There Is a Newer Version
of
the Utah Code
2006 Utah Code - 61-2c-208 — Activation and inactivation of license.
61-2c-208. Activation and inactivation of license.
(1) (a) A licensee may request that the division place the license on inactive status by submitting an inactivation form approved by the division.
(b) On or after May 1, 2006, if the license of a principal lending manager is revoked, suspended, or expires, the license of any mortgage officer licensed with that principal lending manager shall automatically convert to inactive status.
(2) To activate a license that has been placed on inactive status, a licensee shall:
(a) submit an activation form approved by the division;
(b) pay an activation fee established by the division under Section 63-38-3.2; and
(c) if the licensee is an individual whose license was in inactive status at the time of the previous renewal, the licensee shall supply the division with proof of the successful completion of the number of hours of continuing education that the licensee would have been required to complete under Subsection 61-2c-205(2)(c) if the licensee's license had been on active status, up to a maximum of the number of hours required for two licensing periods.
(3) On or after May 1, 2006, in addition to the requirements of Subsection (2), a mortgage officer whose license has been placed on inactive status shall obtain the signature of the principal lending manager with whom the mortgage officer will be actively licensed on the form required by the division.
(4) (a) On or after May 3, 2004 and before May 1, 2006, in addition to the requirements of Subsection (2), an entity whose license has been placed on inactive status because of the termination, death, disability, or departure of its control person shall submit the forms required by the division to affiliate the license of another control person with the entity.
(b) On or after May 1, 2006, in addition to the requirements of Subsection (2), an entity whose license has been placed on inactive status because of the termination, death, disability, or departure of its principal lending manager shall submit the forms required by the division to affiliate the license of another principal lending manager with the entity.
(1) (a) A licensee may request that the division place the license on inactive status by submitting an inactivation form approved by the division.
(b) On or after May 1, 2006, if the license of a principal lending manager is revoked, suspended, or expires, the license of any mortgage officer licensed with that principal lending manager shall automatically convert to inactive status.
(2) To activate a license that has been placed on inactive status, a licensee shall:
(a) submit an activation form approved by the division;
(b) pay an activation fee established by the division under Section 63-38-3.2; and
(c) if the licensee is an individual whose license was in inactive status at the time of the previous renewal, the licensee shall supply the division with proof of the successful completion of the number of hours of continuing education that the licensee would have been required to complete under Subsection 61-2c-205(2)(c) if the licensee's license had been on active status, up to a maximum of the number of hours required for two licensing periods.
(3) On or after May 1, 2006, in addition to the requirements of Subsection (2), a mortgage officer whose license has been placed on inactive status shall obtain the signature of the principal lending manager with whom the mortgage officer will be actively licensed on the form required by the division.
(4) (a) On or after May 3, 2004 and before May 1, 2006, in addition to the requirements of Subsection (2), an entity whose license has been placed on inactive status because of the termination, death, disability, or departure of its control person shall submit the forms required by the division to affiliate the license of another control person with the entity.
(b) On or after May 1, 2006, in addition to the requirements of Subsection (2), an entity whose license has been placed on inactive status because of the termination, death, disability, or departure of its principal lending manager shall submit the forms required by the division to affiliate the license of another principal lending manager with the entity.
Amended by Chapter 199, 2005 General Session
Disclaimer: These codes may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
