Utah Code 70D-3-401. Record requirements — Reports of condition
Current as of: 2024 | Check for updates
|
Other versions
(1) An individual required to be licensed under this chapter shall create a record required by rule made by the commissioner in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act .
Terms Used In Utah Code 70D-3-401
- Commissioner: means the commissioner of the department. See Utah Code 70D-1-102
- Licensee: means an individual licensed under this chapter. See Utah Code 70D-3-102
- 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 loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan: means a loan:(6)(a)(i) secured by a mortgage; and(6)(a)(ii) made for personal, family, or household purposes. See Utah Code 70D-1-102
- Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under Secure and Fair Enforcement for Mortgage Licensing, Utah Code 70D-3-102
- 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- residential mortgage loan: means :
(19)(a)(i) a mortgage loan; or(19)(a)(ii) a loan that is:(19)(a)(ii)(A) secured by a mortgage; and(19)(a)(ii)(B) subject to Title 70C, Utah Consumer Credit Code. See Utah Code 70D-3-102(2) An individual required to be licensed under this chapter shall maintain and produce for inspection a record required to be maintained by a rule made by the commissioner in accordance withTitle 63G, Chapter 3, Utah Administrative Rulemaking Act , for four years from the last to occur of the following:(2)(a) the final entry on a residential mortgage loan is made by that licensee;(2)(b) if the residential mortgage loan is serviced by the licensee:(2)(b)(i) the residential mortgage loan is paid in full; or(2)(b)(ii) the licensee ceases to service the residential mortgage loan; or(2)(c) if the residential mortgage loan is not serviced by the licensee, the residential mortgage loan is closed.(3) An individual required to be licensed under this chapter shall maintain and produce for inspection by the commissioner a report of condition submitted to the nationwide database as required by 12 U.S.C. § 5104(e) for at least four years from the day on which the individual submits the report of condition to the nationwide database.