Utah Code 61-2c-502. Additional license fee
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(1) An individual who applies for or renews a license shall pay, in addition to any other fee required under this chapter, a reasonable annual fee:
Terms Used In Utah Code 61-2c-502
- Branch office: means a licensed entity's office:(1)(g)(i) for the transaction of the business of residential mortgage loans regulated under this chapter;(1)(g)(ii) other than the main office of the licensed entity; and(1)(g)(iii) that operates under:(1)(g)(iii)(A) the same business name as the licensed entity; or(1)(g)(iii)(B) another trade name that is registered with the division under the entity license. See Utah Code 61-2c-102
- Certified education provider: means a person who is certified under Section
Utah Code 61-2c-102 - Commission: means the Residential Mortgage Regulatory Commission created in Section
61-2c-104 . See Utah Code 61-2c-102 - Concurrence: means that entities given a concurring role must jointly agree for the action to be taken. See Utah Code 61-2c-102
- Continuing education: means education an individual takes in order to meet the education requirements imposed by Sections
Utah Code 61-2c-102 - Division: means the Division of Real Estate. See Utah Code 61-2c-102
- Entity: means :(1)(x)(i) a corporation;(1)(x)(ii) a limited liability company;(1)(x)(iii) a partnership;(1)(x)(iv) a company;(1)(x)(v) an association;(1)(x)(vi) a joint venture;(1)(x)(vii) a business trust;(1)(x)(viii) a trust; or(1)(x)(ix) another organization. See Utah Code 61-2c-102
- Fund: means the Residential Mortgage Loan Education, Research, and Recovery Fund created in Section
61-2c-501 . See Utah Code 61-2c-501.5 - Licensee: means a person licensed with the division under this chapter. See Utah Code 61-2c-102
(1)(a) determined by the division with the concurrence of the commission; and
(1)(b) not to exceed $18.
(2)
(2)(a) An entity that applies for or renews an entity license shall pay, in addition to any other fee required under this chapter, a reasonable annual fee:
(2)(a)(i) determined by the division with the concurrence of the commission; and
(2)(a)(ii) not to exceed $25.
(2)(b) This Subsection (2) applies:
(2)(b)(i) notwithstanding that an entity is operating under an assumed name registered with the division as required by Subsection 61-2c-201(5); and
(2)(b)(ii) to each branch office of an entity that is licensed under this chapter.
(3) Notwithstanding Section 13-1-2, the following shall be paid into the fund to be used as provided in this part:
(3)(a) a fee provided in this section;
(3)(b) a fee for certifying:
(3)(b)(i) a school as a certified education provider;
(3)(b)(ii) a prelicensing or continuing education course; or
(3)(b)(iii) a prelicensing or continuing education provider as an instructor; and
(3)(c) a civil penalty imposed under this chapter.
(4) If the balance in the fund that is available to satisfy a judgment against a licensee decreases to less than $100,000, the division may make an additional assessment to a licensee to maintain the balance available at $100,000 to satisfy judgments.