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Second Substitute H.B. 249
5 This act modifies the Utah Residential Mortgage Practices Act to modify the definition of
6 the business of residential mortgage loans, to require licensing, prelicensing
7 examinations, and continuing education of persons engaging in the business of residential
8 mortgage loans, and to modify other licensing requirements. The act modifies the
9 membership of the Residential Mortgage Regulatory Commission. The act prohibits
10 persons from acting in certain multiple capacities with respect to a residential mortgage
11 loan. The act makes technical changes. This act takes effect January 1, 2004.
12 This act affects sections of Utah Code Annotated 1953 as follows:
14 61-2c-102, as last amended by Chapter 204, Laws of Utah 2002
15 61-2c-103, as last amended by Chapter 204, Laws of Utah 2002
16 61-2c-104, as last amended by Chapter 204, Laws of Utah 2002
17 61-2c-106, as last amended by Chapter 204, Laws of Utah 2002
18 61-2c-201, as last amended by Chapter 204, Laws of Utah 2002
19 61-2c-202, as last amended by Chapter 204, Laws of Utah 2002
20 61-2c-203, as last amended by Chapter 204, Laws of Utah 2002
21 61-2c-204, as last amended by Chapter 204, Laws of Utah 2002
22 61-2c-205, as last amended by Chapter 204, Laws of Utah 2002
23 61-2c-301, as last amended by Chapter 204, Laws of Utah 2002
24 61-2c-302, as last amended by Chapter 204, Laws of Utah 2002
25 61-2c-401, as last amended by Chapter 204, Laws of Utah 2002
26 61-2c-402, as last amended by Chapter 204, Laws of Utah 2002
27 Be it enacted by the Legislature of the state of Utah:
28 Section 1. Section 61-2c-102 is amended to read:
29 61-2c-102. Definitions.
30 As used in this chapter:
31 (1) "Affiliate" means an individual or an entity that directly, or indirectly through one
32 or more intermediaries, controls or is controlled by, or is under common control with, a
33 specified individual or entity.
34 (2) "Applicant" means an individual or entity applying for [
35 under this chapter.
36 (3) (a) "Business of residential mortgage loans" means for compensation to:
37 (i) make or originate a residential mortgage loan;
38 (ii) directly or indirectly solicit, [
39 loan for another; or
40 (iii) render services related to the origination[
41 mortgage loan including:
42 (A) taking applications; and
45 (b) "Business of residential mortgage loans" does not include the performance of
46 clerical functions such as:
47 (i) gathering information related to a residential mortgage loan on behalf of the
48 prospective borrower or a person [
49 (ii) requesting or gathering information, word processing, sending correspondence, or
50 assembling files by an individual who works under the instruction of a person [
51 licensed under this chapter.
52 (4) "Closed-end" means a loan with a fixed amount borrowed and which does not
53 permit additional borrowing secured by the same collateral.
54 (5) "Commission" means the Residential Mortgage Regulatory Commission created in
55 Section 61-2c-104 .
56 (6) "Compensation" means anything of economic value that is paid, loaned, granted,
57 given, donated, or transferred to an individual or entity for or in consideration of:
58 (a) services;
59 (b) personal or real property; or
60 (c) other thing of value.
61 (7) "Control" means the power, directly or indirectly, to:
62 (a) direct or exercise a controlling influence over:
63 (i) the management or policies of an entity; or
64 (ii) the election of a majority of the directors, officers, managers, or managing partners
65 of an entity;
66 (b) vote 20% or more of any class of voting securities of an entity by an individual; or
67 (c) vote more than 5% of any class of voting securities of an entity by another entity.
68 (8) "Control person" means any individual or entity which directly manages or controls
69 another entity's transaction of the business of residential mortgage loans secured by Utah
71 (9) "Depository institution" is as defined in Section 7-1-103 .
72 (10) "Director" means the director of the division.
73 (11) "Division" means the Division of Real Estate.
