This chapter does not apply to:
(1)
a bona fide nonprofit corporation that grants a first mortgage loan to promote home ownership for low and moderate income borrowers;
Terms Used In Utah Code 70D-2-103 Corporation : A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.Lender : includes a mortgage lender. See Utah Code 70D-2-102 Mortgage : The written agreement pledging property to a creditor as collateral for a loan.Mortgage : means a mortgage or deed of trust affecting real property located in this state. See Utah Code 70D-1-102 Mortgage loan : means a loan:(i) secured by a mortgage; and
(ii) made for personal, family, or household purposes. See Utah Code 70D-1-102 Mortgage loan : A loan made by a lender to a borrower for the financing of real property. Source: OCC State : means :(a) a state, territory, or possession of the United States;
(b) the District of Columbia; or
(c) the Commonwealth of Puerto Rico. See Utah Code 70D-1-102
(2)
an agency of the following that grants a first mortgage loan under a specific federal or state law:
(a)
the federal government;
(b)
a state, county, or municipal government; or
(c)
a quasi-governmental agency;
(3)
a casual lender that makes less than five mortgage loans a year; or
(4)
a mortgage loan of two years or less.
Renumbered and Amended by Chapter 72 , 2009 General Session
