No. 26840 (New Rule): R162-206. Licensing Examination

DAR File No.: 26840
Filed: 12/05/2003, 10:50
Received by: NL

 

RULE ANALYSIS

Purpose of the rule or reason for the change:

A recent amendment to the statute (H.B. 277, 2003 General Session) added a licensing examination requirement to the procedures for obtaining a residential mortgage license. This rule provides for the administration of that examination. (DAR Note: H.B. 277 is found at UT L 2003 Ch 243, and is effective January 1, 2004.)

 

Summary of the rule or change:

This rule provides procedures for registering to take the examination and requires that both the state and national portions of the examination be passed within a six-month period of time.

 

State statutory or constitutional authorization for this rule:

Subsections 61-2c-103(3), and 61-2c-202(4)(a)(i)(C)

 

Anticipated cost or savings to:

the state budget:

None--It will be more costly for the Division of Real Estate to administer the licensing of residential mortgage lenders, but those costs are due to the statutory change requiring the examination, not these rules. The procedures for licensing those persons who are engaged in the residential mortgage business do not impact any other state agencies and therefore will have no impact on the State budget.

 

local governments:

None--Local governments are not impacted by procedures for the licensing of persons who are engaged in the residential mortgage loan business and therefore these rules will have no impact on local government.

 

other persons:

None--Only those persons who are engaged in the residential mortgage loan business are affected by these rules. Although there will be an increased cost to those applying for a residential mortgage license because they will now have to pay examination fees, those costs are due to the statutory changes made by H.B. 277 and are not caused by this rule implementing those changes.

 

Compliance costs for affected persons:

There will be an increased cost to those applying for a residential mortgage license because they will now have to pay examination fees. However, those costs are due to the statutory changes made by H.B. 277 and are not caused by this rule implementing those changes.

 

Comments by the department head on the fiscal impact the rule may have on businesses:

There appears to be no fiscal impact to businesses as a result of this rule filing that was not already anticipated in recent legislative amendments to the Utah Residential Mortgage Practices Act (H.B. 277, 2003 General Session).

 

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Commerce
Real Estate
HEBER M WELLS BLDG
160 E 300 S
SALT LAKE CITY UT 84111-2316

 

Direct questions regarding this rule to:

Shelley Wismer at the above address, by phone at 801-530-6761, by FAX at 801-530-6749, or by Internet E-mail at [e-mail]

 

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

02/02/2004

 

This rule may become effective on:

02/03/2004

 

Authorized by:

Dexter Bell, Director

 

 

RULE TEXT

R162. Commerce, Real Estate.

R162-206. Licensing Examination.

R162-206-1. Licensing Examination.

206.1 In order to register for the licensing examination, the applicant shall deliver an application to take the examination, together with the applicable examination fee to the testing service designated by the division. If the applicant registers for the examination but fails to take a scheduled examination, the examination fee will be forfeited unless the applicant has complied with the Change/Cancel Policy in the candidate handbook furnished to the applicant by the examination provider.

206.2 The licensing examination will be a multiple choice examination and will consist of a national portion and a Utah-specific portion. Both portions of the examination must be passed within a six-month period of time.

 

KEY: residential mortgage loan origination

2004

61-2c-103(3)

61-2c-202(4)(a)(i)(C)