No. 33373 (Repeal): Rule R162-201. Residential Mortgage Definitions

(Repeal)

DAR File No.: 33373
Filed: 02/11/2010 09:26:25 AM

RULE ANALYSIS

Purpose of the rule or reason for the change:

Rule R162-201 is repealed in light of the Division's proposed new Rule R162-2c (at Section R162-2c-201) which updates the mortgage definitions to track with the terms and procedures used by the nationwide database. (DAR NOTE: The proposed new Rule R162-2c is under DAR No. 33372 in this issue, March 1, 2010, of the Bulletin.)

Summary of the rule or change:

Rule R162-201 is repealed in its entirety.

State statutory or constitutional authorization for this rule:

• Subsection 61-2c-103(3)

Anticipated cost or savings to:

the state budget:

Repealing this rule and incorporating the mortgage definitions into a new rule will have no net impact on the state budget. It neither reduces revenue to the state nor requires expenditures by the state.

local governments:

Repealing this rule and incorporating the mortgage definitions into a new rule will have no impact on local governments. It requires no expenditures by local governments.

small businesses:

The defining of terms used in the mortgage industry creates no financial impact for small businesses. Repealing this rule and incorporating the mortgage definitions into a new rule will impose no costs or savings for small businesses.

persons other than small businesses, businesses, or local governmental entities:

The defining of terms used in the mortgage industry creates no financial impact for affected persons. Repealing this rule and incorporating the mortgage definitions into a new rule will impose no costs or savings for affected persons.

Compliance costs for affected persons:

In repealing this rule, the division relieves affected persons of any obligation to comply with it. There are no compliance costs.

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

No fiscal impact to businesses is anticipated from this rule repeal as a substitute rule amendment containing the substance of this section is also proposed by the Division

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
160 E 300 S
SALT LAKE CITY, UT 84111-2316

Direct questions regarding this rule to:

• Jennie Jonsson at the above address, by phone at 801-530-6706, by FAX at 801-526-4387, 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:

03/31/2010

This rule may become effective on:

04/07/2010

Authorized by:

Deanna Sabey, Director

RULE TEXT

R162. Commerce, Real Estate.

[R162-201. Residential Mortgage Definitions.

R162-201-1. Residential Mortgage Definitions.

201.1 Control. As used in Section 61-2c-102(1) of the Utah Residential Mortgage Practices Act, "control" is defined as the power to directly or indirectly:

(a) direct or exercise a controlling influence over:

(i) the management or policies of an entity;

(ii) the election of a majority of the directors, officers, managers, or managing partners of an entity;

(b) vote 20% or more of any class of voting securities of an entity by an individual; or

(c) vote more than 5% of any class of voting securities of an entity by another entity.

201.2 Certification. "Certification" means that the holder of a certificate is authorized by the Division to:

(a) establish and operate a school that provides courses for prelicensing requirements;

(b) provide courses that are approved for continuing education; or

(c) function as an instructor for courses approved for prelicensing requirements or for continuing education.

 

KEY: residential mortgage loan origination

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

Notice of Continuation: May 27, 2009

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

 

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