74 (12) "Dwelling" means a residential structure attached to real property that contains
75 one to four units including any of the following if used as a residence:
76 (a) a condominium unit;
77 (b) a cooperative unit;
78 (c) a manufactured home; or
79 (d) a house.
80 (13) "Entity" means any corporation, limited liability company, partnership, company,
81 association, joint venture, business trust, trust, or other organization.
82 (14) "Executive director" means the executive director of the Department of
85 with the division under this chapter.
87 (a) prepared, owned, received, or retained by an individual or entity; and
88 (b) (i) inscribed on a tangible medium; or
89 (ii) (A) stored in an electronic or other medium; and
90 (B) retrievable in perceivable form.
91 (17) "Residential mortgage loan" means a closed-end, first mortgage loan or extension
92 of credit, if:
93 (a) the loan or extension of credit is secured by a:
94 (i) mortgage;
95 (ii) deed of trust; or
96 (iii) lien interest; and
97 (b) the mortgage, deed of trust, or lien interest described in Subsection (17)(a):
98 (i) is on a dwelling located in the state; and
99 (ii) created with the consent of the owner of the residential real property.
100 (18) "State" means:
101 (a) a state, territory, or possession of the United States;
102 (b) the District of Columbia; or
103 (c) the Commonwealth of Puerto Rico.
104 Section 2. Section 61-2c-103 is amended to read:
105 61-2c-103. Powers and duties of the division.
106 (1) The division shall administer this chapter.
107 (2) In addition to any power or duty expressly provided in this chapter, the division
109 (a) receive and act on complaints including:
110 (i) taking action designed to obtain voluntary compliance with this chapter; or
111 (ii) commencing administrative or judicial proceedings on the division's own initiative;
112 (b) establish programs for the education of consumers with respect to residential
113 mortgage loans;
114 (c) (i) make studies appropriate to effectuate the purposes and policies of this chapter;
116 (ii) make the results of the studies described in Subsection (2)(c)(i) available to the
117 public; and
118 (d) employ any necessary hearing examiners, investigators, clerks, and other employees
119 and agents.
120 (3) The division shall make rules for the administration of this chapter in accordance
121 with Title 63, Chapter 46a, Utah Administrative Rulemaking Act, including:
122 (a) [
123 chapter to [
124 (b) proper handling of funds received by [
125 (c) record-keeping requirements by [
126 (d) standards of conduct for [
127 (4) (a) The division shall make available to the public a list of the names and addresses
128 of all [
129 (b) The division may charge a fee established by the division in accordance with
130 Section 63-38-3.2 for obtaining the list described in Subsection (4)(a).
131 Section 3. Section 61-2c-104 is amended to read:
132 61-2c-104. Residential Mortgage Regulatory Commission.
133 (1) There is created within the division the Residential Mortgage Regulatory
134 Commission consisting of:
135 (a) the following members appointed by the executive director with the approval of the
137 (i) [
138 business of residential mortgage loans and who are currently licensed under this chapter; and
139 (ii) [
140 (b) the commissioner of the Department of Financial Institutions or the commissioner's
142 (2) (a) Except as required by Subsection (2)(b), the executive director shall appoint
143 each new member or reappointed member subject to appointment by the executive director to a
144 four-year term ending June 30.
145 (b) Notwithstanding the requirements of Subsection (2)(a), the executive director shall,
146 at the time of appointment or reappointment, adjust the length of terms to ensure that the terms
147 of commission members are staggered so that approximately half of the commission is
148 appointed every two years.
149 (c) If a vacancy occurs in the membership of the commission for any reason, the
150 replacement shall be appointed for the unexpired term.
151 (3) Members of the commission shall annually select one member to serve as chair.
152 (4) (a) The commission shall meet at least quarterly.
153 (b) The director may call a meeting in addition to the meetings required by Subsection
155 (i) at the discretion of the director;
156 (ii) at the request of the chair of the commission; or
157 (iii) at the written request of three or more commission members.
