New Mortgage Administrative Rules
| Rule Number | Rule Sub-Heading | Effective Date |
| R162-2c-201(5) | Language is added to clarify: 1) that a principal lending manager may not simultaneously serve as a branch lending manager; and 2) that an individual may not serve as the branch lending manager for more than one branch at any given time. | May 10, 2011 |
| R162-2c-202 | Language is added that, until May 10, 2011, was included in statute (Section 61-2c-203). H.B. 91 (2011 Legislative Session) removed this language so that it could be incorporated into rule, where the Division will have more flexibility to make changes as needed to comply with the Nationwide Mortgage Licensing System and the Department of Housing and Urban Development efforts to standardize mortgage licensing and enforcement across the country. | May 10, 2011 |
| Amendment to provide definitions for the terms "personal information" and "safeguard". | August 8, 2011 | |
| R162-2c-302 | Language is added to clarify that a mortgage entity must safeguard records that it is required to keep, and must destroy all personal information at the end of the retention period. | August 8, 2011 |
| R162-2c-202 | A misdemeanor occurring within the three-year period prior to the date of application automatically disqualifies an individual for licensure only if the Commission and Division consider that the court made a finding of fraud, misrepresentation, theft, or dishonesty. Absent such a finding, the Commission and Division will be able to exercise discretion in determining whether a misdemeanor proceeding indicates a lack of good moral character, honesty, integrity, or truthfulness such that a license should be denied. The reference to the National Association of Securities Dealers is changed to refer to the Financial Industry Regulatory Authority because of the name change at the federal level. | August 22, 2011 |
| R162-2c-401 | An applicant or respondent must be given at least 30 days notice of a hearing. | August 22, 2011 |
| R162-2c-102 | Definitions are provided for the following terms: "expired license", "lending manager" and "lending manager license", "NMLS", "reapplication" or "reapply", "reinstatement" or "reinstate", and "terminated license". | October 11, 2011 |
| R162-2c-204 | The deadlines for license renewal and reinstatement are clarified. An exemption is provided under which a person who obtains a new license after November 1 of the calendar year is not required to renew it within the same calendar year. The educational requirements for license renewal, reinstatement, and reapplication are delineated. The procedures for license renewal, reinstatement, and reapplication are amended to comport with recent decisions and policies from the Nationwide Mortgage Licensing System (NMLS). | October 11, 2011 |