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Utah Administrative Code (Current through November 1, 2019) |
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R343. Financial Institutions, Nondepository Lenders |
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R343-10. Title Lenders Registration with the Nationwide Database |
| R343-10-1. Authority, Scope and Purpose |
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Latest version.
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(1) This rule is issued pursuant to Section 7-24-201(4). (2) This rule applies to title lenders that are required to register with the nationwide database. (3) This rule establishes initial and renewal registration requirements for title lenders. |
| R343-10-2. Definitions |
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(1) "Commissioner" means the Commissioner of Financial Institutions. (2) "Department" means the Department of Financial Institutions. (3) "Form MU1" means the Uniform Company License/Registration and Consent form adopted by the nationwide database. (4) "NMLS" means the Nationwide Mortgage Licensing System located at http://mortgage.nationwidelicensingsystem.org/. |
| R343-10-3. Renewal of Current Registered Title Lenders |
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Latest version.
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(1) On or after November 1, 2015, title lenders that are registered with the department shall renew a registration through the NMLS. (a) Title lenders that do not have a record in NMLS will be required to complete a Form MU1 on the NMLS website. (b) Title lenders that have a record in NMLS and have submitted a company Form MU1 are not required to reenter their company information. Those with a record will complete the appropriate registration for Utah. |
| R343-10-4. Initial Registration of Title Lenders |
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Latest version.
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(1) On or after November 1, 2015, persons seeking authorization to transact business as a title lender in Utah or with a Utah resident may register with the department through the NMLS. (a) Title lenders that do not have a record in NMLS will be required to complete a Form MU1 on the NMLS website. (b) Title lenders that have a record in NMLS and have submitted a company Form MU1 are not required to reenter their company information. Those with a record will complete the appropriate registration for Utah. |
| R343-10-5. Fees |
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Latest version.
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(1) Title lenders filing an original registration through the NMLS shall pay the department an original registration fee as set forth in Subsection 7-1-401(8). (2) Title lenders renewing a registration through NMLS shall pay an annual fee as set forth in Subsection 7-1-401(5). (3) Title lenders renewing a registration through the NMLS in 2015, which have previously paid an annual fee in 2015, are not required to pay a second annual fee to the Department for 2015. (4) Title lenders shall pay to the NMLS all fees required by NMLS. |