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American Foundations MortgageBanc adds Jan M. Brezina as national operations and underwriting manager

National Mortgage Professional
Apr 20, 2009

Utah Adopts Legislation Amending the Utah Residential Mortgage Practices and Licensing Act MortgagePress.comGov. Jon Huntsman, Utah Residential Mortgage Practices and Licensing Act, House Bill 86, Senate Bill 31 Utah Gov. Jon Huntsman signed two bills on March 30 amending the Utah Residential Mortgage Practices and Licensing Act. House Bill 86 amends UT ST § 61-2c-205 to add subsection (e) regarding when an extension of the term of a license is appropriate and amends UT ST § 61-2c-402 to add two penalties for violations by people licensed or certified under the chapter. The bill also amends several statutes to strike several words and insert alternate language. House Bill 86 becomes effective May 12, 2009. Senate Bill 31 revises who is exempt from the chapter, clarifies who is responsible for providing the division with mailing addresses, amends the requirements for applicants regarding fingerprinting and background checks, and revises the required qualifications an individual must possess to obtain a license. Other key changes implemented in the legislation include: • Reducing the license term to one year • Adding an examination requirement for license reactivation • Loan originator licensing requirement • Mandatory reports of condition for licensees engaging in an activity as a loan originator • Details for the nationwide licensing database transition process Additionally, Senate Bill 31 coordinates changes with House Bill 86 regarding amendments to UT ST § 61-2c-402. Senate Bill 31 becomes effective January 1, 2010. For more information on Utah House Bill 86, click here and for more information on Utah Senate Bill 31, click here.
Published
Apr 20, 2009
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