2011 Utah Code
Title 61 Securities Division - Real Estate Division
Chapter 2c Utah Residential Mortgage Practices and Licensing Act
Section 206 Principal lending manager licenses.

61-2c-206. Principal lending manager licenses.
(1) To qualify for licensure as a principal lending manager under this chapter, an individual shall:
(a) meet the standards in Section 61-2c-203;
(b) successfully complete the following education:
(i) mortgage loan originator prelicensing education as required by federal licensing regulations; and
(ii) 40 hours of Utah-specific prelicensing education for a principal lending manager that is approved by the division under Section 61-2c-204.1;
(c) successfully complete the following examinations:
(i) the mortgage loan originator licensing examination as approved by the nationwide database; and
(ii) the principal lending manager licensing examination approved by the commission under Section 61-2c-204.1;
(d) submit proof on a form approved by the division of three years of full-time active experience as a mortgage loan originator licensed in any state in the five years preceding the day on which the application is submitted;
(e) submit an application in a manner established by the division by rule;
(f) establish sponsorship with an entity licensed under this chapter;
(g) if the individual is not registered in the nationwide database as a mortgage loan originator at the time of application, submit to the criminal background check required by Subsection 61-2c-202(1)(b); and
(h) pay a fee determined by the division under Section 63J-1-504.
(2) A principal lending manager may not:
(a) engage in the business of residential mortgage loans on behalf of more than one entity at the same time; or
(b) be sponsored by more than one entity at the same time.