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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-715

Loan production offices -- Application and procedure for approval. With the prior approval of the commissioner, a depository institution may establish one or more loan production offices. A loan p…

Source excerpt

bankingcommissioner approvaldepositary institution compliancedepository institution operationsloan disbursementloan processingloan production officeloan production officesper diem chargepublic interestrecords examination
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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“Loan production offices -- Application and procedure for approval. With the prior approval of the commissioner, a depository institution may establish one or more loan production offices. A loan production office shall be staffed and”

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Subsection 7-1-715(3)(h)

engage in other activities in the nature of acting as an agent for the parent depository institution in facilitating the production of loans.

Section 7-1-715(3)(h)

Subsection 7-1-715(9)

If the commissioner finds that examination is in the public interest, the department may examine the office’s books and records.

Section 7-1-715(9)

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Source record from le.utah.gov · Legal dates not recorded

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Showing 23 of 23 provisions

Provision 23

Part 7-1-7

part 7-1-7 Authorization Required to Conduct Business

§ 7-1-715Loan production offices -- Application and procedure for approval.Provision

Source excerpt

Loan production offices -- Application and procedure for approval. With the prior approval of the commissioner, a depository institution may establish one or more loan production offices. A loan production office shall be staffed and

Loan production offices -- Application and procedure for approval. With the prior approval of the commissioner, a depository institution may establish one or more loan production offices. A loan production office shall be staffed and accessible to the public. A loan production office may: solicit loans on behalf of its depository institution; assemble credit information; make property inspections and appraisals; secure title information; prepare applications for loans; solicit investors to purchase loans from the depository institution; seek to have these investors contract with a depository institution for servicing the loans; and engage in other activities in the nature of acting as an agent for the parent depository institution in facilitating the production of loans. A loan production office may not do any of the following: accept deposits; originate deposit, savings, or share accounts; pay checks; approve loans; or disburse loan funds. A loan processed by a loan production office may only be approved at the main office or approved branch of the depository institution, except a loan production office may make a recommendation, subject to independent analysis and approval by the depository institution. Funds from a loan processed by a loan production office may only be disbursed at the main office or approved branch of the depository institution, or at the office of an independent third party, such as a title company or escrow agent. Although a loan production office is not considered a branch, the establishment of a loan production office is subject to the prior approval of the commissioner in the manner provided in Section 7-1-708 for the establishment of a branch office. Each depository institution with operating loan production offices in Utah as of June 1, 1994, shall file an initial registration with the department stating the location of each loan production office on or before July 15, 1994. All subsequent applications for a loan production office require prior approval of the commissioner. If the commissioner determines that it is in the public interest, the department may examine the books and records of the office at the per diem charge established in Section 7-1-401 .
Section 7-1-715Verify source
§ 7-1-715(1)Subsection 7-1-715(1)Provision

Source excerpt

A depository institution may establish one or more loan production offices if it has the commissioner’s prior approval.

With the prior approval of the commissioner, a depository institution may establish one or more loan production offices.
Section 7-1-715(1)Verify source
§ 7-1-715(2)Subsection 7-1-715(2)Provision

Source excerpt

A loan production office must be staffed and open to the public.

A loan production office shall be staffed and accessible to the public.
Section 7-1-715(2)Verify source
§ 7-1-715(3)Subsection 7-1-715(3)Provision

Source excerpt

A loan production office may: solicit loans on behalf of its depository institution; assemble credit information; make property inspections and appraisals; secure title information; prepare applications for loans; solicit investors to

A loan production office may: solicit loans on behalf of its depository institution; assemble credit information; make property inspections and appraisals; secure title information; prepare applications for loans; solicit investors to purchase loans from the depository institution; seek to have these investors contract with a depository institution for servicing the loans; and engage in other activities in the nature of acting as an agent for the parent depository institution in facilitating the production of loans.
Section 7-1-715(3)Verify source
§ 7-1-715(3)(a)Subsection 7-1-715(3)(a)Provision

Source excerpt

solicit loans on behalf of its depository institution;

solicit loans on behalf of its depository institution;
Section 7-1-715(3)(a)Verify source
§ 7-1-715(3)(b)Subsection 7-1-715(3)(b)Provision

Source excerpt

assemble credit information;

assemble credit information;
Section 7-1-715(3)(b)Verify source
§ 7-1-715(3)(c)Subsection 7-1-715(3)(c)Provision

Source excerpt

The text refers to making property inspections and appraisals.

make property inspections and appraisals;
Section 7-1-715(3)(c)Verify source
§ 7-1-715(3)(d)Subsection 7-1-715(3)(d)Provision

