Rule R162-201. Residential Mortgage Definitions.

As in effect on August 1, 2009

Table of Contents

• R162-201-1. Residential Mortgage Definitions.
• KEY
• Date of Enactment or Last Substantive Amendment
• Notice of Continuation
• Authorizing, Implemented, or Interpreted Law

R162-201-1. Residential Mortgage Definitions.

201.1 Control. As used in Section 61-2c-102(1) of the Utah Residential Mortgage Practices Act, "control" is defined as the power to directly or indirectly:

(a) direct or exercise a controlling influence over:

(i) the management or policies of an entity;

(ii) the election of a majority of the directors, officers, managers, or managing partners of an entity;

(b) vote 20% or more of any class of voting securities of an entity by an individual; or

(c) vote more than 5% of any class of voting securities of an entity by another entity.

201.2 Certification. "Certification" means that the holder of a certificate is authorized by the Division to:

(a) establish and operate a school that provides courses for prelicensing requirements;

(b) provide courses that are approved for continuing education; or

(c) function as an instructor for courses approved for prelicensing requirements or for continuing education.

KEY

residential mortgage loan origination

Date of Enactment or Last Substantive Amendment

November 3, 2004

Notice of Continuation

May 27, 2009

Authorizing, Implemented, or Interpreted Law

61-2c-103(3)