Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-301.(UCCC) Authority to make supervised
loans; residential mortgage loan origination; registration required.
(1) Unless a person is a supervised financial organization; or has first
obtained a license from the administrator authorizing such person to make
supervised loans; or is the federal deposit insurance corporation acting
in its corporate capacity or as receiver, such person shall not engage in
the business of:
(a) Making supervised loans;
(b) taking assignments of and
directly or indirectly, including through the use of servicing contracts or
otherwise,
undertaking collection
of
payments from debtors arising from
supervised loans, but such person may collect for three
months
without a license if the person promptly applies for a license and such
person's application has not been denied; or
(c) taking assignments of and directly or indirectly, including through
the use of servicing
contracts or otherwise, enforcing rights against debtors arising from
supervised loans, but such
person may enforce for three months without a license if the person promptly
applies for a
license and such person's application has not been denied.
(2) Residential mortgage loan origination shall only be conducted in this
state by an
individual who has first been registered with the administrator as a
residential mortgage loan
originator and maintains a valid unique identifier issued by the nationwide
mortgage licensing
system and registry if operational at the time of registration.
(a) Residential mortgage loan origination shall only be conducted at or from
a supervised
lender and a registrant shall only engage in residential mortgage loan
origination on behalf of one
supervised lender.
(b) A supervised lender shall be responsible for all mortgage loan
origination conducted
on their behalf by residential mortgage loan originators or other employees.
(3) Nothing in this section shall
be construed to require
the 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.
Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-301.(UCCC) Authority to make supervised
loans; residential mortgage loan origination; registration required.
(1) Unless a person is a supervised financial organization; or has first
obtained a license from the administrator authorizing such person to make
supervised loans; or is the federal deposit insurance corporation acting
in its corporate capacity or as receiver, such person shall not engage in
the business of:
(a) Making supervised loans;
(b) taking assignments of and
directly or indirectly, including through the use of servicing contracts or
otherwise,
undertaking collection
of
payments from debtors arising from
supervised loans, but such person may collect for three
months
without a license if the person promptly applies for a license and such
person's application has not been denied; or
(c) taking assignments of and directly or indirectly, including through
the use of servicing
contracts or otherwise, enforcing rights against debtors arising from
supervised loans, but such
person may enforce for three months without a license if the person promptly
applies for a
license and such person's application has not been denied.
(2) Residential mortgage loan origination shall only be conducted in this
state by an
individual who has first been registered with the administrator as a
residential mortgage loan
originator and maintains a valid unique identifier issued by the nationwide
mortgage licensing
system and registry if operational at the time of registration.
(a) Residential mortgage loan origination shall only be conducted at or from
a supervised
lender and a registrant shall only engage in residential mortgage loan
origination on behalf of one
supervised lender.
(b) A supervised lender shall be responsible for all mortgage loan
origination conducted
on their behalf by residential mortgage loan originators or other employees.
(3) Nothing in this section shall
be construed to require
the 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.
Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-301.(UCCC) Authority to make supervised
loans; residential mortgage loan origination; registration required.
(1) Unless a person is a supervised financial organization; or has first
obtained a license from the administrator authorizing such person to make
supervised loans; or is the federal deposit insurance corporation acting
in its corporate capacity or as receiver, such person shall not engage in
the business of:
(a) Making supervised loans;
(b) taking assignments of and
directly or indirectly, including through the use of servicing contracts or
otherwise,
undertaking collection
of
payments from debtors arising from
supervised loans, but such person may collect for three
months
without a license if the person promptly applies for a license and such
person's application has not been denied; or
(c) taking assignments of and directly or indirectly, including through
the use of servicing
contracts or otherwise, enforcing rights against debtors arising from
supervised loans, but such
person may enforce for three months without a license if the person promptly
applies for a
license and such person's application has not been denied.
(2) Residential mortgage loan origination shall only be conducted in this
state by an
individual who has first been registered with the administrator as a
residential mortgage loan
originator and maintains a valid unique identifier issued by the nationwide
mortgage licensing
system and registry if operational at the time of registration.
(a) Residential mortgage loan origination shall only be conducted at or from
a supervised
lender and a registrant shall only engage in residential mortgage loan
origination on behalf of one
supervised lender.
(b) A supervised lender shall be responsible for all mortgage loan
origination conducted
on their behalf by residential mortgage loan originators or other employees.
(3) Nothing in this section shall
be construed to require
the 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.