State Codes and Statutes
Statutes > Utah > Title-70d > Chapter-03 > 70d-3-10270D-3-102. Definitions.
As used in this chapter:
(1) "Administrative or clerical tasks" means:
(a) the receipt, collection, and distribution of information common for the process orunderwriting of a loan in the mortgage industry; and
(b) a communication with a consumer to obtain information necessary for the processingor underwriting of a residential mortgage loan.
(2) "Affiliate" shall be defined by the commissioner by rule made in accordance withTitle 63G, Chapter 3, Utah Administrative Rulemaking Act.
(3) "Applicant" means an individual applying for a license under this chapter.
(4) "Approved examination provider" means a person approved by the nationwidedatabase as an approved test provider.
(5) "Business as a loan originator" means for compensation or in the expectation ofcompensation to engage in an act that makes an individual a loan originator.
(6) "Clerical or support duties" includes after the receipt of an application for aresidential mortgage loan:
(a) the receipt, collection, distribution, and analysis of information common for theprocessing or underwriting of a residential mortgage loan; and
(b) communicating with a consumer to obtain the information necessary for theprocessing or underwriting of the residential mortgage loan, to the extent that the communicationdoes not include:
(i) offering or negotiating a residential mortgage loan rate or term; or
(ii) counseling a consumer about a residential mortgage loan rate or term.
(7) "Compensation" means anything of economic value that is paid, loaned, granted,given, donated, or transferred to an individual or entity for or in consideration of:
(a) services;
(b) personal or real property; or
(c) another thing of value.
(8) "Continuing education" means education taken by an individual licensed under thischapter in order to meet the education requirements imposed by Section 70D-3-303 to renew alicense under this chapter.
(9) "Covered subsidiary" means a subsidiary that is:
(a) owned and controlled by a depository institution; and
(b) regulated by a federal banking agency.
(10) "Federal banking agency" means:
(a) the Board of Governors of the Federal Reserve System;
(b) the Comptroller of the Currency;
(c) the Director of the Office of Thrift Supervision;
(d) the National Credit Union Administration; or
(e) the Federal Deposit Insurance Corporation.
(11) "Licensee" means an individual licensed under this chapter.
(12) (a) Except as provided in Subsection (12)(b), "loan originator" means an individualwho for compensation or in the expectation of compensation:
(i) takes a residential mortgage loan application; or
(ii) offers or negotiates a term of a residential mortgage loan.
(b) "Loan originator" does not include:
(i) an individual who is engaged solely as a loan processor or underwriter;
(ii) unless compensated by a lender, broker, other loan originator, or an agent of a lender,broker, or other loan originator, a person who:
(A) only performs real estate brokerage activities; and
(B) is licensed under Title 61, Chapter 2f, Real Estate Licensing and Practices Act;
(iii) a person who is solely involved in extension of credit relating to a timeshare plan, asdefined in 11 U.S.C. Sec. 101(53D); or
(iv) an attorney licensed to practice law in this state who, in the course of the attorney'spractice as an attorney, assists a person in obtaining a residential mortgage loan.
(13) "Loan processor or underwriter" means an individual who as an employee performsclerical or support duties:
(a) at the direction of and subject to the supervision and instruction of:
(i) a licensee; or
(ii) a registered loan originator; and
(b) as an employee of:
(i) the licensee; or
(ii) a registered loan originator.
(14) "Nationwide database" means the Nationwide Mortgage Licensing System andRegistry, authorized under Secure and Fair Enforcement for Mortgage Licensing, 12 U.S.C. Sec.5101 et seq.
(15) "Nontraditional mortgage product" means a mortgage product other than a 30-yearfixed rate mortgage.
(16) "Owned and controlled by a depository institution" may be defined by rule made bythe commissioner in accordance with Title 63G, Chapter 3, Utah Administrative RulemakingAct.
(17) "Prelicensing education" means education taken by an individual seeking to belicensed under this chapter in order to meet the education requirements imposed by Section70D-3-301 for an individual to obtain a license under this chapter.
(18) "Registered loan originator" means an individual who:
(a) engages in an act as a loan originator only as an employee of:
(i) a depository institution;
(ii) a covered subsidiary; or
(iii) an institution regulated by the Farm Credit Administration; and
(b) is registered with, and maintains a unique identifier through, the nationwide database.
(19) (a) Subject to Subsection (19)(b), "residential mortgage loan" means:
(i) a mortgage loan; or
(ii) a loan that is:
(A) secured by a mortgage; and
(B) subject to Title 70C, Utah Consumer Credit Code.
(b) A loan described in Subsection (19)(a) is a "residential mortgage loan" only if themortgage securing the loan is on:
(i) a dwelling located in the state; or
(ii) real property located in the state, upon which is constructed or intended to beconstructed a dwelling.
(20) "Unique identifier" is as defined in 12 U.S.C. Sec. 5102.
Amended by Chapter 379, 2010 General Session
