| << Previous Section (70D-3-103) | Next Section (70D-3-202) >> |
Financial Institution Mortgage Financing Regulation Act | |
Financial Institution Loan Originator Licensing Act | |
Section 201 | Licensing required -- Exemptions. |
|
70D-3-201. 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 |
| << Previous Section (70D-3-103) | Next Section (70D-3-202) >> |