16a-2-301.   (UCCC) Authority to make supervisedloans; residential mortgage loan origination; registration required.(1) Unless a person is a supervised financial organization; or has firstobtained a license from the administrator authorizing such person to makesupervised loans; or is the federal deposit insurance corporation actingin its corporate capacity or as receiver, such person shall not engage inthe business of:

      (a)   Making supervised loans;

      (b)   taking assignments of anddirectly or indirectly, including through the use of servicing contracts orotherwise,undertaking collectionofpayments from debtors arising fromsupervised loans, but such person may collect for threemonthswithout a license if the person promptly applies for a license and suchperson's application has not been denied; or

      (c)   taking assignments of and directly or indirectly, including throughthe use of servicingcontracts or otherwise, enforcing rights against debtors arising fromsupervised loans, but suchperson may enforce for three months without a license if the person promptlyapplies for alicense and such person's application has not been denied.

      (2)   Residential mortgage loan origination shall only be conducted in thisstate by anindividual who has first been registered with the administrator as aresidential mortgage loanoriginator and maintains a valid unique identifier issued by the nationwidemortgage licensingsystem and registry if operational at the time of registration.

      (a)   Residential mortgage loan origination shall only be conducted at or froma supervisedlender and a registrant shall only engage in residential mortgage loanorigination on behalf of onesupervised lender.

      (b)   A supervised lender shall be responsible for all mortgage loanorigination conductedon their behalf by residential mortgage loan originators or other employees.

      (3)   Nothing in this section shallbe construed to requirethe licensing of an attorney who is forwarded contracts for collection.

      History:   L. 1973, ch. 85, § 18; L. 1980, ch. 76, § 6;L. 1985, ch. 83, § 1;L. 1988, ch. 85, § 5;L. 2009, ch. 29, § 16; July 1.