§ 70D-3-201. Licensing required -- Exemptions.

Latest version.

(1)

(a)

On or after January 1, 2011, except as provided in Subsection (2), an individual described in Subsection (1)(b) may not engage in the business of a loan originator unless that individual:

(i)	is licensed under this chapter; or

(ii)	is a registered loan originator.

(b)

This Subsection (1) applies to an employee or agent of:

(i)	a depository institution;

(ii)	a subsidiary of a depository institution; or

(iii)

an affiliate of a depository institution.

(2)	An individual described in Subsection (1)(b) may engage in the business of a loan originator without being licensed under this chapter or a registered loan originator when acting as a loan processor or underwriter.

Enacted by Chapter 72, 2009 General Session

                    
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