No. 26908 (Amendment): R162-204. Residential Mortgage Record Keeping Requirements

DAR File No.: 26908
Filed: 01/23/2004, 09:53
Received by: NL

 

RULE ANALYSIS

Purpose of the rule or reason for the change:

A statutory amendment that became effective on January 1, 2004, changed "registrations" to "licenses". This amendment makes the rule consistent with the statute. (DAR Note: H.B. 277 is found at UT L 2003 Ch 243, and was effective January 1, 2004.)

 

Summary of the rule or change:

The word "registered" is changed to "licensed" throughout the rule.

 

State statutory or constitutional authorization for this rule:

Subsection 61-2c-103(3)

 

Anticipated cost or savings to:

the state budget:

None--Any impact on the State budget that is caused by changing residential mortgage "registrations" to "licenses" would be caused by the statutory change (H.B. 277, 2003 General Session) and not by this rule change conforming the administrative rule to that statutory change.

 

local governments:

None--Local governments are not affected by whether residential mortgage brokers are called "registrants" or "licensees."

 

other persons:

None--Any impact on other persons that is caused by changing residential mortgage "registrations" to "licenses" would be caused by the statutory change (H.B. 277, 2003 General Session) and not by this rule change conforming the administrative rule to that statutory change.

 

Compliance costs for affected persons:

None--Any costs that might be incurred by residential mortgage brokers as a result of the change from "registrations" to "licenses" was caused by the statutory change (H.B. 277, 2003 General Session) and not by this rule change conforming the administrative rule to that statutory change.

 

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.

 

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:

03/16/2004

 

This rule may become effective on:

03/17/2004

 

Authorized by:

Klare Bachman, Executive Director

 

 

RULE TEXT

R162. Commerce, Real Estate.

R162-204. Residential Mortgage Record Keeping Requirements.

R162-204-1. Residential Mortgage Record Keeping Requirements.

A person [registered]licensed under the Utah Residential Mortgage Practices Act must maintain for the period set forth in Utah Code Section 61-2c-302 the following records:

(a) Application forms;

(b) Disclosure forms;

(c) Truth-in-Lending forms;

(d) Credit reports and the explanations therefor;

(e) Conversation logs;

(f) Verifications of employment, paycheck stubs, and tax returns;

(g) Proof of legal residency, if applicable;

(h) Appraisals, appraisal addenda, and records of communications between the appraiser and the registrant or lender;

(i) Underwriter denials;

(j) Loan approval; and

(k) All other records required by underwriters involved with the transaction.

 

KEY: residential mortgage loan origination

[December 24, 2001]2004

61-2c-302