Utah Code 70D-2-201. Registration — Exemptions
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Terms Used In Utah Code 70D-2-201
- broker: means a person who in the regular course of business assists a person in obtaining a mortgage loan for a fee or other consideration paid directly or indirectly. See Utah Code 70D-2-102
- Commissioner: means the commissioner of the department. See Utah Code 70D-1-102
- Depository institution: is a s defined in Section
7-1-103 . See Utah Code 70D-1-102 - 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.
- Lender: includes a mortgage lender. See Utah Code 70D-2-102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means a mortgage or deed of trust affecting real property located in this state. See Utah Code 70D-1-102
- Mortgage lender: means an entity that performs each of the following related to originating a mortgage loan:(7)(a) taking and processing an application;(7)(b) providing a required disclosure;(7)(c) in some circumstances, underwriting the mortgage loan and making the final credit approval decision;(7)(d) closing the mortgage loan in its name;(7)(e) funding the mortgage loan; and(7)(f) selling the mortgage loan to an investor. See Utah Code 70D-2-102
- Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under Utah Code 70D-2-102
- Person: means :
(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5- Servicer: means a person who in the regular course of business assumes responsibility for servicing and accepting payments for a mortgage loan. See Utah Code 70D-2-102
- State: means :
(10)(a) a state, territory, or possession of the United States;(10)(b) the District of Columbia; or(10)(c) the Commonwealth of Puerto Rico. See Utah Code 70D-1-102(1)(a) Except as provided in Subsection (2), a person may not engage in business as a lender, broker, or servicer in this state before the day on which the person:(1)(a)(i) provides evidence satisfactory to the commissioner that the person is registered with the nationwide database; and(1)(a)(ii) pays a fee required by Section 70D-2-203.(1)(b) The commissioner may by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, provide for the transition of persons registering with the nationwide database.(2) The following persons are exempt from this part, except for a reimbursement or fee described in Subsection 70D-2-203(2):(2)(a) a federally insured depository institution;(2)(b) a wholly owned subsidiary of a depository institution described in Subsection (2)(a); and(2)(c) a person who:(2)(c)(i) is required to be licensed with the Division of Real Estate pursuant to Title 61, Chapter 2c, Utah Residential Mortgage Practices and Licensing Act; and(2)(c)(ii) is not a:(2)(c)(ii)(A) servicer; or(2)(c)(ii)(B) mortgage lender.(3) A mortgage lender who is required to be registered under this chapter is not exempt from Title 61, Chapter 2c, Utah Residential Mortgage Practices and Licensing Act.