Utah Code 70D-2-502. Enforcement — Rulemaking — Federal law
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(1) The commissioner may:
Terms Used In Utah Code 70D-2-502
- Commissioner: means the commissioner of the department. See Utah Code 70D-1-102
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Lender: includes a mortgage lender. See Utah Code 70D-2-102
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Servicer: means a person who in the regular course of business assumes responsibility for servicing and accepting payments for a mortgage loan. See Utah Code 70D-2-102
- State: means :
(10)(a) a state, territory, or possession of the United States;(10)(b) the District of Columbia; or(10)(c) the Commonwealth of Puerto Rico. See Utah Code 70D-1-102(1)(a) in accordance withTitle 63G, Chapter 4, Administrative Procedures Act :(1)(a)(i) receive and act on a complaint;(1)(a)(ii) take action designed to obtain voluntary compliance with this chapter; or(1)(a)(iii) commence a proceeding on the commissioner’s own initiative to enforce compliance with this chapter;(1)(b) counsel a person or group on the person’s or group’s rights and duties under this chapter;(1)(c) make rules in accordance withTitle 63G, Chapter 3, Utah Administrative Rulemaking Act , to:(1)(c)(i) restrict or prohibit a lending or servicing practice that is misleading, unfair, or abusive;(1)(c)(ii) promote or assure fair and full disclosure of the terms and conditions of an agreement or communication between:(1)(c)(ii)(A) a lender or servicer; and(1)(c)(ii)(B) a borrower; or(1)(c)(iii) promote or assure uniform application of or to resolve ambiguities in applicable state or federal laws or federal regulations; and(1)(d) employ hearing examiners, clerks, and other employees and agents as necessary to perform the commissioner’s duties under this chapter.(2)(2)(a) A person subject to this chapter violates this chapter if the person violates a federal law:(2)(a)(i) that is applicable to the person because of the activities that make the person subject to this chapter; and(2)(a)(ii) pursuant to the terms of the federal law in effect on the day the person violates the federal law.(2)(b) The commissioner shall by rule, made in accordance withTitle 63G, Chapter 3, Utah Administrative Rulemaking Act , and consistent with this chapter, designate which one or more federal laws are applicable to a person described in Subsection(2)(a) .(2)(c)(2)(c)(i) Notwithstanding the other provisions of this chapter, only the commissioner may enforce or bring an action under this chapter for a violation described in this Subsection(2) .(2)(c)(ii) The commissioner may bring an action under this Subsection(2) in state court.