File No. 33376
This rule was published in the March 1, 2010, issue (Vol. 2010, No. 5) of the Utah State Bulletin.
Commerce, Real Estate
Residential Mortgage Record Keeping Requirements
Notice of Proposed Rule
DAR File No.: 33376
Filed: 02/11/2010 09:38:01 AM
Purpose of the rule or reason for the change:
Rule R162-204 is repealed in light of the Division's proposed new Rule R162-2c which updates the provisions of the existing rule to comply with the procedures mandated by the nationwide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Rule R162-204 is repealed in its entirety.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 relieves the state from having to oversee and enforce it. The costs to the state of implementing and overseeing the new provisions as to record-keeping requirements are included in the rule analysis for proposed new Rule R162-2c.
Local governments have never been subject to this rule. Repealing it will have no fiscal impact to local governments.
Repealing this rule relieves small businesses from having to comply with it. The costs to small businesses of having to comply with the new provisions as to record-keeping requirements are included in the rule analysis for proposed new Rule R162-2c.
persons other than small businesses, businesses, or local governmental entities:
Repealing this rule relieves affected persons from having to comply with it. The costs to affected persons of having to comply with the new provisions as to record-keeping requirements are included in the rule analysis for proposed new Rule R162-2c.
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 provision 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
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 firstname.lastname@example.org
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:
This rule may become effective on:
Deanna Sabey, Director
R162. Commerce, Real Estate.
R162-204. Residential Mortgage Record Keeping
Requirements. R162-204-1. Residential Mortgage Record
Keeping Requirements. 204.1.1 Entity Requirements. An entity licensed under the
Utah Residential Mortgage Practices Act shall maintain for the
period set forth in Utah Code Section 61-2c-302 the following
(a) Application forms;
(b) Disclosure forms;
(c) Truth-in-Lending forms;
(d) Credit reports and the explanations to the credit
(e) Conversation logs;
(f) Verifications of employment, paycheck stubs, and tax
(g) Proof of legal residency, if applicable;
(h) Appraisals, appraisal addenda, and records of
communications between the appraiser and the registrant or
(i) Underwriter denials;
(j) Notices of adverse action;
(k) Loan approval; and
(l) All other records required by underwriters involved with
204.1.2. Principal Lending Manager Requirements. Except as
provided in Subsection 188.8.131.52, the principal lending manager
of an entity is responsible to make the records set forth in
Section 204.1.1 available to the Division as provided in Utah
Code Annotated Section 61-2c-302(3).
184.108.40.206. Defunct entity. If a licensed entity ceases doing
business in Utah, an owner or director of the entity, rather than
the principal lending manager, is responsible to make the records
set forth in Section 204.1.1 available to the Division.
204.1.3. Disposal of Records. If an entity licensed under
the Utah Residential Mortgage Practices Act disposes of the
records under this section after the end of the retention
schedule in Utah Code Section 61-2c-302, the entity shall dispose
of the records in a reasonable manner that safeguards any
personal information, as defined in Utah Code Annotated Section
KEY: residential mortgage loan
origination Date of Enactment or Last Substantive
Amendment: June 1, 2009 Notice of Continuation: December 13,
2006 Authorizing, and Implemented or Interpreted
The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull-pdf/2010/b20100301.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version.
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For questions regarding the content or application of this rule, please contact Jennie Jonsson at the above address, by phone at 801-530-6706, by FAX at 801-526-4387, or by Internet E-mail at email@example.com.