Section 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.Enacted by Chapter 72, 2009 General Session.