Commerce, Real Estate

Rule R162-211

Adjusted License Terms

Notice of Proposed Rule

(Repeal)

DAR File No.: 33382
Filed: 02/11/2010 09:54:24 AM

RULE ANALYSIS

Purpose of the rule or reason for the change:

Rule R162-211 was promulgated in order to adjust the expiration dates of existing licenses so that the licensees may transition onto the nationwide database with a yearly expiration date of December 31. New licenses have been issued by the division. The division's proposed new Rule R162-2c establishes a yearly license expiration date of December 31. Therefore, Rule R162-211 is no longer necessary. (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Rule R162-211 is repealed in its entirety.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:

This rule is moot. The state incurs no costs or savings in repealing it.

local governments:

Local governments do not license with the division and were never subject to this rule. Repealing it will have no fiscal impact on local governments.

small businesses:

Small businesses licensed with the division have been issued replacement licenses with expiration dates of December 31. The purpose of the rule has been satisfied, and it no longer has any effect on small businesses.

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

Persons licensed with the division have been issued replacement licenses with expiration dates of December 31. The purpose of the rule has been satisfied, and it no longer has any effect on any 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 transition to the nationwide database has been made and the current rule is no longer needed.

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 [email protected]

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

R162. Commerce, Real Estate.

[R162-211. Adjusted License Terms.

R162-211-1. Adjusted License Terms to Comply with Nationwide Mortgage Licensing System.

(1) Notwithstanding other provisions in R162, Sections R162-201 through R162-210, licensing terms for a license issued under the authority of Title 61, Chapter 2c, and rules made by the Division shall be adjusted according to the following schedule:

(a)(i) An applicant for license renewal whose license expires between January 1, 2008, and December 31, 2008, and who applies for and qualifies for renewal under Title 61, Chapter 2c, and rules made by the Division shall be issued a license for a term that expires December 31, 2010.

(ii) An applicant between January 1, 2008, and December 31, 2008, and who applies for and qualifies for licensure under Title 61, Chapter 2c, and rules made by the Division shall be issued a license for a term that expires December 31, 2010.

(iii) The Division shall issue a new license with the new expiration date to a licensee who was issued a mortgage license during 2008 prior to the enactment of this rule.

(b) An applicant for license renewal whose license expires between January 1, 2009, and December 31, 2009, and who applies for and qualifies for renewal under Title 61, Chapter 2c, and rules made by the Division shall be issued a license for a term that expires December 31, 2010.

(c) An applicant for licensure who applies for licensure between January 1, 2009, and December 31, 2009, and who qualifies for licensure under Title 61, Chapter 2c, and rules made by the Division shall be issued a license for a term that expires December 31, 2010.

(d) An applicant for licensure who applies for licensure between January 1, 2010, and December 31, 2010, shall comply with the procedures for licensure under Title 61, Chapter 2c, and rules made by the Division existing at time of licensure or license renewal.

(2) This rule does not affect any provisions under Rules R162-201 through R162-210 regarding licensee discipline.

 

KEY: mortgage renewal license term

Date of Enactment or Last Substantive Amendment: April 29, 2009

Authorizing, and Implemented or Interpreted Law: 61-2c-205(1)(b)]