70D-3-201. Licensing required -- Exemptions.

125 words·~1 min read·/ut/title-70d/chapter-3/70d-3-201

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

(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

(ii)is a registered loan originator.

(b)This Subsection

(1)applies to an employee or agent of:

(i)a depository institution;

(ii)a subsidiary of a depository institution; or

(iii)an affiliate of a depository institution.

(2)An individual described in Subsection (1)(b) may engage in the business of a loan originator without being licensed under this chapter or a registered loan originator when acting as a loan processor or underwriter.

Enacted by Chapter 72 , 2009 General Session