158 (5) (a) Three members of the commission constitute a quorum for the transaction of
160 (b) The action of a majority of a quorum present is an action of the commission.
161 (6) (a) (i) Members who are not government employees shall receive no compensation
162 or benefits for their services, but may receive per diem and expenses incurred in the
163 performance of the member's official duties at the rates established by the Division of Finance
164 under Sections 63A-3-106 and 63A-3-107 .
165 (ii) Members who are not government employees may decline to receive per diem and
166 expenses for their service.
167 (b) (i) State government officer and employee members who do not receive salary, per
168 diem, or expenses from their agency for their service may receive per diem and expenses
169 incurred in the performance of their official duties from the commission at the rates established
170 by the Division of Finance under Sections 63A-3-106 and 63A-3-107 .
171 (ii) State government officer and employee members may decline to receive per diem
172 and expenses for their service.
173 (7) The commission shall:
174 (a) concur in the [
175 individuals and entities under this chapter in accordance with Part 2, [
176 (b) take disciplinary action with the concurrence of the director in accordance with Part
177 4, Enforcement; [
178 (c) advise the division concerning matters related to the administration and
179 enforcement of this chapter[
180 (d) determine the requirements for:
181 (i) the examination required under Section 61-2c-202 , covering at least:
182 (A) the fundamentals of the English language;
183 (B) arithmetic;
184 (C) the provisions of this chapter;
185 (D) rules adopted by the division;
186 (E) basic residential mortgage principles and practices; and
187 (F) any other aspect of Utah law the commission determines is appropriate; and
188 (ii) the continuing education requirements under Section 61-2c-205 , including:
189 (A) the appropriate number of hours of required continuing education; and
190 (B) the subject matter of courses the division may accept for continuing education
192 (8) The commission may appoint a committee to make recommendations to the
193 commission concerning approval of continuing education courses.
194 (9) The commission shall make the examination and continuing education
195 requirements described in this Section available through the Internet when reasonably
197 Section 4. Section 61-2c-106 is amended to read:
198 61-2c-106. Addresses provided the division.
199 (1) In providing an address to the division under this chapter, a physical location or
200 street address shall be provided.
201 (2) An individual or entity [
202 have received any notification that is mailed to the last address furnished to the division by the
203 individual, or by a control person of the entity, [
204 Section 5. Section 61-2c-201 is amended to read:
206 61-2c-201. Licensure required of individuals and entities engaged in the business
207 of residential mortgage loans.
208 (1) Unless exempt from this chapter under Section 61-2c-105 , an individual or entity
209 may not transact the business of residential mortgage loans, as defined in Section 61-2c-102 ,
210 without [
211 (2) For purposes of this chapter, an individual or entity transacts business in this state
213 (a) (i) the individual or entity engages in an act that constitutes the business of
214 residential mortgage loans; and
215 (ii) (A) the act described in Subsection (2)(a)(i) is directed to or received in this state;
217 (B) the real property that is the subject of the act described in Subsection (2)(a)(i) is
218 located in this state; or
219 (b) a representation is made by the individual or entity that the individual or entity
220 transacts the business of residential mortgage loans in this state.
221 (3) Unless otherwise exempted under this chapter, [
222 chapter is required of both:
223 (a) the individual who directly transacts the business of residential mortgage loans; and
224 (b) if the individual transacts business as an employee or agent of an entity or
225 individual, the entity or individual for whom the employee or agent transacts the business of
226 residential mortgage loans.
227 Section 6. Section 61-2c-202 is amended to read:
228 61-2c-202. Licensure procedures.
