(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:

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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.

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