§ 61-2c-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 31 of the same calendar year; and

(B) if the license is issued on or after November 1, the license expires on December 31 of the following calendar year; and

(ii) after the December 31 on which a license expires under Subsection (1)(a)(i), a license expires annually on December 31.

(b) Notwithstanding Subsection (1)(a), the time period of a license may be extended or shortened by as much as one year to maintain or change a renewal cycle established by rule by the division.

(2) To renew a license, no later than the date the license expires, a licensee shall in a manner 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 payment of a fee required by the nationwide database;

(d) pay a fee to the division established by the division in accordance with Section 63J-1-504; and

(e) if the licensee is an individual, submit proof of having completed the continuing education required under Section 61-2c-204.1, according to the deadline the division establishes by rule in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

(3)

(a) A licensee under this chapter shall notify the division in a manner provided by the division 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 loans in 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 of residential 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 separate grounds for disciplinary action against a licensee.

(c) The division may charge a fee established in accordance with Section 63J-1-504 for processing a change that a licensee is required to report to the division under Subsection (3)(a).

(4)

(a) A licensee shall notify the division by sending the division a signed statement within 10 business days of:

(i) a conviction of, or the entry of a plea in abeyance to:

(A) a felony; or

(B) a misdemeanor involving financial services or a financial services-related business, fraud, a false statement or omission, theft or wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion;

(ii) the potential resolution of a felony or of a misdemeanor described in Subsection (4)(a)(i)(B) by a diversion agreement, or any other agreement under which a criminal charge is held in suspense for a period of time;

(iii) filing a personal bankruptcy or bankruptcy of a business that transacts the business of residential mortgage loans;

(iv) the suspension, revocation, surrender, cancellation, or denial of a professional license or professional registration of the licensee, whether the license or registration is issued by this state or another jurisdiction; or

(v) the entry of a cease and desist order or a temporary or permanent injunction:

(A) against the licensee by a court or licensing agency; and

(B) based on conduct or a practice involving the business of residential mortgage loans, or conduct involving fraud, misrepresentation, or deceit.

(b) The commission, with the concurrence of the division, shall enforce the reporting requirement under this Subsection (4) pursuant to Section 61-2c-402.

(5)

(a) A license under this chapter expires if the licensee does not apply to renew the license on or before the expiration date of the license.

(b) A licensee whose license has expired may apply to reinstate the expired license, in a manner 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 under Section 63J-1-504; and

(iii) reinstating the licensee's registration with the nationwide database, including the payment of a fee required by the nationwide database.

Amended by Chapter 166, 2012 General Session