229 (1) To apply for [
230 (a) submit to the division a [
231 (i) lists any name under which the individual or entity will transact business in this
233 (ii) lists the address of the principal business location of the applicant;
234 (iii) if the applicant is an entity, lists the control persons of the applicant;
235 (iv) demonstrates to the satisfaction of the division with the concurrence of the
236 commission that the applicant meets the qualifications listed in Section 61-2c-203 ; and
237 (v) includes any information required by the division by rule;
238 (b) pay to the division:
239 (i) an application fee established by the division in accordance with Section 63-38-3.2 ;
241 (ii) the reasonable expenses incurred in processing the application for [
242 licensure including the costs incurred by the division under Subsection (4);
243 (c) meet the requirements under Section 61-2c-204 for:
244 (i) obtaining a surety bond;
245 (ii) depositing assets; or
246 (iii) providing a letter of credit; and
247 (d) comply with Subsection (4).
248 (2) The division, with the concurrence of the commission, shall grant a [
249 license to an applicant if the division finds that the applicant:
250 (a) meets the qualifications of Sections 61-2c-203 and 61-2c-204 ; and
251 (b) complies with this section.
252 (3) In accordance with Title 63, Chapter 46b, Administrative Procedures Act, an
253 applicant who is denied [
254 agency review to the executive director within 30 days following the issuance of the order
255 denying the [
256 (4) (a) (i) An individual applying for registration under this chapter and any control
257 person of the applicant shall:
259 registration statement is filed; [
263 (C) provide proof using methods approved by the division of having successfully
264 completed an examination approved by the commission under Section 61-2c-104 .
265 (ii) Notwithstanding Subsection (4)(a)(i)(C), an individual who was registered with the
266 division under this chapter prior to January 1, 2004 may engage in the business of residential
267 mortgage loans until January 1, 2005 without having passed the examination described in
268 Subsection (4)(a)(i)(c).
269 (b) The division shall request the Department of Public Safety to complete a Federal
270 Bureau of Investigation criminal background check for each applicant and each control person
271 of an applicant through a national criminal history system.
272 (c) The applicant shall pay the cost of:
273 (i) the fingerprinting required by this section; and
274 (ii) the background check required by this section.
275 (d) (i) A [
276 the criminal background check required by this Subsection (4).
277 (ii) If a criminal background check discloses that an applicant or an applicant's control
278 person failed to accurately disclose a criminal history, the [
279 immediately and automatically revoked.
280 (iii) An individual or entity whose conditional [
281 Subsection (4)(d)(ii) may appeal the revocation in a hearing conducted:
282 (A) after the revocation; and
283 (B) in accordance with Title 63, Chapter 46b, Administrative Procedures Act.
284 Section 7. Section 61-2c-203 is amended to read:
285 61-2c-203. Qualifications for licensure.
286 (1) To qualify for [
287 (a) have good moral character and the competency to transact the business of
288 residential mortgage loans;
289 (b) not have been convicted of a felony or misdemeanor involving moral turpitude in
290 the [
291 as provided in Subsection (3);
292 (c) not have had a license or registration suspended, revoked, surrendered, canceled, or
293 denied in the five years preceding the date the individual applies for [
294 except as provided in Subsection (3), if:
295 (i) the registration or license is issued by this state or another jurisdiction; and
296 (ii) the suspension, revocation, surrender, cancellation, or denial is based on
297 misconduct in a professional capacity that relates to good moral character or the competency to
298 transact the business of residential mortgage loans.
299 (2) To qualify for [
300 (a) any of the following individuals in management who fails to meet the requirements
301 of Subsection (1):
302 (i) a manager or a managing partner;
303 (ii) a director;
304 (iii) an executive officer; or
305 (iv) an individual occupying a position or performing functions similar to those
306 described in Subsections (2)(a)(i) through (iii); and
307 (b) a control person who fails to meet the requirements of Subsection (1).
308 (3) If an individual or a control person of an entity fails to meet the requirements of
309 Subsection (1)(b) or (c), but otherwise meets the qualifications for [
310 provides evidence satisfactory to the division with the concurrence of the commission that the
311 individual or control person has good moral character and the competency to transact the
312 business of residential mortgage loans, notwithstanding the failure to meet the requirements of
313 Subsection (1)(b) or (c) the division may permit that individual or entity to be [
314 licensed under this chapter.
