Bill > HB0099

This bill modifies Utah's Residential Mortgage Loan Practices and Licensing Act by making several key changes to regulatory provisions. The bill introduces new definitions related to mortgage loan solicitation, including defining "prescreened trigger lead information" and clarifying what constitutes "solicitation" in the mortgage industry. It adds a new prohibition against using prescreened trigger lead information to solicit consumers who have already applied for a mortgage loan, specifically targeting practices where a mortgage professional might mislead or unfairly approach potential borrowers. The bill updates and clarifies existing language around prohibited conduct for mortgage professionals, including more precise wording about responding to division requests, making false representations, and engaging in various types of professional misconduct. The legislation also refines rules about supervision, fee retention, and the handling of appraisals and loan modifications. Additionally, the bill makes technical amendments to citation and enforcement procedures, allowing the division more flexibility in addressing violations while maintaining clear guidelines for mortgage industry professionals. The bill is set to take effect on May 7, 2025, providing time for industry professionals to understand and implement the new requirements.