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If an individual or entity appeals a decision by the Commission and subsequently prevails in a judicial appeal, and the court finds that the state action was undertaken without substantial justification, What can the Court Rule?
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."
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Who is exempt from the Mortgage Lending and Servicing Act?
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."
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Does an omission, when transacting the business of a residential mortgage always qualify as fraud?
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."
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If the license is renewed more than 30 days after expiration, but less than six month, to reinstate the license, the licensee must:
Pay both a renewal fee and a late fee, complete the required continuing education requirement plus an additional 12 hours of continuing education.
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If the licensee's bond expires, how long does the licensee have to get a new bond and continue to be licensed?
The licensee must have a bond in place within 30 days.
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An individual or a control person of an entity who violates a cease and desist order issued under this section is guilty of a:
Class A Misdemeanor
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Once granted, a license is good for:
Two years which can be extended or shortened by as much as one year to maintain or change a renewal cycle. This is the way the wording states the renewal period in the administrative rules.
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The Real Estate Director can issue and serve what?
Cease and desist order. The director may issue, and serve by certified mail or by personal service, on an individual or entity an order to cease and desist if the director has reason to believe that the individual or entity has been or is engaging in acts constituting a violation of this chapter; and it appears to the director that it would be in the public interest to stop the acts. An unlawful detainer has to do with eviction, the Division would never be involved with bankruptcy, and obtaining an injunction is not within the powers of the Division.
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When a licensed individual obtains the required surety bond, which of the following must be named as beneficiary?
The State
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What groups are required to have representation on the Residential Mortgage Regulatory Commission?
1 or more members on the Commission should be from: (1) the public, (2) the Department of Financial Institutions, and (3) who hold a mortgage license. NOT neccessarily someone from the real estate profession.
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If a mortgage lender's license is revoked, how long must the licensee wait before being able to reapply for a license?
An individual or entity may not apply for reinstatement of the license sooner than five years after the date the license is revoked. Thus states the law.
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In a single lending transaction, the loan officer cannot also be the:
Nothing else (if acting as LO). A loan officer is not prohibited from functioning as an appraiser, real estate agent, escrow officer or general contractor, except if doing so in the same transaction. Once a loan officer is involved in a transaction, they cannot function in any of the other roles in that transaction.
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If a licensee is not renewed by the expiration date given on the license, in order to reinstate the license, the licensee must, during the next 30 days:
Pay a renewal fee, a late fee, and show verification of having met the continuing education requirement.
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According to statute, each licensee and entity must file with the division a surety bond of (numbers are given for the licensee first, the entity second):
$10,000/$25,000
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The commissioners come from which of the following areas?
General public, Department of Financial Institutions, experienced loan officers. The commission consists of three licensed members with at least three years experience transacting residential loans, one member from the general public, and the Director of the Department of Financial Institutions or his/her designee. There is no specific requirement for a licensed real estate person to be on the mortgage commission.
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The Mortgage Commission is required to meet at least:
Quarterly
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The commission, with the concurrence of the Director, can impose which of the following penalties for violations of Utah Statutes or Administrative rules and regulations?
$2,500 per violation.
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Under Utah law, electronic records are acceptable if:
They are retrievable and perceivable form. No other instructions are given as to what "retrievable" or "perceivable" means.
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According to Utah Law, a residential mortgage loan can be secured by any of the following:
Deed of Trust, Mortgage OR Lien Interest. NOT a Signature promissory note.
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