Utah Statutes
§ 70D-3-205 — Surety bond requirements.
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) 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 regulate
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Legislative History
Enacted by Chapter 72, 2009 General Session
Nearby Sections
15
§ 70D-1-101
Title.§ 70D-1-102
Definitions.§ 70D-2-101
Short title.§ 70D-2-102
Definitions.§ 70D-2-103
Exemptions.§ 70D-2-201
Registration -- Exemptions.§ 70D-2-203
Fees -- Examination.§ 70D-2-301
Record retention.§ 70D-2-302
Notice required with loan application.§ 70D-2-304
Statement to be provided.§ 70D-2-305
Fee restrictions.