2006 Utah Code - 70D-1-1 — Intent statement.

     70D-1-1.   Intent statement.
     The Legislature finds that the origination and servicing of real estate mortgage loans directly affects many businesses and nearly all homeowners in this state. Many mortgage loans are originated or serviced by companies which are not subject to regulation or oversight by any Utah governmental agency. In view of the importance of mortgage lending and servicing to residents of this state, the Legislature finds that it is in the public interest to strengthen the supervision and regulation of persons and business entities which originate and service real estate mortgage loans. The Legislature also recognizes that real estate mortgage lending practices are the subject of many federal laws. The Legislature does not intend to duplicate federal laws or impose burdens on mortgage lenders or servicers which are unnecessary in view of federal legislation. This chapter shall be construed in order to give effect to the purposes stated in this section.

Enacted by Chapter 172, 1990 General Session