State Codes and Statutes
Statutes > Utah > Title-61 > Chapter-02c > 61-2c-20561-2c-205. Term of licensure -- Renewal -- Reporting of changes.
(1) (a) A license issued under this chapter expires as follows:
(i) for the calendar year the license is issued:
(A) if the license is issued on or before October 31, the license expires on December 31of the same calendar year; and
(B) if the license is issued on or after November 1, the license expires on December 31 ofthe following calendar year; and
(ii) after the December 31 on which a license expires under Subsection (1)(a)(i), a licenseexpires annually on December 31.
(b) Notwithstanding Subsection (1)(a), the time period of a license may be extended orshortened by as much as one year to maintain or change a renewal cycle established by rule bythe division.
(2) To renew a license, no later than the date the license expires, a licensee shall in amanner provided by the division by rule:
(a) file a renewal statement;
(b) furnish the information required by Subsection 61-2c-202(1);
(c) renew the licensee's registration with the nationwide database, including the paymentof a fee required by the nationwide database;
(d) pay a fee to the division established by the division in accordance with Section63J-1-504; and
(e) if the licensee is an individual and the individual's license is in active status at thetime of application for renewal, submit proof of having completed during the year beforeapplication the continuing education required under Section 61-2c-204.1.
(3) (a) A licensee under this chapter shall notify the division in a manner provided by thedivision by rule within 10 days of the date on which there is a change in:
(i) a name under which the licensee transacts the business of residential mortgage loansin this state;
(ii) (A) if the licensee is an entity, the business location of the licensee; or
(B) if the licensee is an individual, the home and business addresses of the individual;
(iii) the principal lending manager of the entity;
(iv) the entity with which an individual licensee is licensed to conduct the business ofresidential mortgage loans; or
(v) any other information that is defined as material by rule made by the division.
(b) Failure to notify the division of a change described in Subsection (3)(a) is separategrounds for disciplinary action against a licensee.
(c) The division may charge a fee established in accordance with Section 63J-1-504 forprocessing a change that a licensee is required to report to the division under Subsection (3)(a).
(4) A licensee shall notify the division by sending the division a signed statement within10 business days of:
(a) (i) a conviction of a criminal offense;
(ii) the entry of a plea in abeyance to a criminal offense; or
(iii) the potential resolution of a criminal case by:
(A) a diversion agreement; or
(B) any other agreement under which a criminal charge is held in suspense for a period oftime;
(b) filing a personal bankruptcy or bankruptcy of a business that transacts the business ofresidential mortgage loans;
(c) the suspension, revocation, surrender, cancellation, or denial of a professional licenseor professional registration of the licensee, whether the license or registration is issued by thisstate or another jurisdiction; or
(d) the entry of a cease and desist order or a temporary or permanent injunction:
(i) against the licensee by a court or licensing agency; and
(ii) based on:
(A) conduct or a practice involving the business of residential mortgage loans; or
(B) conduct involving fraud, misrepresentation, or deceit.
(5) (a) A license under this chapter expires if the licensee does not apply to renew thelicense on or before the expiration date of the license.
(b) A licensee whose license has expired may apply to reinstate the expired license, in amanner provided by the division by rule by:
(i) requesting reinstatement;
(ii) paying to the division a renewal fee and a late fee determined by the division underSection 63J-1-504; and
(iii) reinstating the licensee's registration with the nationwide database, including thepayment of a fee required by the nationwide database.
Amended by Chapter 379, 2010 General Session
