§ 19-14-2 Licenses required. – (a) No person shall engage within this state in the business of: (1) making orfunding loans or acting as a lender or small loan lender; (2) brokering loansor acting as a loan broker; (3) selling checks for a fee or otherconsideration; (4) cashing checks for a fee or other consideration whichincludes any premium charged for the sale of goods in excess of the cash priceof the goods; (5) providing electronic money transfers for a fee or otherconsideration; (6) providing debt-management services; or (7) performing theduties of a mortgage loan originator without first obtaining a license orregistration from the director or the director's designee. The licensingrequirement for any person providing debt management plans shall apply to allpersons, without regard for state of incorporation or a physical presence inthis state, who initiate or service debt management plans for residents of thisstate. Special exemptions from licensing for each activity are contained inother chapters in this title.
(b) No lender or loan broker licensee shall permit anemployee to act as a mortgage loan originator without first verifying that suchoriginator is licensed under this chapter. No individual may act as a mortgageloan originator without being licensed, or act as a mortgage loan originatorfor more than one person. The license of a mortgage loan originator is noteffective during any period when such mortgage loan originator is notassociated with a lender or loan broker licensee.
(c) Each loan negotiated, solicited, placed, found or madewithout a license as required in subsection (a) of this section shallconstitute a separate violation for purposes of this chapter.
(d) No person engaged in the business of making or brokeringloans in this state, whether licensed in accordance with the provisions of thischapter, or exempt from licensing, shall accept applications or referral ofapplicants from, or pay a fee to, any lender, loan broker or mortgage loanoriginator who is required to be licensed or registered under said sections butis not licensed to act as such by the director or the director's designee.
§ 19-14-2 Licenses required. – (a) No person shall engage within this state in the business of: (1) making orfunding loans or acting as a lender or small loan lender; (2) brokering loansor acting as a loan broker; (3) selling checks for a fee or otherconsideration; (4) cashing checks for a fee or other consideration whichincludes any premium charged for the sale of goods in excess of the cash priceof the goods; (5) providing electronic money transfers for a fee or otherconsideration; (6) providing debt-management services; or (7) performing theduties of a mortgage loan originator without first obtaining a license orregistration from the director or the director's designee. The licensingrequirement for any person providing debt management plans shall apply to allpersons, without regard for state of incorporation or a physical presence inthis state, who initiate or service debt management plans for residents of thisstate. Special exemptions from licensing for each activity are contained inother chapters in this title.
(b) No lender or loan broker licensee shall permit anemployee to act as a mortgage loan originator without first verifying that suchoriginator is licensed under this chapter. No individual may act as a mortgageloan originator without being licensed, or act as a mortgage loan originatorfor more than one person. The license of a mortgage loan originator is noteffective during any period when such mortgage loan originator is notassociated with a lender or loan broker licensee.
(c) Each loan negotiated, solicited, placed, found or madewithout a license as required in subsection (a) of this section shallconstitute a separate violation for purposes of this chapter.
(d) No person engaged in the business of making or brokeringloans in this state, whether licensed in accordance with the provisions of thischapter, or exempt from licensing, shall accept applications or referral ofapplicants from, or pay a fee to, any lender, loan broker or mortgage loanoriginator who is required to be licensed or registered under said sections butis not licensed to act as such by the director or the director's designee.
§ 19-14-2 Licenses required. – (a) No person shall engage within this state in the business of: (1) making orfunding loans or acting as a lender or small loan lender; (2) brokering loansor acting as a loan broker; (3) selling checks for a fee or otherconsideration; (4) cashing checks for a fee or other consideration whichincludes any premium charged for the sale of goods in excess of the cash priceof the goods; (5) providing electronic money transfers for a fee or otherconsideration; (6) providing debt-management services; or (7) performing theduties of a mortgage loan originator without first obtaining a license orregistration from the director or the director's designee. The licensingrequirement for any person providing debt management plans shall apply to allpersons, without regard for state of incorporation or a physical presence inthis state, who initiate or service debt management plans for residents of thisstate. Special exemptions from licensing for each activity are contained inother chapters in this title.
(b) No lender or loan broker licensee shall permit anemployee to act as a mortgage loan originator without first verifying that suchoriginator is licensed under this chapter. No individual may act as a mortgageloan originator without being licensed, or act as a mortgage loan originatorfor more than one person. The license of a mortgage loan originator is noteffective during any period when such mortgage loan originator is notassociated with a lender or loan broker licensee.
(c) Each loan negotiated, solicited, placed, found or madewithout a license as required in subsection (a) of this section shallconstitute a separate violation for purposes of this chapter.
(d) No person engaged in the business of making or brokeringloans in this state, whether licensed in accordance with the provisions of thischapter, or exempt from licensing, shall accept applications or referral ofapplicants from, or pay a fee to, any lender, loan broker or mortgage loanoriginator who is required to be licensed or registered under said sections butis not licensed to act as such by the director or the director's designee.
