Utah passed a bill requiring mortgage lenders licensed under the Utah Residential Mortgage Practices and Licensing Act (URMPLA) to file a Residential First Mortgage Notification (providing evidence of registration with the NMLS) and pay a fee to the Department of Financial Institutions. Under existing law, mortgage lenders licensed under the URMPLA are exempt from the notification and fee requirements of the Mortgage Lending and Servicing Act (MLSA). The bill repeals this exemption and mortgage lenders licensed under the URMPLA are now required to file a Residential First Mortgage Notification and pay a fee under the MLSA. The bill becomes effective May 10, 2016.
See Utah State Legislature website for the full text of the Statute:
