Terms Used In Utah Code > Title 70D > Chapter 3 > Part 2 - Licensing Requirements and Procedures

• Commissioner: means the commissioner of the department. See Utah Code 70D-1-102
• Continuing education: means education taken by an individual licensed under this chapter in order to meet the education requirements imposed by Section 70D-3-303 to renew a license under this chapter. See Utah Code 70D-3-102
• Depository institution: is a s defined in Section 7-1-103. See Utah Code 70D-1-102
• Fraud: Intentional deception resulting in injury to another.
• 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.
• loan originator: means an individual who for compensation or in the expectation of compensation:
            (12)(a)(i) takes a residential mortgage loan application; or
            (12)(a)(ii) offers or negotiates a term of a residential mortgage loan. See Utah Code 70D-3-102
• Loan processor or underwriter: means an individual who as an employee performs clerical or support duties:
       (13)(a) at the direction of and subject to the supervision and instruction of:

            (13)(a)(i) a licensee; or

            (13)(a)(ii) a registered loan originator; and
       (13)(b) as an employee of:

            (13)(b)(i) the licensee; or

            (13)(b)(ii) a registered loan originator. See Utah Code 70D-3-102
• Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under Secure and Fair Enforcement for Mortgage Licensing, Utah Code 70D-3-102
• 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 70D-3-301 for an individual to obtain a license under this chapter. See Utah Code 70D-3-102
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Registered loan originator: means an individual who:
       (18)(a) engages in an act as a loan originator only as an employee of:

            (18)(a)(i) a depository institution;

            (18)(a)(ii) a covered subsidiary; or

            (18)(a)(iii) an institution regulated by the Farm Credit Administration; and
       (18)(b) is registered with, and maintains a unique identifier through, the nationwide database. See Utah Code 70D-3-102
• Unique identifier: is a s defined in Utah Code 70D-3-102