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Securities Division - Real Estate Division | |
Utah Residential Mortgage Practices and Licensing Act | |
Section 502 | Additional license fee. |
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61-2c-502. Additional license fee. (1) An individual who applies for or renews a license shall pay, in addition to any other fee required under this chapter, a reasonable annual fee: (a) determined by the division with the concurrence of the commission; and (b) not to exceed $18. (2) (a) An entity that applies for or renews an entity license shall pay, in addition to any other fee required under this chapter, a reasonable annual fee: (i) determined by the division with the concurrence of the commission; and (ii) not to exceed $25. (b) This Subsection (2) applies: (i) notwithstanding that an entity is operating under an assumed name registered with the division as required by Subsection 61-2c-201(9); and (ii) to each branch office of an entity that is licensed under this chapter. (3) Notwithstanding Section 13-1-2, the following shall be paid into the fund to be used as provided in this part: (a) a fee provided in this section; (b) a fee for certifying: (i) a school as a certified education provider; (ii) a prelicensing or continuing education course; or (iii) a prelicensing or continuing education provider as an instructor; and (c) a civil penalty imposed under this chapter. (4) If the balance in the fund that is available to satisfy a judgment against a licensee decreases to less than $100,000, the division may make an additional assessment to a licensee to maintain the balance available at $100,000 to satisfy judgments.
Amended by Chapter 379, 2010 General Session |
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