Utah Code 70D-3-103. General powers and duties of commissioner
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Subject to this chapter:
(1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , the commissioner may make rules authorized by this chapter, including:
Terms Used In Utah Code 70D-3-103
- Commissioner: means the commissioner of the department. See Utah Code 70D-1-102
- Contract: A legal written agreement that becomes binding when signed.
- Licensee: means an individual licensed under this chapter. See Utah Code 70D-3-102
- Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under Secure and Fair Enforcement for Mortgage Licensing, Utah Code 70D-3-102
- 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
- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
- Record: means information that is:
(8)(a) inscribed on a tangible medium; or(8)(b) stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 70D-1-102(1)(a) providing for an interim procedure for:(1)(a)(i) licensing; and(1)(a)(ii) acceptance of an application; and(1)(b) coordination between filings required under this chapter and:(1)(b)(i)Title 70C, Utah Consumer Credit Code ; or(1)(b)(ii)Chapter 2, Mortgage Lending and Servicing Act .(2) The commissioner may enter into a relationship or contract with the nationwide database or another entity designated by the nationwide database to do the following related to a licensee or other person subject to this chapter:(2)(a) collect or maintain a record; and(2)(b) process a transaction fee or other fee.(3) The commissioner shall regularly report the following to the nationwide database:(3)(a) a violation of this chapter;(3)(b) disciplinary action under Section70D-3-501 ; and(3)(c) other information relevant to this chapter.