Source excerpt

secure title information;

secure title information;
Section 7-1-715(3)(d)Verify source
§ 7-1-715(3)(e)Subsection 7-1-715(3)(e)Provision

Source excerpt

prepare applications for loans;

prepare applications for loans;
Section 7-1-715(3)(e)Verify source
§ 7-1-715(3)(f)Subsection 7-1-715(3)(f)Provision

Source excerpt

solicit investors to purchase loans from the depository institution;

solicit investors to purchase loans from the depository institution;
Section 7-1-715(3)(f)Verify source
§ 7-1-715(3)(g)Subsection 7-1-715(3)(g)Provision

Source excerpt

seek to have these investors contract with a depository institution for servicing the loans; and

seek to have these investors contract with a depository institution for servicing the loans; and
Section 7-1-715(3)(g)Verify source
§ 7-1-715(3)(h)Subsection 7-1-715(3)(h)Provision

Source excerpt

engage in other activities in the nature of acting as an agent for the parent depository institution in facilitating the production of loans.

engage in other activities in the nature of acting as an agent for the parent depository institution in facilitating the production of loans.
Section 7-1-715(3)(h)Verify source
§ 7-1-715(4)Subsection 7-1-715(4)Provision

Source excerpt

A loan production office may not accept deposits, originate deposit/savings/share accounts, pay checks, approve loans, or disburse loan funds.

A loan production office may not do any of the following: accept deposits; originate deposit, savings, or share accounts; pay checks; approve loans; or disburse loan funds.
Section 7-1-715(4)Verify source
§ 7-1-715(4)(a)Subsection 7-1-715(4)(a)Provision

Source excerpt

Accept deposits.

accept deposits;
Section 7-1-715(4)(a)Verify source
§ 7-1-715(4)(b)Subsection 7-1-715(4)(b)Provision

Source excerpt

originate deposit, savings, or share accounts;

originate deposit, savings, or share accounts;
Section 7-1-715(4)(b)Verify source
§ 7-1-715(4)(c)Subsection 7-1-715(4)(c)Provision

Source excerpt

pay checks;

pay checks;
Section 7-1-715(4)(c)Verify source
§ 7-1-715(4)(d)Subsection 7-1-715(4)(d)Provision

Source excerpt

approve loans; or

approve loans; or
Section 7-1-715(4)(d)Verify source
§ 7-1-715(4)(e)Subsection 7-1-715(4)(e)Provision

Source excerpt

disburse loan funds.

disburse loan funds.
Section 7-1-715(4)(e)Verify source
§ 7-1-715(5)Subsection 7-1-715(5)Provision

Source excerpt

A loan processed by a loan production office may only be approved at the main office or approved branch of the depository institution, except a loan production office may make a recommendation, subject to independent analysis and approval

A loan processed by a loan production office may only be approved at the main office or approved branch of the depository institution, except a loan production office may make a recommendation, subject to independent analysis and approval by the depository institution.
Section 7-1-715(5)Verify source
§ 7-1-715(6)Subsection 7-1-715(6)Provision

Source excerpt

Money from a loan processed by a loan production office may be disbursed only at specified offices or at an independent third party’s office.

Funds from a loan processed by a loan production office may only be disbursed at the main office or approved branch of the depository institution, or at the office of an independent third party, such as a title company or escrow agent.
Section 7-1-715(6)Verify source
§ 7-1-715(7)Subsection 7-1-715(7)Provision

Source excerpt

Although a loan production office is not considered a branch, the establishment of a loan production office is subject to the prior approval of the commissioner in the manner provided in Section 7-1-708 for the establishment of a branch

Although a loan production office is not considered a branch, the establishment of a loan production office is subject to the prior approval of the commissioner in the manner provided in Section 7-1-708 for the establishment of a branch office.
Section 7-1-715(7)Verify source
§ 7-1-715(8)Subsection 7-1-715(8)Provision

Source excerpt

Certain depository institutions had to file an initial registration with the department by July 15, 1994, listing each loan production office’s location. Later loan production office applications required prior approval of the commissioner.

Each depository institution with operating loan production offices in Utah as of June 1, 1994, shall file an initial registration with the department stating the location of each loan production office on or before July 15, 1994. All subsequent applications for a loan production office require prior approval of the commissioner.
Section 7-1-715(8)Verify source
§ 7-1-715(9)Subsection 7-1-715(9)Provision

Source excerpt

If the commissioner finds that examination is in the public interest, the department may examine the office’s books and records.

If the commissioner determines that it is in the public interest, the department may examine the books and records of the office at the per diem charge established in Section 7-1-401 .
Section 7-1-715(9)Verify source

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