315 Section 8. Section 61-2c-204 is amended to read:
316 61-2c-204. Requirements for bonding, letter of credit, or deposit of assets.
317 (1) If an applicant is an individual, the applicant shall:
318 (a) file with the division a surety bond:
319 (i) that meets the requirements of Subsection (3); and
320 (ii) in the amount not less than $10,000; or
321 (b) demonstrate to the satisfaction of the division that:
322 (i) the applicant is an employee or agent of an entity [
323 chapter; and
324 (ii) the acts of the applicant are covered by a surety bond filed with the division under
325 Subsection (2) by the entity [
326 an employee or agent.
327 (2) If the applicant is an entity, the applicant shall file with the division a surety bond:
328 (a) that meets the requirements of Subsection (4); and
329 (b) in an amount not less than $25,000.
330 (3) A surety bond filed under this section shall name as beneficiaries:
331 (a) the state, for payment of costs incurred and charges made in connection with an
332 enforcement action under Part 4, Enforcement, against the applicant including costs and
333 charges relating to an examination or investigation; and
334 (b) after all claims and charges of the state have been paid in full, any person who has a
335 claim against the surety on the bond based on any default or violation of any duty or obligation
336 of the applicant.
337 (4) If an applicant is an entity, a surety bond filed under this section shall:
338 (a) comply with Subsection (3); and
339 (b) cover the acts of:
340 (i) the entity [
341 (ii) any control person of the entity [
342 (iii) any agent or employee of the entity [
343 (5) If an individual [
344 under this section because at the time of applying for [
345 the requirements of Subsection (1)(b), the individual shall post a surety bond meeting the
346 requirements of Subsections (1) and (3) by no later than 30 days from the day on which the
347 person is not covered by a surety bond in accordance with Subsection (1)(b).
348 (6) Notwithstanding the other provisions of this section, an applicant can comply with
349 the requirements of this section, if the applicant deposits assets with or provides a letter of
350 credit to the division:
351 (a) in the amounts required for a surety bond; and
352 (b) subject to the same surety conditions of Subsections (3) and (4).
353 Section 9. Section 61-2c-205 is amended to read:
354 61-2c-205. Term of licensure -- Renewal -- Reporting of changes.
355 (1) (a) A [
356 (b) Notwithstanding Subsection (1)(a), the time period of a [
357 be extended or shortened by as much as one year to maintain or change a renewal cycle
358 established by rule by the division.
359 (2) To renew a [
361 (a) file a [
362 61-2c-202 ; [
363 (b) pay a fee to the division established by the division in accordance with Section
364 63-38-3.2 [
365 (c) if the licensee is an individual, submit proof using forms approved by the division
366 of having completed during the two years prior to application the continuing education required
367 by the commission under Section 61-2c-104 .
368 (3) (a) A [
369 statement filed with the division within ten days of the date on which there is a change in:
370 (i) a name under which the [
371 mortgage loans in this state;
372 (ii) the location of the [
373 (iii) the control persons of the [
374 (iv) any other information that is defined as material by rule made by the division.
375 (b) Failure to notify the division of a change described in Subsection (3)(a) is separate
376 grounds for disciplinary action against a [
377 (4) A [
378 statement within ten business days of:
379 (a) a conviction of any criminal offense;
380 (b) filing a personal bankruptcy or bankruptcy of a business that transacts the business
381 of residential mortgage loans; or
382 (c) the suspension, revocation, surrender, cancellation, or denial of a professional
383 license or professional registration of the [
384 registration is issued by this state or another jurisdiction.
385 (5) (a) A license under this chapter expires if the licensee does not apply to renew the
386 license on or before the expiration date of the license.
