Utah Code > Title 61 > Chapter 2c > Part 2 – Licensure
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Terms Used In Utah Code > Title 61 > Chapter 2c > Part 2 - Licensure
- Affiliation: means that a mortgage loan originator is associated with a principal lending manager in accordance with Section 61-2c-209. See Utah Code 61-2c-102
- Applicant: means a person applying for a license under this chapter. See Utah Code 61-2c-102
- Approved examination provider: means a person approved by the nationwide database or by the division as an approved test provider. See Utah Code 61-2c-102
- Associate lending manager: means an individual who:
(i) qualifies under this chapter as a principal lending manager; and (ii) works by or on behalf of another principal lending manager in transacting the business of residential mortgage loans. See Utah Code 61-2c-102 - Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Branch lending manager: means an individual who is:
(i) licensed as a lending manager; and (ii) designated in the nationwide database by the individual's sponsoring entity as being responsible to work from a branch office and to supervise the business of residential mortgage loans that is conducted at the branch office. See Utah Code 61-2c-102 - Business of residential mortgage loans: means for compensation or in the expectation of compensation to:
(A) engage in an act that makes an individual a mortgage loan originator; (B) make or originate a residential mortgage loan; (C) directly or indirectly solicit a residential mortgage loan for another; (D) unless exempt under Section 61-2c-105 or excluded under Subsection (1)(i)(ii), render services related to the origination of a residential mortgage loan including: (I) preparing a loan package; (II) communicating with the borrower or lender; (III) advising on a loan term; (IV) receiving, collecting, or distributing information common for the processing or underwriting of a loan in the mortgage industry; or (V) communicating with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan; or (E) engage in loan modification assistance. See Utah Code 61-2c-102 - Certified education provider: means a person who is certified under Section 61-2c-204. See Utah Code 61-2c-102
- Commission: means the Residential Mortgage Regulatory Commission created in Section 61-2c-104. See Utah Code 61-2c-102
- Concurrence: means that entities given a concurring role must jointly agree for the action to be taken. See Utah Code 61-2c-102
- Continuing education: means education an individual takes in order to meet the education requirements imposed by Sections 61-2c-204. See Utah Code 61-2c-102
- Control person: means an individual identified by an entity registered with the nationwide database as being an individual directing the management or policies of the entity. See Utah Code 61-2c-102
- Conviction: A judgement of guilt against a criminal defendant.
- Depository institution: means the same as that term is defined in Section 7-1-103. See Utah Code 61-2c-102
- Director: means the director of the division. See Utah Code 61-2c-102
- Division: means the Division of Real Estate. See Utah Code 61-2c-102
- Entity: means :
(i) a corporation; (ii) a limited liability company; (iii) a partnership; (iv) a company; (v) an association; (vi) a joint venture; (vii) a business trust; (viii) a trust; or (ix) another organization. See Utah Code 61-2c-102 - Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Executive director: means the executive director of the Department of Commerce. See Utah Code 61-2c-102
- Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
- Federal licensing requirements: means Secure and Fair Enforcement for Mortgage Licensing, 12 U. See Utah Code 61-2c-102
- Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- 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.
- Lending manager: means an individual licensed as a lending manager under Section 61-2c-206 to transact the business of residential mortgage loans. See Utah Code 61-2c-102
- Licensee: means a person licensed with the division under this chapter. See Utah Code 61-2c-102
- Licensing examination: means the examination required by Section 61-2c-204. See Utah Code 61-2c-102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan originator: means an individual who, for compensation or in expectation of compensation:
(B) is licensed as a mortgage loan originator in accordance with this chapter. See Utah Code 61-2c-102 - Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under federal licensing requirements. See Utah Code 61-2c-102
- Person: means an individual or entity. See Utah Code 61-2c-102
- Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
- 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 61-2c-204. See Utah Code 61-2c-102
- Principal lending manager: means an individual:
(i) licensed as a lending manager under Section 61-2c-206; and (ii) identified in the nationwide database by the individual's sponsoring entity as the entity's principal lending manager. See Utah Code 61-2c-102 - Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Record: means information that is:
(i) prepared, owned, received, or retained by a person; and (ii) (A) inscribed on a tangible medium; or (B) (I) stored in an electronic or other medium; and (II) in a perceivable and reproducible form. See Utah Code 61-2c-102 - Residential mortgage loan: means an extension of credit, if:
(i) the loan or extension of credit is secured by a: (A) mortgage; (B) deed of trust; or (C) consensual security interest; and (ii) the mortgage, deed of trust, or consensual security interest described in Subsection (1)(oo)(i): (A) is on a dwelling located in the state; and (B) is created with the consent of the owner of the residential real property. See Utah Code 61-2c-102 - Sponsorship: means an association in accordance with Section 61-2c-209 between an individual licensed under this chapter and an entity licensed under this chapter. See Utah Code 61-2c-102
- State: means :
(i) a state, territory, or possession of the United States; (ii) the District of Columbia; or (iii) the Commonwealth of Puerto Rico. See Utah Code 61-2c-102 - United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
- Utah-specific: means an educational requirement under this chapter that relates specifically to Utah. See Utah Code 61-2c-102