2012 Utah Code
Title 70D - Financial Institution Mortgage Financing Regulation Act
Article 3 - Financial Institution Loan Originator Licensing Act
Section 201 - Licensing required -- Exemptions.

(1) (a) On or after January 1, 2011, except as provided in Subsection (2), an individual described in Subsection (1)(b) may not engage in the business of a loan originator unless that individual:

(i) is licensed under this chapter; or

(ii) is a registered loan originator.

(b) This Subsection (1) applies to an employee or agent of:

(i) a depository institution;

(ii) a subsidiary of a depository institution; or

(iii) an affiliate of a depository institution.

(2) An individual described in Subsection (1)(b) may engage in the business of a loan originator without being licensed under this chapter or a registered loan originator when acting as a loan processor or underwriter.

Enacted by Chapter 72, 2009 General Session