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Securities Division - Real Estate Division | |
Utah Residential Mortgage Practices and Licensing Act | |
Section 206 | Principal lending manager licenses. |
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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.
Amended by Chapter 379, 2010 General Session |
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