No. 29318: R162-204. Residential Mortgage Record Keeping Requirements

DAR File No.: 29318
Filed: 12/13/2006, 03:41
Received by: NL

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

Subsection 61-2c-l03(3)(c) requires the Division of Real Estate to make rules for the administration of the chapter, including record-keeping requirements for licensees.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

In early 2006, the Division received a comment suggesting that the entity licensee, as opposed to the individual licensee, should have the responsibility to maintain the business records for the statutorily required period. The Division agreed, and changed the rule accordingly, effective 04/05/2006.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

The Division of Real Estate is statutorily required to make rules including the record-keeping requirements for licensees. Therefore, this rule should be continued.

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]

Authorized by:

Derek Miller, Director