Utah Code 70D-2-203. Fees — Examination
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Terms Used In Utah Code 70D-2-203
- 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
- Department: means the Department of Financial Institutions. See Utah Code 70D-1-102
- Lender: includes a mortgage lender. See 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
- Record: means information that is:
(8)(a) inscribed on a tangible medium; or(8)(b) stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 70D-1-102- 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
(1)(a) A person required to register under this part shall pay to the commissioner:(1)(a)(i) a fee of $200 with the person’s initial registration; and(1)(a)(ii) an annual fee, on or before December 31 of each year, in an amount to be set by rule of the commissioner subject to Subsection (1)(b).(1)(b) The commissioner:(1)(b)(i) subject to Subsection (1)(b)(ii), shall set the annual renewal fee at an amount that generates sufficient revenue to cover the department‘s costs of administering this chapter; and(1)(b)(ii) may not set an annual renewal fee that exceeds $100 per renewal.(2)(2)(a) The commissioner may require a lender, broker, or servicer to make a record of the lender, broker, or servicer relating to its activities as a lender, broker, or servicer available to the commissioner or the commissioner’s authorized representative for examination.(2)(b) A lender, broker, or servicer described in Subsection (2)(a) shall:(2)(b)(i) reimburse the department for travel and other reasonable and necessary costs incurred in the examination described in Subsection (2)(a); and(2)(b)(ii) pay to the commissioner a fee set by the commissioner based on an hourly rate per each examiner, not to exceed $55 per hour for each examiner.(3) No portion of a fee paid or owed to the commissioner under this section is refundable because a person voluntarily or involuntarily ceases to do business as a lender, broker, or servicer:(3)(a) during the period covered by the fee; or(3)(b) before the time of an examination by the commissioner of a record pertaining to a transaction preceding the day on which the person ceases to do business as a lender, broker, or servicer. - Record: means information that is: