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Financial Services Law Insights and Observations

Utah Revises Regulations Concerning Qualifications for Principal Lending Manager Licensing and Registration Procedures

State Issues

Effective May 10, 2011, the Utah Division of Real Estate revised its rules (see here and here) to prohibit a principal lending manager from simultaneously serving as a branch lending manager, and to prohibit an individual from serving as the branch lending manager for more than one branch at any given time. In addition, Utah Admin. Code r. 162-2c-202 was revised to include additional language under which a person may not be granted a mortgage loan officer or lending manager license.

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