61-2c-203 - General qualifications for licensure.
61-2c-203. General qualifications for licensure.
(1) To qualify for licensure under this chapter, a person shall demonstrate throughprocedures established by rule made by the division in accordance with Title 63G, Chapter 3,Utah Administrative Rulemaking Act:
(a) financial responsibility;
(b) good moral character, honesty, integrity, and truthfulness; and
(c) the competence to transact the business of residential mortgage loans, includinggeneral fitness such as to command the confidence of the community and to warrant adetermination that the person will operate honestly, fairly, and efficiently within the purposes ofthis chapter.
(2) If an applicant is an individual, the applicant may not have:
(a) been convicted of, pled guilty to, pled no contest to, pled guilty in a similar mannerto, or resolved by diversion or its equivalent:
(i) a felony involving an act of fraud, dishonesty, a breach of trust, or money laundering;or
(ii) a felony in the seven years preceding the day on which an application is submitted tothe division;
(b) in the five years preceding the day on which an application is submitted to thedivision, been convicted of, pled guilty to, pled no contest to, pled guilty in a similar manner to,or resolved by diversion its equivalent:
(i) a class B or class C misdemeanor involving moral turpitude; or
(ii) a crime in another jurisdiction that is the equivalent of a class B or class Cmisdemeanor involving moral turpitude;
(c) had a license as a mortgage loan originator revoked by a governmental jurisdiction atany time;
(d) had a license or registration suspended, surrendered, canceled, or denied in the fiveyears preceding the date the individual applies for licensure if:
(i) the registration or license is issued by this state or another jurisdiction; and
(ii) the suspension, surrender, cancellation, or denial is based on misconduct in aprofessional capacity that relates to moral character, honesty, integrity, truthfulness, or thecompetency to transact the business of residential mortgage loans;
(e) been the subject of a bar by the Securities and Exchange Commission, the New YorkStock Exchange, or the National Association of Securities Dealers within the five yearspreceding the date the individual applies for registration; or
(f) had a permanent injunction entered against the individual:
(i) by a court or administrative agency; and
(ii) on the basis of:
(A) conduct or a practice involving the business of residential mortgage loans; or
(B) conduct involving fraud, misrepresentation, or deceit.
(3) If an applicant is an entity, the applicant may not have a control person who fails tomeet the requirements of Subsection (2) for an individual applicant.
Amended by Chapter 379, 2010 General Session