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
Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
(a)
financial responsibility;
(b)
honesty, integrity, and truthfulness; and
(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)
(a)
The division shall determine whether an applicant with a criminal history qualifies for licensure.
(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.
