Utah Code 61-2c-302. Record requirements
Current as of: 2024 | Check for updates
|
Other versions
(1) For the time period specified in Subsection (2), a licensee shall make or possess any record required for that licensee by a rule made by the division.
Terms Used In Utah Code 61-2c-302
- 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
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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:
(1)(gg)(i)(A)(1)(gg)(i)(A)(I) takes a residential mortgage loan application;(1)(gg)(i)(A)(II) offers or negotiates terms of a residential mortgage loan for the purpose of:(1)(gg)(i)(A)(II)(Aa) a purchase;(1)(gg)(i)(A)(II)(Bb) a refinance;(1)(gg)(i)(A)(II)(Cc) a loan modification assistance; or(1)(gg)(i)(A)(II)(Dd) a foreclosure rescue; or(1)(gg)(i)(A)(III) directly or indirectly solicits a residential mortgage loan for another person; and(1)(gg)(i)(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
- Person: means an individual or entity. See Utah Code 61-2c-102
- Record: means information that is:
(1)(nn)(i) prepared, owned, received, or retained by a person; and(1)(nn)(ii)(1)(nn)(ii)(A) inscribed on a tangible medium; or(1)(nn)(ii)(B)(1)(nn)(ii)(B)(I) stored in an electronic or other medium; and(1)(nn)(ii)(B)(II) in a perceivable and reproducible form. See Utah Code 61-2c-102- Residential mortgage loan: means an extension of credit, if:
(1)(oo)(i) the loan or extension of credit is secured by a:(1)(oo)(i)(A) mortgage;(1)(oo)(i)(B) deed of trust; or(1)(oo)(i)(C) consensual security interest; and(1)(oo)(ii) the mortgage, deed of trust, or consensual security interest described in Subsection (1)(oo)(i):(1)(oo)(ii)(A) is on a dwelling located in the state; and(1)(oo)(ii)(B) is created with the consent of the owner of the residential real property. See Utah Code 61-2c-102(2) A licensee, or a person required to be licensed under this chapter, shall maintain and safeguard in the licensee’s or the person’s possession a record described in Subsection (1) for four years from the last to occur of the following:(2)(a) the final entry on a residential mortgage loan is made by that licensee;(2)(b) if the residential mortgage loan is serviced by the licensee:(2)(b)(i) the residential mortgage loan is paid in full; or(2)(b)(ii) the licensee ceases to service the residential mortgage loan; or(2)(c) if the residential mortgage loan is not serviced by the licensee, the residential mortgage loan is closed.(3) A licensee shall, upon the division’s request:(3)(a) make available to the division for inspection and copying during normal business hours all records required to be maintained under this chapter; and(3)(b) produce all records described in Subsection (3)(a) that are related to an investigation being conducted by the division at the division office for inspection and copying by the division.(4) A licensee who is an entity shall maintain and produce for inspection by the division a current list of all individuals whose licenses are sponsored by the entity.(5)(5)(a) A licensed entity shall:(5)(a)(i) create, for each quarter of the fiscal year, a report of condition identifying all lending activities, including all loans closed by the entity’s sponsored mortgage loan originators during the quarter;(5)(a)(ii) provide each quarterly report of condition to the nationwide database no later than 75 days after the last day of the reporting quarter; and(5)(a)(iii) maintain each report of condition submitted to the nationwide database as required by 12 U.S.C. § 5104(e) for at least four years from the day on which the licensee submits the report of condition to the nationwide database.(5)(b) Upon request by the division, a mortgage loan originator shall produce a report of condition for inspection by the division.