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,
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
• 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
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.