61-2c-201.2. Temporary authorization to act as a mortgage loan originator.

477 words·~2 min read·/ut/title-61/chapter-2c/61-2c-201-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/14/2019

(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 mortgage loans employs the individual;

(b)the individual submits an application for licensure as a mortgage loan originator in accordance with Section 61-2c-202 ;

(c)the individual demonstrates that the individual:

(A)is registered as a mortgage loan originator with a depository institution; and

(B)was registered in the nationwide database as a mortgage loan originator during the one-year period before the day on which the individual submitted the application described in Subsection (1)(b) ; or

(ii)was licensed as a mortgage loan originator in another state during the 30-day period before the day on which the individual submitted the application described in Subsection (1)(b) ; and

(d)the individual has not in any governmental jurisdiction:

(i)had an application for licensure as a mortgage loan originator denied;

(ii)had a mortgage loan originator license revoked or suspended;

(iii)been subject to, or served with, a cease and desist order in connection with a residential mortgage loan transaction; or

(iv)been convicted of, pled guilty to, pled no contest to, or resolved by a plea in abeyance agreement, a crime that would preclude the individual from licensure as a residential mortgage loan originator, as provided by rule the division makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act .

(2)Temporary authorization for an individual who meets the requirements described in Subsection

(1)to act as a mortgage loan originator:

(a)begins the day on which the individual submits an application in accordance with Section 61-2c-202 ; and

(b)ends the day on which any of the following occurs:

(i)the individual withdraws the application described in Subsection (2)(a) ;

(ii)the division denies the application described in Subsection (2)(a) ;

(iii)the division grants the application described in Subsection (2)(a) ; or

(iv)120 days pass after the day on which the individual submits an application for registration in the nationwide database.

(3)A person employing an individual with temporary authorization under this section is subject to the requirements of this chapter to the same extent as if the individual was licensed in this state as a mortgage loan originator.

(4)An individual with temporary authorization under this section is subject to the requirements of this chapter to the same extent as an individual licensed in this state as a mortgage loan originator.

(5)In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , the division may make rules regulating the temporary authority of an individual to act as a mortgage loan originator in accordance with this section.

Enacted by Chapter 337 , 2019 General Session