32-9-105. Overall licensing requirements for mortgage brokers, mortgage lenders, and mortgage loan originators. (1) The department is authorized to participate in the nationwide mortgage licensing system and registry and shall require mortgage lenders, mortgage brokers, and mortgage loan originators to apply for state licensure on applications approved by the nationwide mortgage licensing system and registry by the dates set forth in subsection (4).
     (2) The department may establish requirements as necessary to comply with the nationwide mortgage licensing system and registry, including:
     (a) payment of nonrefundable fees to apply for, maintain, and renew licenses through the nationwide mortgage licensing system and registry;
     (b) renewal or reporting dates;
     (c) procedures for amending or surrendering a license; and
     (d) requirements pertaining to any other activity necessary for participation in the nationwide mortgage licensing system and registry.
     (3) The state portion of the licensing fees collected by the nationwide mortgage licensing system and registry under this section must be deposited into the department's account in the state special revenue fund to be used for administering this part.
     (4) In order to facilitate an orderly transition to licensing and minimize disruption in the mortgage marketplace, the implementation date of subsection (1) is:
     (a) April 1, 2010, for all new applicants applying after July 1, 2009;
     (b) June 30, 2010, for all licensees with current licenses as of July 1, 2009; and
     (c) for mortgage servicer loss mitigation specialists, if not exempt under 32-9-104(2), a date as set by the department by rule.
     (5) The provisions of this part apply to the activities of retail sellers of manufactured homes and recreational vehicles to the extent determined by the United States department of housing and urban development through guidelines, regulations, or interpretive letters.

     History: En. Sec. 6, Ch. 321, L. 2009.