387 (b) Within 30 calendar days after the expiration date, a licensee whose license has
388 expired may apply to reinstate the expired license upon:
389 (i) payment of a renewal fee and a late fee determined by the division under Section
390 63-38-3.2 ; and
391 (ii) providing proof using forms approved by the division of having completed the
392 continuing education required by the commission under Section 61-2c-104 .
393 (c) After the 30 calendar days described in Subsection (5)(b) and within six months
394 after the expiration date, a licensee whose license has expired may apply to reinstate an expired
395 license upon:
396 (i) payment of a renewal fee and a late fee determined by the division under Section
397 63-38-3.2 ;
398 (ii) providing proof using forms approved by the division of having completed the
399 continuing education required by the commission under Section 61-2c-104 ; and
400 (iii) completing an additional 12 hours of continuing education approved by the
401 commission under Section 61-2c-104 .
402 (d) A licensee whose license has been expired for more than one year may apply to
403 reinstate an expired license upon:
404 (i) satisfying the requirements of Subsection (5)(c); and
405 (ii) passing the examination approved by the commission under Section 61-2c-104 .
406 Section 10. Section 61-2c-301 is amended to read:
407 61-2c-301. Prohibited conduct -- Violations of the chapter.
408 (1) An individual or entity transacting the business of residential mortgage loans in this
409 state may not:
410 (a) give or receive compensation or anything of value in exchange for a referral of
411 residential mortgage loan business unless the compensation or thing of value is de minimis as
412 defined by the division;
413 (b) charge a fee in connection with a residential mortgage loan transaction:
414 (i) that is excessive; or
415 (ii) if the individual or entity does not comply with Section 70D-1-6 ;
416 (c) give or receive compensation or anything of value in exchange for a referral of
417 settlement or loan closing services related to a residential mortgage loan transaction;
418 (d) make a false statement or representation for purposes of inducing a lender to extend
419 credit as part of a residential mortgage loan transaction;
420 (e) give or receive compensation or anything of value to influence the independent
421 judgment of an appraiser in reaching a value conclusion in a residential mortgage loan
423 (f) violate or not comply with:
424 (i) this chapter;
425 (ii) an order of the commission or division; or
426 (iii) a rule made by the division;
427 (g) fail to respond within the required time period to:
428 (i) a notice or complaint of the division; or
429 (ii) a request for information from the division;
430 (h) make false representations to the division, including in a [
432 (i) for any residential mortgage loan transaction beginning on or after January 1, 2004,
433 engage in the business of residential mortgage loans with respect to the transaction if the
434 individual or entity also acts in any of the following capacities with respect to the same
435 residential mortgage loan transaction:
436 (i) appraiser;
437 (ii) escrow agent;
438 (iii) real estate agent; or
439 (iii) general contractor;
440 (j) order a title insurance report or hold a title insurance policy unless the individual or
441 entity provides to the title insurer a copy of a valid, current license under this chapter.
444 loans that constitutes dishonesty, fraud, or misrepresentation.
445 (2) Whether or not the crime is related to the business of residential mortgage loans, it
446 is a violation of this chapter for a [
447 licensee to do any of the following with respect to a criminal offense which involves moral
449 (a) be convicted;
450 (b) plead guilty or nolo contendere;
451 (c) enter a plea in abeyance; or
452 (d) be subjected to a criminal disposition similar to the ones described in Subsections
453 (2)(a) through (c).
454 Section 11. Section 61-2c-302 is amended to read:
455 61-2c-302. Record requirements.
456 (1) For the time period specified in Subsection (2), a [
457 possess any record required for that [
458 (2) A [
459 Subsection (1) until the later of four years from the last to occur of the following:
460 (a) the final entry on a residential mortgage loan is made by that [
461 (b) if the residential mortgage loan is serviced by the [
462 (i) the residential mortgage loan is paid in full; or
463 (ii) the [
464 (c) if the residential mortgage loan is not serviced by the [
465 residential mortgage loan is closed.
