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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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R343-3. Mortgage Lenders, Brokers and Servicers Definitions |
| R343-3-1. Authority, Scope and Purpose |
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Latest version.
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(1) This rule is issued pursuant to Section 70D-3-102. (2) This rule applies to mortgage lenders, brokers or servicers who engage in the business of mortgage lending, brokering or servicing and are required to license with the commissioner. (3) The purpose of this rule is to define terms. |
| R343-3-2. Definitions |
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Latest version.
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(1) "Affiliate" means any company which controls, is controlled by, or is under common control with a depository institution that is subject to the jurisdiction of a federal banking agency. (2) "Form MU4" means the Uniform Individual Mortgage License/Registration and Consent form adopted by the nationwide database. (3) "Owned and controlled by a depository institution" means a subsidiary entity that is owned by a parent financial institution that has direct or indirect power to direct or exercise a controlling influence over management or policies. |