As Amended
SEC. 81-18-7. Mortgage company licensing requirement; violations. [Repealed effective July 1, 2007].
(1) On and after July 1, 2000, no person or natural person shall transact business in this state, directly or indirectly, as a mortgage company unless he or she is licensed or registered as a mortgage company by the department or is a person exempted from the licensing requirements under Section 81-18-5.
(2) A violation of this section does not affect the obligation of the borrower under the terms of the mortgage loan. The department shall publish and provide for distribution of information regarding approved or revoked licenses.
(3) On and after July 1, 2000, every person who directly or indirectly controls a person who violates this section, including a general partner, executive officer, joint venturer, contractor, or director of the person, violates this section to the same extent as the person, unless the person whose violation arises under this subsection shows by a preponderance of evidence the burden of proof that he or she did not know and, in the exercise of reasonable care, could not have known of the existence of the facts by reason of which the original violation is alleged to exist.
SOURCES: Laws, 2000, Ch.579, §4, SB3100; Reenacted without change, Laws, 2002, ch. 500, § 4, HB 1522; Laws, 2004, ch. 364, § 4, HB 788, eff from and after passage (approved Apr. 20, 2004.).
PREVIOUS VERSIONS: Pre-2004.