Terms Used In Utah Code > Title 61 > Chapter 2c > Part 2 - Licensure

• Affiliation: means that a mortgage loan originator is associated with a principal lending manager in accordance with Section 61-2c-209. See Utah Code 61-2c-102
• Applicant: means a person applying for a license under this chapter. See Utah Code 61-2c-102
• Approved examination provider: means a person approved by the nationwide database or by the division as an approved test provider. See Utah Code 61-2c-102
• Associate lending manager: means an individual who:
            (1)(d)(i) qualifies under this chapter as a principal lending manager; and
            (1)(d)(ii) works by or on behalf of another principal lending manager in transacting the business of residential mortgage loans. See Utah Code 61-2c-102
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Branch lending manager: means an individual who is:
            (1)(f)(i) licensed as a lending manager; and
            (1)(f)(ii) designated in the nationwide database by the individual's sponsoring entity as being responsible to work from a branch office and to supervise the business of residential mortgage loans that is conducted at the branch office. See Utah Code 61-2c-102
• Business of residential mortgage loans: means for compensation or in the expectation of compensation to:
                 (1)(i)(i)(A) engage in an act that makes an individual a mortgage loan originator;
                 (1)(i)(i)(B) make or originate a residential mortgage loan;
                 (1)(i)(i)(C) directly or indirectly solicit a residential mortgage loan for another;
                 (1)(i)(i)(D) unless exempt under Section 61-2c-105 or excluded under Subsection (1)(i)(ii), render services related to the origination of a residential mortgage loan including:

                      (1)(i)(i)(D)(I) preparing a loan package;

                      (1)(i)(i)(D)(II) communicating with the borrower or lender;

                      (1)(i)(i)(D)(III) advising on a loan term;

                      (1)(i)(i)(D)(IV) receiving, collecting, or distributing information common for the processing or underwriting of a loan in the mortgage industry; or

                      (1)(i)(i)(D)(V) communicating with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan; or
                 (1)(i)(i)(E) engage in loan modification assistance. See Utah Code 61-2c-102
• Certified education provider: means a person who is certified under Section Utah Code 61-2c-102
• Commission: means the Residential Mortgage Regulatory Commission created in Section 61-2c-104. See Utah Code 61-2c-102
• Concurrence: means that entities given a concurring role must jointly agree for the action to be taken. See Utah Code 61-2c-102
• Continuing education: means education an individual takes in order to meet the education requirements imposed by Sections Utah Code 61-2c-102
• Control person: means an individual identified by an entity registered with the nationwide database as being an individual directing the management or policies of the entity. See Utah Code 61-2c-102
• Conviction: A judgement of guilt against a criminal defendant.
• Depository institution: means the same as that term is defined in Section 7-1-103. See Utah Code 61-2c-102
• Director: means the director of the division. See Utah Code 61-2c-102
• Division: means the Division of Real Estate. See Utah Code 61-2c-102
• Entity: means :
            (1)(x)(i) a corporation;
            (1)(x)(ii) a limited liability company;
            (1)(x)(iii) a partnership;
            (1)(x)(iv) a company;
            (1)(x)(v) an association;
            (1)(x)(vi) a joint venture;
            (1)(x)(vii) a business trust;
            (1)(x)(viii) a trust; or
            (1)(x)(ix) another organization. See Utah Code 61-2c-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.
• Executive director: means the executive director of the Department of Commerce. See Utah Code 61-2c-102
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• Federal licensing requirements: means Secure and Fair Enforcement for Mortgage Licensing, Utah Code 61-2c-102
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lending manager: means an individual licensed as a lending manager under Section 61-2c-206 to transact the business of residential mortgage loans. See Utah Code 61-2c-102
• Licensee: means a person licensed with the division under this chapter. See Utah Code 61-2c-102
• Licensing examination: means the examination required by Section Utah Code 61-2c-102
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan originator: means an individual who, for compensation or in expectation of compensation:
                 (1)(gg)(i)(A)

                      (1)(gg)(i)(A)(I) takes a residential mortgage loan application;

                      (1)(gg)(i)(A)(II) offers or negotiates terms of a residential mortgage loan for the purpose of:

                           (1)(gg)(i)(A)(II)(Aa) a purchase;

                           (1)(gg)(i)(A)(II)(Bb) a refinance;

                           (1)(gg)(i)(A)(II)(Cc) a loan modification assistance; or

                           (1)(gg)(i)(A)(II)(Dd) a foreclosure rescue; or

                      (1)(gg)(i)(A)(III) directly or indirectly solicits a residential mortgage loan for another person; and
                 (1)(gg)(i)(B) is licensed as a mortgage loan originator in accordance with this chapter. See Utah Code 61-2c-102
• Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under federal licensing requirements. See Utah Code 61-2c-102
• Person: means an individual or entity. See Utah Code 61-2c-102
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Prelicensing education: means education taken by an individual seeking to be licensed under this chapter in order to meet the education requirements imposed by Section Utah Code 61-2c-102
• Principal lending manager: means an individual:
            (1)(ll)(i) licensed as a lending manager under Section 61-2c-206; and
            (1)(ll)(ii) identified in the nationwide database by the individual's sponsoring entity as the entity's principal lending manager. See Utah Code 61-2c-102
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Record: means information that is:
            (1)(nn)(i) prepared, owned, received, or retained by a person; and
            (1)(nn)(ii)

                 (1)(nn)(ii)(A) inscribed on a tangible medium; or

                 (1)(nn)(ii)(B)

                      (1)(nn)(ii)(B)(I) stored in an electronic or other medium; and

                      (1)(nn)(ii)(B)(II) in a perceivable and reproducible form. See Utah Code 61-2c-102
• Residential mortgage loan: means an extension of credit, if:
            (1)(oo)(i) the loan or extension of credit is secured by a:

                 (1)(oo)(i)(A) mortgage;

                 (1)(oo)(i)(B) deed of trust; or

                 (1)(oo)(i)(C) consensual security interest; and
            (1)(oo)(ii) the mortgage, deed of trust, or consensual security interest described in Subsection (1)(oo)(i):

                 (1)(oo)(ii)(A) is on a dwelling located in the state; and

                 (1)(oo)(ii)(B) is created with the consent of the owner of the residential real property. See Utah Code 61-2c-102
• Sponsorship: means an association in accordance with Section 61-2c-209 between an individual licensed under this chapter and an entity licensed under this chapter. See Utah Code 61-2c-102
• 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
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Utah-specific: means an educational requirement under this chapter that relates specifically to Utah. See Utah Code 61-2c-102