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
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 61-2c-204. See Utah Code 61-2c-102
Federal licensing requirements: means Secure and Fair Enforcement for Mortgage Licensing, 12 U. See Utah Code 61-2c-102
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
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:
(A)
(I)
takes a residential mortgage loan application;
(II)
offers or negotiates terms of a residential mortgage loan for the purpose of:
(Aa)
a purchase;
(Bb)
a refinance;
(Cc)
a loan modification assistance; or
(Dd)
a foreclosure rescue; or
(III)
directly or indirectly solicits a residential mortgage loan for another person; and
(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
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 61-2c-204. See Utah Code 61-2c-102
State: means :
(i)
a state, territory, or possession of the United States;
certification criteria and procedures to become a certified education provider; and
(ii)
standards of conduct for a certified education provider.
(c)
In accordance with the rules described in Subsection (2)(b), the division shall certify a person to provide the education described in Subsection (2)(a).
(d)
(i)
Upon request, the division shall make available to the public a list of the names and addresses of certified education providers either directly or through a third party.
(ii)
A person who requests a list under this Subsection (2)(d) shall pay the costs incurred by the division to make the list available.
(e)
In certifying a person as a certified education provider, the division by rule may:
(i)
distinguish between an individual instructor and an entity that provides education; or
(ii)
approve Utah-specific prelicensing education.
(3)
(a)
The division may not:
(i)
license an individual under this chapter as a mortgage loan originator who has not completed the prelicensing education required by this section:
(A)
before taking the licensing examinations required by Subsection (4);
that includes the prelicensing education required by federal licensing regulations;
(ii)
subject to Subsection (6), renew a license of an individual who has not completed the continuing education required by this section and Section 61-2c-205:
that includes the continuing education required by federal licensing regulations; or
(iii)
license an individual under this chapter as a lending manager who has not completed the prelicensing education required by Section 61-2c-206 before taking the licensing examination required by Section 61-2c-206.
(b)
Subject to Subsection (3)(a) and with the concurrence of the division, the commission shall determine:
(i)
except as provided in Subsection 61-2c-206(1)(b), the appropriate number of hours of prelicensing education required to obtain a license;
(ii)
the subject matters of the prelicensing education required under this section and Section 61-2c-206, including online education or distance learning options;
(iii)
the appropriate number of hours of continuing education required to renew a license, including additional continuing education required for a new loan originator; and
(iv)
the subject matter of courses the division may accept for continuing education purposes.
(c)
The commission may appoint a committee to make recommendations to the commission concerning approval of prelicensing education and continuing education courses, except that the commission shall appoint at least one member to the committee to represent each association that represents a significant number of individuals licensed under this chapter.
The division may not license an individual under this chapter unless that individual first passes the qualified written national test developed by the nationwide database that includes the uniform state test content that:
(i)
meets the minimum federal licensing requirements; and
(ii)
is administered by an approved examination provider.
(b)
The commission, with the concurrence of the division, shall determine the requirements for the lending manager licensing examination required under Section 61-2c-206 that tests the applicant‘s knowledge of:
(i)
fundamentals of the English language;
(ii)
arithmetic;
(iii)
provisions of this chapter;
(iv)
advanced residential mortgage principles and practices; and
(v)
other aspects of Utah law the commission, with the concurrence of the division, determines appropriate.
(c)
An individual who will engage in an activity as a mortgage loan originator, is not considered to have passed a licensing examination if that individual has not met the minimum competence requirements of 12 U.S.C. § 5104(d)(3).
(5)
When reasonably practicable, the commission and the division shall make the Utah-specific education requirements described in this section available electronically through one or more distance education methods approved by the commission and division.
(6)
(a)
In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission, with the concurrence of the division, shall make rules establishing procedures under which a licensee may be exempted from a Utah-specific continuing education requirement:
(i)
for a period not to exceed four years; and
(ii)
upon a finding of reasonable cause.
(b)
An individual who engages in an activity as a mortgage loan originator may not under this Subsection (6) be exempted from the minimum continuing education required under federal licensing regulations for an individual who engages in an activity as a mortgage loan originator.
