Utah Code 70D-3-202. Qualifications for licensure
Current as of: 2024 | Check for updates
|
Other versions
To qualify for a license under this chapter an individual shall comply with all of the following, the individual:
(1) shall comply with 12 U.S.C. § 5104 to register with and maintain a unique identifier through the nationwide database;
Terms Used In Utah Code 70D-3-202
- Fraud: Intentional deception resulting in injury to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- loan originator: means an individual who for compensation or in the expectation of compensation:(12)(a)(i) takes a residential mortgage loan application; or(12)(a)(ii) offers or negotiates a term of a residential mortgage loan. 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
- 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 70D-3-301 for an individual to obtain a license under this chapter. See Utah Code 70D-3-102
- Unique identifier: is a s defined in Utah Code 70D-3-102
(2) may not have had a loan originator license revoked in a governmental jurisdiction;(3) may not have been convicted of, or pled guilty or no contest to, a felony:(3)(a) during the seven years preceding the day on which the individual files an application; or(3)(b) at any time, if the felony involves an act of:(3)(b)(i) fraud;(3)(b)(ii) dishonesty;(3)(b)(iii) breach of trust; or(3)(b)(iv) money laundering;(4) shall demonstrate financial responsibility, character, and general fitness such as to:(4)(a) command the confidence of the community; and(4)(b) warrant a determination that the individual will operate as a loan originator honestly, fairly, and efficiently within the purposes of this chapter;(5) shall be covered by a surety bond posted in accordance with Section70D-3-205 ;(6) shall complete the prelicensing education required by Section70D-3-301 ; and(7) shall pass the written examination required by Section70D-3-302 .