§ 70D-3-201. Licensing required -- Exemptions.

(1) (a) On or after January 1, 2011, except as provided in Subsection (2), an individual described in Subsection (1)(b) may not engage in the business of a loan originator unless that individual: (i) is licensed under this chapter; or (ii) is a registered loan originator. (b) This Subsection (1) applies to an employee or agent of: (i) a depository institution; (ii) a subsidiary of a depository institution; or (iii) an affiliate of a depository institution. (2) An individual described in Subsection (1)(b) may engage in the business of a loan originator without being licensed under this chapter or a registered loan originator when acting as a loan processor or underwriter.