(1) Except as provided in Subsection (2), a person may not engage in business as a lender, broker, or servicer in this state before the day on which the person:

1. (a) files written notification with the commissioner in accordance with Section 70D-2-202; and
2. (b) pays a fee required by Section 70D-2-203.

(2) The following persons are exempt from this part, except for a reimbursement or fee described in Subsection 70D-2-203(2):

1. (a) a federally insured depository institution in this state;
2. (b) a wholly owned subsidiary of a depository institution described in Subsection (2)(a); and

3. (c) a person who:

   1. (i) is required to be licensed with the Division of Real Estate pursuant to Title 61, Chapter 2c, Utah Residential Mortgage Practices and Licensing Act; and
   2. (ii) is not a servicer.