2006 Utah Code - 70D-1-10 — Notification of department -- Exemptions.

     70D-1-10.   Notification of department -- Exemptions.
     (1) Except as provided in Subsection (2), no person may engage in the business of making mortgage loans nor may any person engage in the business of being a mortgage loan broker or servicer, without first filing written notification with the department and paying the fees required by this chapter.
     (2) The following persons are exempt from the notification requirements contained in this chapter and from the annual fee imposed in Subsection 70D-1-12(1):
     (a) all persons authorized under Utah law or under federal law to do business as a depository institution in this state;
     (b) all wholly-owned subsidiaries of depository institutions described in Subsection (2)(a); and
     (c) all persons that:
     (i) are required to license with the Utah Division of Real Estate pursuant to Title 61, Chapter 2c, Utah Residential Mortgage Practices Act; and
     (ii) are not engaged in the business of being a mortgage loan servicer.

Amended by Chapter 297, 2004 General Session