466 Section 12. Section 61-2c-401 is amended to read:
467 61-2c-401. Investigations -- Subpoena power of division.
468 (1) The division may investigate or cause to be investigated the actions of:
469 (a) a [
470 (b) an applicant for [
471 of any applicant; or
472 (c) any individual or entity that transacts the business of residential mortgage loans
473 within this state, and the control persons of any such entity.
474 (2) In conducting investigations and adjudicative proceedings, the division may:
475 (a) subpoena witnesses;
476 (b) take evidence;
477 (c) require by subpoena duces tecum the production of books, papers, contracts,
478 records, other documents, or information considered relevant to an investigation; and
479 (d) serve a subpoena by certified mail.
480 (3) A failure to respond to a subpoena served by the division is considered as a separate
481 violation of this chapter.
482 Section 13. Section 61-2c-402 is amended to read:
483 61-2c-402. Disciplinary action -- Reinstatement.
484 (1) Subject to the requirements of this section, if an individual or entity required to be
486 concurrence of the director, may:
487 (a) impose a civil penalty against the individual or entity in an amount not to exceed
489 (b) do any of the following to a [
490 (i) suspend;
491 (ii) revoke;
492 (iii) place on probation;
493 (iv) deny renewal; or
494 (v) deny reinstatement; or
495 (c) do both Subsections (1)(a) and (b).
496 (2) (a) Before the commission and the division may take an action described in
497 Subsection (1), the division shall:
498 (i) give notice to the individual or entity; and
499 (ii) schedule an adjudicative proceeding.
500 (b) If after the adjudicative proceeding scheduled under Subsection (2)(a), the
501 commission and the director determine that an individual or entity required to be [
502 licensed under this [
503 action described in Subsection (1) by written order.
504 (3) In accordance with Title 63, Chapter 46b, Administrative Procedures Act, an
505 individual or entity against whom disciplinary action is taken under this section may seek
506 review by the executive director of the disciplinary action.
507 (4) If an individual or entity prevails in a judicial appeal and the court finds that the
508 state action was undertaken without substantial justification, the court may award reasonable
509 litigation expenses to that individual or entity as provided under Title 78, Chapter 27a, Small
510 Business Equal Access to Justice Act.
511 (5) (a) An order issued under this section takes effect 30 days after the service of the
512 order unless otherwise provided in the order.
513 (b) If an appeal of an order issued under this section is taken by an individual or entity,
514 the division may stay enforcement of the commission's order in accordance with Section
515 63-46b-18 .
516 (6) If ordered by the court of competent jurisdiction, the division shall promptly take an
517 action described in Subsection (1)(b) against a [
518 (7) (a) If a [
519 may apply to have the [
520 Section 61-2c-202 for [
521 (b) Notwithstanding Subsection (7)(a), if a [
522 revoked, the individual or entity may not apply for reinstatement of the [
523 sooner than five years after the date the [
525 (c) If an individual or entity whose [
526 reinstatement in accordance with Subsection (7)(b), the commission and the division may grant
527 the application for reinstatement if they find that:
528 (i) there has been good conduct on the part of the applicant subsequent to the events
529 that led to the revocation, and that the subsequent good conduct outweighs the events which led
530 to the revocation; and
531 (ii) the interest of the public is not likely to be harmed by the granting of the
533 Section 14. Effective date.
534 This act takes effect on January 1, 2004.
535 Section 15. Coordination clause.
536 If this bill and H.B. 203, Residential Mortgage Regulatory Commission, both pass, it is
537 the intent of the Legislature that the Office of Legislative Research and General Counsel, in
538 preparing the Utah Code database for publication, shall replace the phrase "and are currently
539 registered as a mortgage lender with the division" in Subsection 61-2c-104 (1)(a)(i) of H.B. 203
540 with the phrase "and who are currently licensed under this chapter".
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