Utah Code § 70D-1-101
Title
This title is known as the "Financial Institution Mortgage Financing Regulation Act."
Utah Code Title 70D — Financial Institution Mortgage Financing Regulation Act
Utah · statute · Utah Code tit. 70D · 43 active provisions
Utah Code § 70D-1-102
Definitions
As used in this title: (1) "Commissioner" means the commissioner of the department. (2) "Department" means the Department of Financial Institutions. (3) "Depository institution" is as defined in Section 7-1-103. (4) "Dwelling" means a residential structure attached to real property that contains one to four units inclu…
Utah Code § 70D-2-101
Short title
This chapter is known as the "Mortgage Lending and Servicing Act."
Utah Code § 70D-2-102
Definitions
As used in this chapter: (1) (a) Except as provided in Subsection (1)(b), "broker" means a person who in the regular course of business assists a person in obtaining a mortgage loan for a fee or other consideration paid directly or indirectly. (b) "Broker" does not include a person solely because of the person's: (i) r…
Utah Code § 70D-2-103
Exemptions
This chapter does not apply to: (1) a bona fide nonprofit corporation that grants a first mortgage loan to promote home ownership for low and moderate income borrowers; (2) an agency of the following that grants a first mortgage loan under a specific federal or state law: (a) the federal government; (b) a state, county…
Utah Code § 70D-2-104
Ordinance or law by political subdivision prohibited
(1) A county subject to Title 17, Counties, and a municipality subject to Title 10, Utah Municipal Code, may not enact an ordinance or law that: (a) regulates a term of a mortgage loan on a dwelling; or (b) makes the eligibility of a person to do business with the county or municipality dependent upon a term of a mortg…
Utah Code § 70D-2-201
Registration -- Exemptions
(1) (a) Except as provided in Subsection (2), a person may not engage in business as a lender, broker, or servicer in this state before the day on which the person: (i) provides evidence satisfactory to the commissioner that the person is registered with the nationwide database; and (ii) pays a fee required by Section…
Utah Code § 70D-2-203
Fees -- Examination
(1) (a) A person required to register under this part shall pay to the commissioner: (i) a fee of $200 with the person's initial registration; and (ii) an annual fee, on or before December 31 of each year, in an amount to be set by rule of the commissioner subject to Subsection (1)(b). (b) The commissioner: (i) subject…
Utah Code § 70D-2-301
Record retention
A lender, broker, or servicer shall keep and maintain at all times in its principal place of business the records of a mortgage loan transaction of the lender, broker, or servicer as required by the rules of the commissioner.
Utah Code § 70D-2-302
Notice required with loan application
(1) If the following is the case, a lender and broker shall notify in writing a person from whom the lender or broker receives or for whom the lender or broker prepares a written application for a mortgage loan that: (a) the mortgage loan applied for may be sold or assigned; (b) the servicing of the loan may be sold or…
Utah Code § 70D-2-303
Notice upon closing -- Ongoing duty to notify -- Statements required
(1) At the time of closing of a mortgage loan, a lender shall notify the mortgagor in writing of: (a) the name of the initial servicer that will service the loan; and (b) the address at which a loan payment should be made. (2) (a) (i) If the servicing of a mortgage loan is assigned, the servicer that assigns the servic…
Utah Code § 70D-2-304
Statement to be provided
(1) Unless a servicer regularly provides the information described in this Subsection (1) in a monthly statement to a mortgagor, the servicer shall deliver to a mortgagor, within 15 days after receipt of a written request, a statement of the mortgagor's account including the following information: (a) the date and amou…
Utah Code § 70D-2-305
Fee restrictions
(1) A lender or broker may not accept a fee or deposit from an applicant for a mortgage loan unless at the time the lender or broker accepts the fee or deposit there is a written statement: (a) signed by the applicant; (b) stating whether or not the fee or deposit is refundable; and (c) describing the conditions, if an…
Utah Code § 70D-2-401
Qualification of manufactured home or mobile home as improvement to real property -- Requirements -- Removal from property
(1) Except as provided in this section, for purposes of this chapter, a manufactured home or mobile home is considered personal property. (2) For purposes of this chapter, if the requirements of this section are met, a manufactured home or mobile home is: (a) considered to be an improvement to real property; and (b) co…
Utah Code § 70D-2-401.5
Qualification of modular home as improvement to real property -- Requirements
(1) Except as provided in this section, for purposes of this chapter, a modular home is considered to be personal property. (2) Once a modular home is constructed on real property and the modular home is taxed as real property, it is presumed that the owner of the real property also owns the modular home. (3) For purpo…
Utah Code § 70D-2-501
Civil liability -- Misdemeanor
(1) (a) A lender, broker, or servicer who violates this chapter is liable to an injured party for actual damages. (b) In an action filed to determine the liability of a lender, broker, or servicer for damages under this chapter, the prevailing party is entitled to court costs and attorney fees. (2) A person who wilfull…
Utah Code § 70D-2-502
Enforcement -- Rulemaking -- Federal law
(1) The commissioner may: (a) in accordance with Title 63G, Chapter 4, Administrative Procedures Act: (i) receive and act on a complaint; (ii) take action designed to obtain voluntary compliance with this chapter; or (iii) commence a proceeding on the commissioner's own initiative to enforce compliance with this chapte…
Utah Code § 70D-2-503
Investigation
(1) (a) If the commissioner has probable cause to believe that a lender, broker, or servicer has violated a law, rule, or federal regulation relating to its business or an obligation to a mortgagor, the commissioner may investigate to determine if a violation has been committed. (b) To the extent necessary for an inves…
Utah Code § 70D-2-504
Orders
(1) If the commissioner determines that a person engaging in business as a lender, broker, or servicer is violating, has violated, or the commissioner has reasonable cause to believe is about to violate this chapter or a rule of the commissioner made under this chapter, the commissioner may: (a) order the person to cea…
Utah Code § 70D-2-505
Relief from order
A person aggrieved by a rule, order, temporary order, decision, ruling, or other act or failure to act by the commissioner under this chapter is entitled to judicial review as provided under Title 63G, Chapter 4, Administrative Procedures Act.
Utah Code § 70D-2-506
Civil liability
Nothing in this chapter limits any civil liability that may exist against a lender, broker, or servicer for breach of contract or other wrong committed against a mortgagor.
Utah Code § 70D-3-101
Title
This chapter is known as the "Financial Institution Loan Originator Licensing Act."
Utah Code § 70D-3-102
Definitions
As used in this chapter: (1) "Administrative or clerical tasks" means: (a) the receipt, collection, and distribution of information common for the process or underwriting of a loan in the mortgage industry; and (b) a communication with a consumer to obtain information necessary for the processing or underwriting of a r…
Utah Code § 70D-3-103
General powers and duties of commissioner
Subject to this chapter: (1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may make rules authorized by this chapter, including: (a) providing for an interim procedure for: (i) licensing; and (ii) acceptance of an application; and (b) coordination between filings required…
Utah Code § 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…
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