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2006 Utah Code - 61-2c-205 — Term of licensure -- Renewal -- Reporting of changes.
61-2c-205. Term of licensure -- Renewal -- Reporting of changes.
(1) (a) A license under this chapter is valid for a two-year period.
(b) Notwithstanding Subsection (1)(a), the time period of a license may be extended or shortened by as much as one year to maintain or change a renewal cycle established by rule by the division.
(2) To renew a license, no later than the date the license expires, a licensee shall:
(a) (i) file the renewal form required by the division; and
(ii) furnish the information required by Subsection 61-2c-202(1);
(b) pay a fee to the division established by the division in accordance with Section 63-38-3.2; and
(c) if the licensee is an individual and the individual's license is in active status at the time of application for renewal, submit proof using forms approved by the division of having completed during the two years prior to application the continuing education required by the commission under Section 61-2c-104.
(3) (a) A licensee under this chapter shall notify the division using the form required by the division within ten days of the date on which there is a change in:
(i) a name under which the licensee transacts the business of residential mortgage loans in this state;
(ii) (A) if the licensee is an entity, the business location of the licensee; or
(B) if the licensee is an individual, the home and business addresses of the individual;
(iii) (A) on or after May 3, 2004 and before May 1, 2006, the control person of the licensee; or
(B) on or after May 1, 2006, the principal lending manager of the entity;
(iv) the entity with which an individual licensee is licensed to conduct the business of residential mortgage loans; or
(v) any other information that is defined as material by rule made by the division.
(b) Failure to notify the division of a change described in Subsection (3)(a) is separate grounds for disciplinary action against a licensee.
(4) A licensee shall notify the division by sending the division a signed statement within ten business days of:
(a) (i) a conviction of any criminal offense;
(ii) the entry of a plea in abeyance to any criminal offense; or
(iii) the potential resolution of any criminal case by:
(A) a diversion agreement; or
(B) any other agreement under which criminal charges are held in suspense for a period of time;
(b) filing a personal bankruptcy or bankruptcy of a business that transacts the business of residential mortgage loans;
(c) the suspension, revocation, surrender, cancellation, or denial of a professional license or professional registration of the licensee, whether the license or registration is issued by this state or another jurisdiction; or
(d) the entry of a cease and desist order or a temporary or permanent injunction:
(i) against the licensee by a court or licensing agency; and
(ii) based on:
(A) conduct or a practice involving the business of residential mortgage loans; or
(B) conduct involving fraud, misrepresentation, or deceit.
(5) (a) A license under this chapter expires if the licensee does not apply to renew the license on or before the expiration date of the license.
(b) Within 30 calendar days after the expiration date, a licensee whose license has expired may apply to reinstate the expired license upon:
(i) payment of a renewal fee and a late fee determined by the division under Section 63-38-3.2; and
(ii) if the licensee is an individual and is applying to reinstate a license to active status, providing proof using forms approved by the division of having completed, during the two years prior to application, the continuing education required by the commission under Section 61-2c-104.
(c) After the 30 calendar days described in Subsection (5)(b) and within six months after the expiration date, a licensee whose license has expired may apply to reinstate an expired license upon:
(i) payment of a renewal fee and a late fee determined by the division under Section 63-38-3.2;
(ii) if the licensee is an individual and is applying to reinstate a license to active status, providing proof using forms approved by the division of having completed, during the two years prior to application, the continuing education required by the commission under Section 61-2c-104; and
(iii) in addition to the continuing education required for a timely renewal, completing an additional 12 hours of continuing education approved by the commission under Section 61-2c-104.
(d) A licensee whose license has been expired for more than six months shall be relicensed as prescribed for an original application under Section 61-2c-202.
(1) (a) A license under this chapter is valid for a two-year period.
(b) Notwithstanding Subsection (1)(a), the time period of a license may be extended or shortened by as much as one year to maintain or change a renewal cycle established by rule by the division.
(2) To renew a license, no later than the date the license expires, a licensee shall:
(a) (i) file the renewal form required by the division; and
(ii) furnish the information required by Subsection 61-2c-202(1);
(b) pay a fee to the division established by the division in accordance with Section 63-38-3.2; and
(c) if the licensee is an individual and the individual's license is in active status at the time of application for renewal, submit proof using forms approved by the division of having completed during the two years prior to application the continuing education required by the commission under Section 61-2c-104.
(3) (a) A licensee under this chapter shall notify the division using the form required by the division within ten days of the date on which there is a change in:
(i) a name under which the licensee transacts the business of residential mortgage loans in this state;
(ii) (A) if the licensee is an entity, the business location of the licensee; or
(B) if the licensee is an individual, the home and business addresses of the individual;
(iii) (A) on or after May 3, 2004 and before May 1, 2006, the control person of the licensee; or
(B) on or after May 1, 2006, the principal lending manager of the entity;
(iv) the entity with which an individual licensee is licensed to conduct the business of residential mortgage loans; or
(v) any other information that is defined as material by rule made by the division.
(b) Failure to notify the division of a change described in Subsection (3)(a) is separate grounds for disciplinary action against a licensee.
(4) A licensee shall notify the division by sending the division a signed statement within ten business days of:
(a) (i) a conviction of any criminal offense;
(ii) the entry of a plea in abeyance to any criminal offense; or
(iii) the potential resolution of any criminal case by:
(A) a diversion agreement; or
(B) any other agreement under which criminal charges are held in suspense for a period of time;
(b) filing a personal bankruptcy or bankruptcy of a business that transacts the business of residential mortgage loans;
(c) the suspension, revocation, surrender, cancellation, or denial of a professional license or professional registration of the licensee, whether the license or registration is issued by this state or another jurisdiction; or
(d) the entry of a cease and desist order or a temporary or permanent injunction:
(i) against the licensee by a court or licensing agency; and
(ii) based on:
(A) conduct or a practice involving the business of residential mortgage loans; or
(B) conduct involving fraud, misrepresentation, or deceit.
(5) (a) A license under this chapter expires if the licensee does not apply to renew the license on or before the expiration date of the license.
(b) Within 30 calendar days after the expiration date, a licensee whose license has expired may apply to reinstate the expired license upon:
(i) payment of a renewal fee and a late fee determined by the division under Section 63-38-3.2; and
(ii) if the licensee is an individual and is applying to reinstate a license to active status, providing proof using forms approved by the division of having completed, during the two years prior to application, the continuing education required by the commission under Section 61-2c-104.
(c) After the 30 calendar days described in Subsection (5)(b) and within six months after the expiration date, a licensee whose license has expired may apply to reinstate an expired license upon:
(i) payment of a renewal fee and a late fee determined by the division under Section 63-38-3.2;
(ii) if the licensee is an individual and is applying to reinstate a license to active status, providing proof using forms approved by the division of having completed, during the two years prior to application, the continuing education required by the commission under Section 61-2c-104; and
(iii) in addition to the continuing education required for a timely renewal, completing an additional 12 hours of continuing education approved by the commission under Section 61-2c-104.
(d) A licensee whose license has been expired for more than six months shall be relicensed as prescribed for an original application under Section 61-2c-202.
Amended by Chapter 199, 2005 General Session
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