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2006 Utah Code - 61-2c-206 — Lending manager licenses.
61-2c-206. Lending manager licenses.
(1) Except as provided in Subsection (2), on or after January 1, 2006, to qualify as a principal lending manager under this chapter, an individual shall, in addition to meeting the standards in Section 61-2c-203:
(a) submit an application on a form approved by the division;
(b) pay fees determined by the division under Section 63-38-3.2;
(c) submit proof of having successfully completed 40 hours of prelicensing education approved by the commission under Section 61-2c-104;
(d) submit proof of having successfully completed the principal lending manager examination approved by the commission under Section 61-2c-104;
(e) submit proof on forms approved by the division of three years of full-time active experience as a mortgage officer in the five years preceding the day on which the application is submitted, or its equivalent as approved by the commission; and
(f) if the individual is not licensed under this chapter at the time of application, submit to the background check required by Subsection 61-2c-202(4).
(2) (a) Notwithstanding Subsection (1), an individual described in Subsection (2)(b) may qualify as a principal lending manager without:
(i) meeting the requirements of Subsection (1)(c); and
(ii) completing the portions of the principal lending manager examination described in Subsection (1)(d) that:
(A) relate to federal law; and
(B) do not relate to Utah law.
(b) An individual may qualify as a principal lending manager pursuant to Subsection (2)(a) if the individual:
(i) submits to the division an affidavit that the individual has five years of experience in the business of residential mortgage loans;
(ii) establishes that the individual's experience described in this Subsection (2)(b) was acquired:
(A) under requirements substantially equivalent to the requirements of this chapter; and
(B) in compliance with the requirements of this chapter; and
(iii) provides any other information required by the division by rule under Subsection (2)(c).
(c) In accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking Act, the division shall define the information an individual shall provide to the division pursuant to Subsection (2)(b).
(3) A principal lending manager may not engage in the business of residential mortgage loans on behalf of more than one entity at the same time.
(1) Except as provided in Subsection (2), on or after January 1, 2006, to qualify as a principal lending manager under this chapter, an individual shall, in addition to meeting the standards in Section 61-2c-203:
(a) submit an application on a form approved by the division;
(b) pay fees determined by the division under Section 63-38-3.2;
(c) submit proof of having successfully completed 40 hours of prelicensing education approved by the commission under Section 61-2c-104;
(d) submit proof of having successfully completed the principal lending manager examination approved by the commission under Section 61-2c-104;
(e) submit proof on forms approved by the division of three years of full-time active experience as a mortgage officer in the five years preceding the day on which the application is submitted, or its equivalent as approved by the commission; and
(f) if the individual is not licensed under this chapter at the time of application, submit to the background check required by Subsection 61-2c-202(4).
(2) (a) Notwithstanding Subsection (1), an individual described in Subsection (2)(b) may qualify as a principal lending manager without:
(i) meeting the requirements of Subsection (1)(c); and
(ii) completing the portions of the principal lending manager examination described in Subsection (1)(d) that:
(A) relate to federal law; and
(B) do not relate to Utah law.
(b) An individual may qualify as a principal lending manager pursuant to Subsection (2)(a) if the individual:
(i) submits to the division an affidavit that the individual has five years of experience in the business of residential mortgage loans;
(ii) establishes that the individual's experience described in this Subsection (2)(b) was acquired:
(A) under requirements substantially equivalent to the requirements of this chapter; and
(B) in compliance with the requirements of this chapter; and
(iii) provides any other information required by the division by rule under Subsection (2)(c).
(c) In accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking Act, the division shall define the information an individual shall provide to the division pursuant to Subsection (2)(b).
(3) A principal lending manager may not engage in the business of residential mortgage loans on behalf of more than one entity at the same time.
Amended by Chapter 199, 2005 General Session
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