1)(a) If the commissioner has probable cause to believe that a lender, broker, or servicer has violated a law, rule, or federal regulation relating to its business or an obligation to a mortgagor, the commissioner may investigate to determine if a viola…

70D-2-504. Orders. (1) If the commissioner determines that a person engaging in business as a lender, broker, or servicer is violating, has violated, or the commissioner has reasonable cause to believe is about to violate this chapter or a rule of the commissioner made under this…

70D-2-505. Relief from order. A person aggrieved by a rule, order, temporary order, decision, ruling, or other act or failure to act by the commissioner under this chapter is entitled to judicial review as provided under Title 63G, Chapter 4, Administrative Procedures Act.

70D-2-506. Civil liability. Nothing in this chapter limits any civil liability that may exist against a lender, broker, or servicer for breach of contract or other wrong committed against a mortgagor.

70D-3-101. Title. This chapter is known as the "Financial Institution Loan Originator Licensing Act."

70D-3-102. Definitions. As used in this chapter: (1) "Administrative or clerical tasks" means: (a) the receipt, collection, and distribution of information common for the process or underwriting of a loan in the mortgage industry; and (b) a communication with a consumer to obtain…

70D-3-103. General powers and duties of commissioner. Subject to this chapter: (1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may make rules authorized by this chapter, including: (a) providing for an interim procedure for: (i) l…

70D-3-201. Licensing required -- Exemptions. (1)(a) On or after January 1, 2011, except as provided in Subsection (2), an individual described in Subsection (1)(b) may not engage in the business of a loan originator unless that individual: (i) is licensed under this chapter; or (…

70D-3-202. Qualifications for licensure. To qualify for a license under this chapter an individual shall comply with all of the following, the individual: (1) shall comply with 12 U.S.C. Sec. 5104 to register with and maintain a unique identifier through the nationwide database; …

70D-3-203. Initial licensure procedure. (1) To apply for licensure under this chapter an individual shall: (a) file an application with the commissioner in a form prescribed by the commissioner in rule; (b) demonstrate that the individual provided the information to the nationwid…

70D-3-204. Renewal of license. (1) A license issued under this chapter expires on December 31 of each year. (2) To qualify to renew a license under this chapter an individual shall: (a) meet the requirements of Section 70D-3-202; and (b) complete the annual continuing education r…

70D-3-205. Surety bond requirements. (1)(a) To be licensed under this chapter an individual shall be covered by a surety bond that meets the minimum surety bonding requirements required by rule. (b) If an action is brought against a bond under this chapter, the commissioner may r…

70D-3-206. Challenging information in the nationwide database. The commissioner shall by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, provide a process under which an individual may challenge information contained in the nationwide databa…

70D-3-301. Prelicensing education. (1) Before an individual may be licensed under this chapter, the individual shall complete the number of hours of prelicensing education required by rule made by the commissioner. (2)(a) The commissioner shall make the rules described in Subsect…

70D-3-302. Examination. (1) Before an individual may be licensed under this chapter, the individual shall pass a written examination that: (a) meets the requirements of 12 U.S.C. Sec. 5104(d); (b) is developed by the nationwide database; and (c) is administered by an approved exa…

70D-3-303. Continuing education. (1) A licensee shall annually complete at least the number of hours of continuing education required by rule made by the commissioner. (2)(a) The commissioner shall make the rules described in Subsection (1): (i) in accordance with Title 63G, Chap…

70D-3-401. Record requirements -- Reports of condition. (1) An individual required to be licensed under this chapter shall create a record required by rule made by the commissioner in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. (2) An individual requ…

70D-3-402. Prohibited acts. (1) An individual transacting the business of a loan originator in this state may not: (a) violate or not comply with: (i) this chapter; (ii) an order of the commissioner under this chapter; (iii) a rule made by the commissioner under this chapter; (iv…

70D-3-501. Disciplinary action. (1) The commissioner may through an adjudicative proceeding subject to Title 63G, Chapter 4, Administrative Procedures Act, impose a sanction described in Subsection (2) against an individual if the individual: (a) is licensed or required to be lic…

70D-3-502. Investigations. (1) The commissioner may investigate the actions of: (a) a licensee; or (b) an individual required to be licensed under this chapter. (2) In conducting an investigation or adjudicative proceeding, the commissioner may: (a) administer an oath or affirmat…

70D-4-101. Definitions. (1) "Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. (2) "Financial covenant" means an undertaking to demonstrate an obligor's creditworthiness or the adequacy of s…

70D-4-201. Scope. (1) Except as provided in Subsection (3), this chapter applies to a mortgage modification. (2) This chapter does not affect the following law of this state: (a) law governing the required content of a mortgage; (b) a statute of limitations or other law governing…

70D-4-301. Effect of mortgage modification. (1) For a mortgage modification described in Subsection (2): (a) the mortgage continues to secure the obligation as modified; (b) the priority of the mortgage is not affected by the modification; (c) the mortgage retains the mortgage's …

70D-4-401. Uniformity of application and construction. In applying and construing this uniform act, a court shall consider the promotion of uniformity of the law among jurisdictions that enact it.

70D-4-501. Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Sec. 7001 et seq., but does not modify, limit, or supersede 15 U.S.C. Sec. 7001(…

70D-4-601. Transitional Provision. This chapter applies to a mortgage modification made on or after May 7, 2025, regardless of when the mortgage or the obligation was created.