70D-2-203 - Fees -- Examination. - Utah Statutes

70D-2-203. Fees -- Examination.
(1) (a) A person required to file notification under this part shall pay to thecommissioner:
(i) a fee of $200 with the person's initial notification; and
(ii) an annual fee, on or before January 31 of each year, in an amount to be set by rule ofthe commissioner subject to Subsection (1)(b).
(b) The commissioner:
(i) subject to Subsection (1)(b)(ii), shall set the annual renewal fee at an amount thatgenerates sufficient revenue to cover the department's costs of administering this chapter; and
(ii) may not set an annual renewal fee that exceeds $100 per renewal.
(2) (a) If the commissioner has probable cause to believe that a lender, broker, or servicerhas violated this chapter, the commissioner may require the lender, broker, or servicer to make arecord of the lender, broker, or servicer relating to its activities as a lender, broker, or serviceravailable to the commissioner or the commissioner's authorized representative for examination.
(b) A lender, broker, or servicer described in Subsection (2)(a) shall:
(i) reimburse the department for travel and other reasonable and necessary costs incurredin the examination described in Subsection (2)(a); and
(ii) pay to the commissioner a fee set by the commissioner based on an hourly rate pereach examiner, not to exceed $55 per hour for each examiner.
(3) No portion of a fee paid or owed to the commissioner under this section is refundablebecause a person voluntarily or involuntarily ceases to do business as a lender, broker, orservicer:
(a) during the period covered by the fee; or
(b) before the time of an examination by the commissioner of a record pertaining to atransaction preceding the day on which the person ceases to do business as a lender, broker, orservicer.

Renumbered and Amended by Chapter 72, 2009 General Session