Utah § 70D-3-202 Qualifications for licensure.

Utah Statutes

§ 70D-3-202 — Qualifications for licensure.

Utah § 70D-3-202

Title 70DFinancial Institution Mortgage Financing Regulation Act

Ch. 70D-3Financial Institution Loan Originator Licensing Act

Part 70D-3-2Licensing Requirements and Procedures

This text of Utah § 70D-3-202 (Qualifications for licensure.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 70D-3-202 (2026).

Text

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. Sec. 5104 to register with and maintain a unique identifier through the nationwide database;

(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; an

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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. Sec. 5104 to register with and maintain a unique identifier through the nationwide database;
(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 Section 70D-3-205;
(6) shall complete the prelicensing education required by Section 70D-3-301; and
(7) shall pass the written examination required by Section 70D-3-302.