Utah Administrative Code

The Utah Administrative Code is the body of all effective administrative rules as compiled and organized by the Division of Administrative Rules (see Subsection 63G-3-102(5); see also Sections 63G-3-701 and 702).

NOTE: For a list of rules that have been made effective since August 1, 2019, please see the codification segue page.

NOTE TO RULEFILING AGENCIES: Use the RTF version for submitting rule changes.


R343. Financial Institutions, Nondepository Lenders.

Rule R343-7. Mortgage Loan Originator Education and Written Test Requirements.

As in effect on August 1, 2019

Table of Contents

R343-7-1. Authority, Scope and Purpose.

(1) This rule is issued pursuant to Sections 70D-3-301, 70D-3-302 and 70D-3-303.

(2) This rule applies to mortgage loan originators who are required to license with the department.

(3) This rule establishes education and written test requirements.

R343-7-2. Education and Written Test Requirements.

(1) An applicant must satisfy pre-licensing education and written testing requirements to be eligible to apply for a mortgage loan originator license.

(2) An applicant must complete at least twenty (20) hours in pre-licensing education courses that are approved by the nationwide database and includes the curriculum specified in Section 70D-3-301.

(3) In order to pass a written test an applicant must achieve a test score of not less than 75 percent correct answers on a written test meeting the standards described in Section 70D-3-302.

(a) An individual who fails such a written test by scoring less than 75 percent correct may be retested up to three times provided each test is taken at least 30 days after the prior test.

(b) An individual who fails all three retests must wait at least six months before taking the written test again.

(c) A licensee who fails to maintain a valid license for a period longer than 5 years, excluding any time during which that individual is a "registered loan originator" as defined in Section 70D-3-102, must retake the written test and must achieve a score of not less than 75 percent correct in order to be eligible for license renewal.

(4) Continuing education is required for annual license renewal.

(a) Annually, a licensee must complete at least eight (8) hours of continuing education courses that are approved by the nationwide database and include curriculum specified in Section 70D-3-303.

(b) A licensee may receive credit for a course only during the year in which the course is taken. If a licensee repeats an approved course during the same or a successive year, the licensee may not receive continuing education credit for retaking the same course.

KEY

mortgage

Date of Enactment or Last Substantive Amendment

December 22, 2009

Notice of Continuation

December 4, 2014

Authorizing, Implemented, or Interpreted Law

70D-3-301; 70D-3-302; 70D-3-303


Additional Information

Contact

For questions regarding the content or application of rules under Title R343, please contact the promulgating agency (Financial Institutions, Nondepository Lenders). A list of agencies with links to their homepages is available at http://www.utah.gov/government/agencylist.html or from http://www.rules.utah.gov/contact/agencycontacts.htm.