No. 29517 (Amendment): R162-202-1. Licensing Examination

DAR File No.: 29517
Filed: 02/14/2007, 05:04
Received by: NL

RULE ANALYSIS

Purpose of the rule or reason for the change:

The purpose of this amendment is to consolidate provisions in Rule R162-206 related to the licensing examination with the examination provisions in Section R162-202-1. (DAR NOTE: The proposed repeal of Rule R162-206 is under DAR No. 29518 in this issue, March 1, 2007, of the Bulletin.)

Summary of the rule or change:

The provisions currently in Rule R162-206 are relocated to Section R162-202-1.

State statutory or constitutional authorization for this rule:

Subsection 61-2c-103(3)(a)(i)

Anticipated cost or savings to:

the state budget:

None--It neither costs nor saves the state budget if provisions are moved from one rule to another.

local governments:

None--It neither costs nor saves local governments any money if provisions are moved from one rule to another.

other persons:

None--It neither costs nor saves other persons any money if provisions are moved from from one rule to another.

Compliance costs for affected persons:

The only persons affected by this rule are applicants for mortgage officer licenses. They do not incur any additional costs if provisions that are already in effect are moved from one rule to another.

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

This filing consolidates two separate provisions regarding licensing examinations. No fiscal impact to businesses is anticipated. 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 801-366-0145, by FAX at 801-366-0315, 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:

04/02/2007

This rule may become effective on:

04/10/2007

Authorized by:

Derek Miller, Director

RULE TEXT

R162. Commerce, Real Estate.

R162-202. Initial Application.

R162-202-1. Licensing Examination.

202.1 Except as provided in Subsection 202-8, an individual applying for an initial license is required to have passed the licensing examination approved by the commission before making application to the division for a license.

202.1.1 The licensing examination will be a multiple choice examination and will consist of a national portion and a Utah-specific portion. An applicant will be required to pass both portions of the examination within a six-month period of time.

202.1.2 In order to register for the licensing examination, the applicant shall deliver an application to take the examination, together with the applicable examination fee to the testing service designated by the division. If the applicant registers for the examination, the examination fee will be forfeited unless the applicant has complied with the Change/Cancel Policy in the candidate handbook furnished to the applicant by the examination provider.

202.1.[1]3 All examination results are valid for 90 days after the date of the examination. If the applicant does not submit an application for licensure within 90 days after successful completion of the examination, the examination results shall lapse and the applicant shall be required to retake and successfully pass the examination again in order to apply for a license.

 

KEY: residential mortgage loan origination

Date of Enactment or Last Substantive Amendment: [January 24, ]2007

Notice of Continuation: December 13, 2007

Authorizing, and Implemented or Interpreted Law: 61-2c-103(3)