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 April 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 R343-10. Title Lenders Registration with the Nationwide Database.

As in effect on April 1, 2019

Table of Contents

R343-10-1. Authority, Scope and Purpose.

(1) This rule is issued pursuant to Section 7-24-201(4).

(2) This rule applies to title lenders that are required to register with the nationwide database.

(3) This rule establishes initial and renewal registration requirements for title lenders.

R343-10-2. Definitions.

(1) "Commissioner" means the Commissioner of Financial Institutions.

(2) "Department" means the Department of Financial Institutions.

(3) "Form MU1" means the Uniform Company License/Registration and Consent form adopted by the nationwide database.

(4) "NMLS" means the Nationwide Mortgage Licensing System located at http://mortgage.nationwidelicensingsystem.org/.

R343-10-3. Renewal of Current Registered Title Lenders.

(1) On or after November 1, 2015, title lenders that are registered with the department shall renew a registration through the NMLS.

(a) Title lenders that do not have a record in NMLS will be required to complete a Form MU1 on the NMLS website.

(b) Title lenders that have a record in NMLS and have submitted a company Form MU1 are not required to reenter their company information. Those with a record will complete the appropriate registration for Utah.

R343-10-4. Initial Registration of Title Lenders.

(1) On or after November 1, 2015, persons seeking authorization to transact business as a title lender in Utah or with a Utah resident may register with the department through the NMLS.

(a) Title lenders that do not have a record in NMLS will be required to complete a Form MU1 on the NMLS website.

(b) Title lenders that have a record in NMLS and have submitted a company Form MU1 are not required to reenter their company information. Those with a record will complete the appropriate registration for Utah.

R343-10-5. Fees.

(1) Title lenders filing an original registration through the NMLS shall pay the department an original registration fee as set forth in Subsection 7-1-401(8).

(2) Title lenders renewing a registration through NMLS shall pay an annual fee as set forth in Subsection 7-1-401(5).

(3) Title lenders renewing a registration through the NMLS in 2015, which have previously paid an annual fee in 2015, are not required to pay a second annual fee to the Department for 2015.

(4) Title lenders shall pay to the NMLS all fees required by NMLS.

KEY

title lenders, fees

Date of Enactment or Last Substantive Amendment

August 12, 2015

Authorizing, Implemented, or Interpreted Law

7-24-201(4)


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.