Utah Code 61-2c-510. Money accumulated — Purpose
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(1) The division may use money accumulated in the fund in excess of the amount necessary to satisfy claims to:
Terms Used In Utah Code 61-2c-510
- Division: means the Division of Real Estate. See Utah Code 61-2c-102
- Fraud: Intentional deception resulting in injury to another.
- Fund: means the Residential Mortgage Loan Education, Research, and Recovery Fund created in Section
61-2c-501 . See Utah Code 61-2c-501.5 - Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: means :(1)(tt)(i) a state, territory, or possession of the United States;(1)(tt)(ii) the District of Columbia; or(1)(tt)(iii) the Commonwealth of Puerto Rico. See Utah Code 61-2c-102(1)(a) investigate violations of this chapter related to fraud; and(1)(b) advance education and research in the field of residential mortgage loans.
(2) The division may use the excess money described in Subsection (1) only in a manner consistent with Subsection (1) , including for:
(2)(a) courses sponsored by the division;
(2)(b) courses offered by the division in conjunction with a university or college in Utah;
(2)(c) contracting for a research project for the state in the field of residential mortgage loans;
(2)(d) funding the salaries and training expenses of division staff members who are employed in positions related to the education of mortgage licensees;
(2)(e) funding the training expenses of division staff members who are employed in positions conducting investigations of complaints under this chapter; and
(2)(f) publishing and distributing educational materials to:
(2)(f)(i) licensees; and
(2)(f)(ii) applicants for licensure.