70D-2-201. Registration -- Exemptions.

213 words·~1 min read·/ut/title-70d/chapter-2/70d-2-201

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

Effective 5/10/2016

(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 registered with the nationwide database; and

(ii)pays a fee required by Section 70D-2-203 .

(b)The commissioner may by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , provide for the transition of persons registering with the nationwide database.

(2)The following persons are exempt from this part, except for a reimbursement or fee described in Subsection 70D-2-203(2) :

(a)a federally insured depository institution;

(b)a wholly owned subsidiary of a depository institution described in Subsection (2)(a) ; and

(c)a person who:

(i)is required to be licensed with the Division of Real Estate pursuant to Title 61, Chapter 2c, Utah Residential Mortgage Practices and Licensing Act ; and

(ii)is not a:

(A)servicer; or

(B)mortgage lender.

(3)A mortgage lender who is required to be registered under this chapter is not exempt from Title 61, Chapter 2c, Utah Residential Mortgage Practices and Licensing Act .

Amended by Chapter 106 , 2016 General Session