No. 29319: R162-205. Residential Mortgage Unprofessional Conduct

DAR File No.: 29319
Filed: 12/13/2006, 03:42
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-103(3)(a)(d) requires the Division of Real Estate to make rules for the administration of the chapter, including standards of conduct 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:

During the process of amending Rule R162-205 to enact standards of conduct for mortgage loan officers who assist in real estate transactions other than by providing the mortgage loan, a number of comments were received. These comments ranged from those who felt that mortgage licensees should not be able to furnish any additional services at all to those who felt that mortgage licensees should be allowed to perform all of the services furnished by licensed real estate sales agents. The Division carefully considered these comments, held public hearings, and ultimately enacted standards of conduct that define what mortgage loan officers are permitted to do in the areas of providing comparative market analysis or helping a buyer to determine a purchase price, representing parties in the negotiation of the transaction, and advertising properties for sale.

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 for the administration of the licensing chapter, including the standards of conduct 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