No. 38991 (5-year Review): Rule R343-6. Mortgage Loan Originator Challenge of Nationwide Database Information

DAR File No.: 38991
Filed: 12/04/2014 09:43:03 AM

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:

Under Section 70D-3-206, the Department is required to establish the procedure for mortgage loan originators or applicants to challenge information in the nationwide database.

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

No supporting or opposing written comments have been received since the last notice of continuation.

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

A mortgage loan originator or applicant may challenge the factual accuracy of information entered by the department into the nationwide database. This rule establishes the procedure to challenge that information under Section 70D-3-206. 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:

Financial Institutions
Nondepository LendersRoom 201
324 S STATE ST
SALT LAKE CITY, UT 84111-2393

Direct questions regarding this rule to:

• Paul Allred at the above address, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at [e-mail]

Effective:

12/04/2014

Authorized by:

Edward Leary, Commissioner