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 70D-2-203. (b) The commissioner may by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, provide for the transition of persons registering with the nationwide database. (2) The following persons are exempt from this part, except for a reimbursement or fee described in Subsection 70D-2-203(2): (a) a federally insured depository institution; (b) a wholly owned subsidiary of a depository institution described in Subsection (2)(a); and (c) a person who: (i) is required to be licensed with the Division of Real Estate pursuant to Title 61, Chapter 2c, Utah Residential Mortgage Practices and Licensing Act; and (ii) is not a: (A) servicer; or (B) mortgage lender. (3) A mortgage lender who is required to be registered under this chapter is not exempt from Title 61, Chapter 2c, Utah Residential Mortgage Practices and Licensing Act.