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Utah Code Title 70D. Financial Institution Mortgage Financing Regulation Act § 70D-3-201. Licensing required--Exemptions

Current as of January 01, 2025 | Updated by Findlaw Staff

(1)(a) On or after January 1, 2011, except as provided in Subsection (2), an individual described in Subsection (1)(b) may not engage in the business of a loan originator unless that individual:

(i) is licensed under this chapter; or

(ii) is a registered loan originator.

(b) This Subsection (1) applies to an employee or agent of:

(i) a depository institution;

(ii) a subsidiary of a depository institution; or

(iii) an affiliate of a depository institution.

(2) An individual described in Subsection (1)(b) may engage in the business of a loan originator without being licensed under this chapter or a registered loan originator when acting as a loan processor or underwriter.

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Cite this article: FindLaw.com - Utah Code Title 70D. Financial Institution Mortgage Financing Regulation Act § 70D-3-201. Licensing required--Exemptions - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-70d-financial-institution-mortgage-financing-regulation-act/ut-code-sect-70d-3-201/

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