61-2c-404 - Civil actions. - Utah Statutes

61-2c-404. Civil actions.
(1) (a) A person who violates this chapter is liable for an additional penalty, asdetermined by the court, of at least the amount the person received in consequence of a violationof this chapter as:
(i) commission;
(ii) compensation; or
(iii) profit.
(b) A person aggrieved by a violation of this chapter may:
(i) bring an action for a penalty described in Subsection (1)(a); and
(ii) use a penalty obtained under Subsection (1)(a) for the person's own use and benefit.
(2) A person who is not licensed under this chapter at the time of an act or service thatrequires a license under this chapter may not bring an action in court for the recovery of acommission, fee, or compensation for that act or service.
(3) (a) A mortgage loan originator may not bring an action in the mortgage loanoriginator's own name for the recovery of a fee, commission, or compensation for transacting thebusiness of residential mortgage loans unless the action is brought against the principal lendingmanager with whom the mortgage loan originator is licensed at the time of the act or service thatis the subject of the action.
(b) An action by an entity for the recovery of a fee, commission, or other compensationshall be brought by:
(i) an entity; or
(ii) the principal lending manager of an entity on behalf of the entity.
(4) A principal lending manager who transacts the business of residential mortgage loanson the principal lending manager's own behalf may sue in the principal lending manager's ownname for the recovery of a fee, commission, or compensation for transacting the business ofresidential mortgage loans.

Amended by Chapter 379, 2010 General Session