Tag Archive: "Utah"
-
Utah Adopts Provisions Regarding Residential Mortgage Practices and Licensing Rules
By Laura McCarthy, J.D.Effective immediately, the Utah Department of Commerce, Division of Real Estate has adopted provisions including, but not limited to, changes to existing sections regarding entity registration, instructor registration as well as licensee conduct. The changes to the Utah Residential Mortgage Practices and Licensing Rules are as follows:Section R162-2c-201 Registering entities must list […]
-
Utah Enacts and Amends Reverse Mortgage Act
By Marlana Melendez, J.D.The Legislature of the state of Utah recently enacted its Reverse Mortgage Act. This act enacts and amends provisions relating to Reverse Mortgages (RM). Some of the highlighted provisions define key terms, provide requirements for reverse mortgages including disclosures, addresses loan proceeds, priority, foreclosure, and lender default. Additionally, the act was amended […]
-
Utah Amends Provisions Regarding Anti-Discrimination and Fair Housing Acts
By Matthew Dailey, J.D.The state of Utah amended multiple provisions regarding the state Anti-Discrimination and Fair Housing Acts. Senate Bill 296 modifies definition provisions related to employment and housing discrimination, including defining “employer,” “gender identity,” and “sexual orientation.” The bill also added sexual orientation and gender identity under prohibited discrimination provisions regarding residential real estate-related […]
-
Utah Modifies Provisions Regarding Exemptions under Certain Transactions and Revises Lien Judgment Provisions
by: Matthew DaileyThe state of Utah modified its provisions relating to exempted transactions under the State Consumer Credit Code and exemptions under the Financial Institution Mortgage Financing Regulation Act. It also revised provisions requiring a separate information sheet filed with a judgment lien and provides that a small claim judgment is not a lien. These […]
-
Utah Enacts Various Mortgage Lending Laws
by: Emily RossThe Utah General Session and Senate have passed a series of bills over the past month that affect many financial institutions in relation to the practice of mortgage lending. These bills include basic changes such as yearly fee adjustments as well as larger changes affecting the licensing schemes of mortgage loan originators as […]
-
Utah Enacts Changes to Lender Licensing and Property Laws
by: Emily Ross, Esq.Changes to Lender Licensing Laws The Utah legislature recently amended the Utah Residential Mortgage Practices and Licensing Act by modifying requirements for licensure. In addition to other unchanged requirements, applicants for licensure as a residential mortgage lender must now authorize the division to obtain credit reports, which were not previously required. Also, […]