Utah Code 61-2c-203. General qualifications for licensure
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(1) To qualify for licensure under this chapter, a person shall demonstrate through procedures established by rule made by the division in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act:
Terms Used In Utah Code 61-2c-203
- Applicant: means a person applying for a license under this chapter. See Utah Code 61-2c-102
- Commission: means the Residential Mortgage Regulatory Commission created in Section
61-2c-104 . See 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
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means an individual or entity. 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.
(1)(a) financial responsibility;(1)(b) honesty, integrity, and truthfulness; and(1)(c) the competence to transact the business of residential mortgage loans, including general fitness such as to command the confidence of the community and to warrant a determination that the person will operate honestly, fairly, and efficiently within the purposes of this chapter.
(2) If an applicant is an entity, the applicant may not have a control person who fails to meet the requirements of Subsection (1) for an individual applicant.
(3)
(3)(a) The division shall determine whether an applicant with a criminal history qualifies for licensure.
(3)(b) If the division, acting under Subsection (3)(a), denies or restricts a license or places a license on probation, the applicant may petition the commission for de novo review of the application.