§ 70D-2-201. Notification of department -- Exemptions. (Effective 5/13/2014)

(1) Except as provided in Subsection (2), a person may not engage in business as a lender, broker, or servicer in this state before the day on which the person:

(a) files written notification with the commissioner in accordance with Section 70D-2-202; and

(b) pays a fee required by Section 70D-2-203.

(2) The following persons are exempt from this part, except for a reimbursement or fee described in Subsection 70D-2-203(2):

(a) a federally insured depository institution;

(b) a wholly owned subsidiary of a depository institution described in Subsection (2)(a); and

(c) a person who:

(i) is required to be licensed with the Division of Real Estate pursuant to Title 61, Chapter 2c, Utah Residential Mortgage Practices and Licensing Act; and

(ii) is not a servicer.

Amended by Chapter 97, 2014 General Session