Utah Code 7-25-203. License qualifications
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(1) An applicant for a license shall:
Terms Used In Utah Code 7-25-203
- Applicant: means a person filing an application for a license under this chapter. See Utah Code 7-25-102
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Executive officer: means the licensee's president, chair of the executive committee, executive vice president, treasurer, chief financial officer, or any other person who performs similar functions. See Utah Code 7-25-102
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fraud: Intentional deception resulting in injury to another.
- Key shareholder: means a person, or group of persons acting in concert, who is the owner of 20% or more of a class of an applicant's stock. See Utah Code 7-25-102
- Licensee: means a person licensed under this chapter. See Utah Code 7-25-102
- Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under Utah Code 7-25-102
- Person: means :(27)(a) an individual;(27)(b) a corporation;(27)(c) a limited liability company;(27)(d) a partnership;(27)(e) a trust;(27)(f) an association;(27)(g) a joint venture;(27)(h) a pool;(27)(i) a syndicate;(27)(j) a sole proprietorship;(27)(k) an unincorporated organization; or(27)(l) any form of business entity. See Utah Code 7-1-103
- State: means , unless the context demands otherwise:
(33)(a) a state;(33)(b) the District of Columbia; or(33)(c) the territories of the United States. See Utah Code 7-1-103(1)(a) demonstrate, and a licensee shall maintain, a net worth of not less than $1,000,000 as demonstrated by a financial statement for the most recent fiscal year that is prepared and certified by an independent auditor and is satisfactory to the commissioner; and(1)(b) demonstrate experience, character, and general fitness to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly.(2) A corporate applicant, at the time of filing of an application for a license under this chapter and at all times after a license is issued, shall be in good standing in the state of its incorporation. A noncorporate applicant shall, at the time of the filing of an application for a license under this chapter and at all times after a license is issued, be qualified to do business in the state.(3) Subject to the commissioner’s discretion, a person may not be licensed under this chapter to do business in the state:(3)(a) if the person has been convicted of, or pled guilty or no contest to, a felony:(3)(a)(i) during the seven years preceding the day on which the individual files an application; or(3)(a)(ii) at any time, if the felony involves an act of:(3)(a)(ii)(A) fraud;(3)(a)(ii)(B) dishonesty;(3)(a)(ii)(C) breach of trust; or(3)(a)(ii)(D) money laundering; or(3)(b) if an executive officer, key shareholder, or director of the person has been convicted of, or pled guilty or no contest to, a felony:(3)(b)(i) during the seven years preceding the day on which the individual files an application; or(3)(b)(ii) at any time, if the felony involves an act of:(3)(b)(ii)(A) fraud;(3)(b)(ii)(B) dishonesty;(3)(b)(ii)(C) breach of trust; or(3)(b)(ii)(D) money laundering.(4) The applicant shall submit evidence satisfactory to the commissioner that the person is registered with the nationwide database.(5) The commissioner may by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, provide for the transition of persons being licensed under this chapter. - State: means , unless the context demands otherwise: