70D-2-203. Fees -- Examination.

292 words·~1 min read·/ut/title-70d/chapter-2/70d-2-203

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Effective 5/12/2015

(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 commissioner subject to Subsection (1)(b) .

(b)The commissioner:

(i)subject to Subsection (1)(b)(ii) , shall set the annual renewal fee at an amount that generates sufficient revenue to cover the department's costs of administering this chapter; and

(ii)may not set an annual renewal fee that exceeds $100 per renewal.

(a)The commissioner may require a lender, broker, or servicer to make a record of the lender, broker, or servicer relating to its activities as a lender, broker, or servicer available to the commissioner or the commissioner's authorized representative for examination.

(b)A lender, broker, or servicer described in Subsection (2)(a) shall:

(i)reimburse the department for travel and other reasonable and necessary costs incurred in the examination described in Subsection (2)(a) ; and

(ii)pay to the commissioner a fee set by the commissioner based on an hourly rate per each examiner, not to exceed $55 per hour for each examiner.

(3)No portion of a fee paid or owed to the commissioner under this section is refundable because a person voluntarily or involuntarily ceases to do business as a lender, broker, or servicer:

(a)during the period covered by the fee; or

(b)before the time of an examination by the commissioner of a record pertaining to a transaction preceding the day on which the person ceases to do business as a lender, broker, or servicer.

Amended by Chapter 284 , 2015 General Session