UTAH - Free SAFE Act Test Questions.txt

The law states, "If an individual or entity prevails in a judicial appeal and the court finds that the state action was undertaken without substantial justification, the court may award reasonable litigation expenses to that individual or entity.�

There are two exceptions. They are: "1) bona fide nonprofit corporations granting first mortgage loans to promote home ownership for low and moderate income borrowers; and 2) agencies of the federal government or of any state, county, or municipal government or any quasi-governmental agency granting first mortgage loans under the specific authority of the laws of any state or the United States.�

Only if the omission constitutes dishonesty, fraud, or misrepresentation. "An individual or entity transacting the business of residential mortgage loans in this state may not... engage in an act or omission in transacting the business of residential mortgage loans that constitutes dishonesty, fraud, or misrepresentation.