32-10-102. License requirement -- scope. (1) A person, except a person who is exempt pursuant to 32-10-207, may not engage in the business of making residential mortgage loans after October 1, 2008, without first obtaining a license from the department in accordance with the licensing procedures provided for in this chapter and rules promulgated by the department.
     (2) A person required to be licensed under this chapter who is not licensed may not:
     (a) transact business without a residential mortgage lender license under any name or title; or
     (b) circulate or use any advertising, including by electronic media, or make any representation or give any information to any other person that indicates or implies that the person is authorized to conduct activities within the scope of this chapter.
     (3) Each person, unless exempt, conducting activities regulated by this chapter must be issued a residential mortgage lender license restricting operations to those activities that the person has applied to conduct.
     (4) A residential mortgage lender license must be issued to the person applying. Employees or independent contractors of the licensee are not required to be separately licensed.
     (5) A person who is exempt as provided for in 32-10-207 is not subject to the requirements of this chapter.

     History: En. Sec. 2, Ch. 369, L. 2007.