No. 28450 (Amendment): R162-203. Status Changes

DAR File No.: 28450
Filed: 01/09/2006, 12:38
Received by: NL

 

RULE ANALYSIS

Purpose of the rule or reason for the change:

The reason for the change is to clarify that if a licensee has not been required to submit proof of completion of the continuing education requirement at the time of renewal because the licensee renewed on inactive status, proof of completion of the education must be submitted in order to activate the inactive license.

 

Summary of the rule or change:

This change adds Subsection R162-203-5(203.5)(c) stating that if the licensee was on inactive status at the time of last renewal, proof of successful completion of the required continuing education is required in order to activate the inactive license.

 

State statutory or constitutional authorization for this rule:

Subsection 61-2c-103(3)

 

Anticipated cost or savings to:

the state budget:

None--State government is not affected by the continuing education requirements that mortgage loan officers must fulfill, or when they are required to submit proof of completion of those education hours.

 

local governments:

Local governments do not act as mortgage loan officers and do not regulate mortgage loan officers. Therefore, local governments are not affected by the continuing education requirements for mortgage loan officers or rules stating when proof of completion of those education hours must be submitted.

 

other persons:

None--The only persons who are affected by the time at which licensed mortgage loan officers must submit proof of their required continuing education hours are the mortgage officers themselves. Whether they must submit proof of their required continuing education hours at the time of license renewal or at the time of license activation will not change the cost of their required continuing education.

 

Compliance costs for affected persons:

None--Whether mortgage loan officers must submit proof of their continuing education hours at the time of license renewal or upon activation of license does not change the cost of their required continuing education.

 

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

This rule clarifies license activation procedures with respect to continuing education requirements. These amendments appear to create no fiscal impact to businesses. Francine A. Giani, Executive Director

 

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:

03/03/2006

 

This rule may become effective on:

03/04/2006

 

Authorized by:

Derek Miller, Director

 

 

RULE TEXT

R162. Commerce, Real Estate.

R162-203. Changes to Residential Mortgage Licensure Statement.

R162-203-2. Entity Affiliation.

An individual licensed under the Utah Residential Mortgage Practices Act shall notify the Division on the form required by the Division of the entity for which that individual shall conduct residential mortgage lending before acting on behalf of that entity.

203.2.1. Transfers. Prior to transferring from one entity to another, or from one branch office to another, the licensee must mail, deliver, or electronically transmit to the Division written notice of the transfer on the form required by the Division.

 

R162-203-5. Activation.

203.5 All licensees changing to active status must submit to the Division:

(a) the applicable non-refundable activation fee;[ and]

(b) a written request for activation on the form required by the Division[.]; and

(c) if the licensee was on inactive status at the time of the most recent renewal, proof of successful completion of the number of hours of continuing education that would have been required to renew had the licensee been on active status at the time of the licensee's most recent renewal. To qualify as continuing education for activation, all continuing education hours submitted must have been completed within twenty-four months prior to applying to activate.

 

KEY: residential mortgage loan origination

Date of Enactment or Last Substantive Amendment: [November 3, 2004]2006

Authorizing, and Implemented or Interpreted Law: 61-2c-205(3)