Utah § 70D-3-201 Licensing required -- Exemptions.

Utah Statutes

§ 70D-3-201 — Licensing required -- Exemptions.

Utah·Title 70D Financial Institution Mortgage Financing Regulation Act·Ch. 70D-3 Financial Institution Loan Originator Licensing Act·Part 70D-3-2 Licensing Requirements and Procedures

(1)(1)(a) On or after January 1, 2011, except as provided in Subsection (2), an individual described in Subsection (1)(b) may not engage in the business of a loan originator unless that individual:

(1)(a)(i) is licensed under this chapter; or

(1)(a)(ii) is a registered loan originator.

(1)(b) This Subsection (1) applies to an employee or agent of:

(1)(b)(i) a depository institution;

(1)(b)(ii) a subsidiary of a depository institution; or

(1)(b)(iii) an affiliate of a depository institution.

(2)An individual described in Subsection (1)(b) may engage in the business of a loan originator without being licensed under this chapter or a registered loan originator when acting as a loan processor or underwriter.

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(1) (1)(a) On or after January 1, 2011, except as provided in Subsection (2), an individual described in Subsection (1)(b) may not engage in the business of a loan originator unless that individual:
(1)(a)(i) is licensed under this chapter; or
(1)(a)(ii) is a registered loan originator.
(1)(b) This Subsection (1) applies to an employee or agent of:
(1)(b)(i) a depository institution;
(1)(b)(ii) a subsidiary of a depository institution; or
(1)(b)(iii) an affiliate of a depository institution.
(2) An individual described in Subsection (1)(b) may engage in the business of a loan originator without being licensed under this chapter or a registered loan originator when acting as a loan processor or underwriter.

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