Utah Code 70D-3-205. Surety bond requirements
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(1)
Terms Used In Utah Code 70D-3-205
- Commissioner: means the commissioner of the department. See Utah Code 70D-1-102
- 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(1)(a) To be licensed under this chapter an individual shall be covered by a surety bond that meets the minimum surety bonding requirements required by rule.(1)(b) If an action is brought against a bond under this chapter, the commissioner may require that another bond be posted.
(2) The commissioner shall by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , establish minimum surety bonding requirements under this section, except that the requirements shall:
(2)(a) reflect the dollar amount of residential mortgage loans originated by a loan originator; and
(2)(b) ensure that if in accordance with this chapter a surety bond is posted by an employer or other entity on behalf of an individual, the bond covers the activities of the individual regulated by this chapter.