2006 Utah Code - 61-2c-104 — Residential Mortgage Regulatory Commission.

     61-2c-104.   Residential Mortgage Regulatory Commission.
     (1) (a) There is created within the division the Residential Mortgage Regulatory Commission consisting of the following members appointed by the executive director with the approval of the governor:
     (i) four members having at least three years of experience in transacting the business of residential mortgage loans and who are currently licensed under this chapter; and
     (ii) one member from the general public.
     (b) (i) The executive director with the approval of the governor may appoint an alternate member to the board.
     (ii) The alternate member shall:
     (A) at the time of the appointment, have at least three years of experience in transacting the business of residential mortgage loans; and
     (B) be licensed under this chapter at the time of and during appointment.
     (2) (a) Except as required by Subsection (2)(b), the executive director shall appoint each new member or reappointed member subject to appointment by the executive director to a four-year term ending June 30.
     (b) Notwithstanding the requirements of Subsection (2)(a), the executive director shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of commission members are staggered so that approximately half of the commission is appointed every two years.
     (c) If a vacancy occurs in the membership of the commission for any reason, the replacement shall be appointed for the unexpired term.
     (3) Members of the commission shall annually select one member to serve as chair.
     (4) (a) The commission shall meet at least quarterly.
     (b) The director may call a meeting in addition to the meetings required by Subsection (4)(a):
     (i) at the discretion of the director;
     (ii) at the request of the chair of the commission; or
     (iii) at the written request of three or more commission members.
     (5) (a) Three members of the commission constitute a quorum for the transaction of business.
     (b) If a quorum of members is unavailable for any meeting and an alternate member has been appointed to the commission by the executive director with the approval of the governor, the alternate member shall serve as a regular member of the commission for that meeting if with the presence of the alternate member there is a quorum present at the meeting.
     (c) The action of a majority of a quorum present is an action of the commission.
     (6) (a) (i) A member who is not a government employee shall receive no compensation or benefits for the member's services, but may receive per diem and expenses incurred in the performance of the member's official duties at the rates established by the Division of Finance under Sections 63A-3-106 and 63A-3-107.
     (ii) A member who is not a government employee may decline to receive per diem and expenses for the member's service.
     (b) (i) A state government officer and employee member who does not receive salary, per diem, or expenses from the member's agency for the member's service may receive per diem and expenses incurred in the performance of the member's official duties from the commission at the

rates established by the Division of Finance under Sections 63A-3-106 and 63A-3-107.
     (ii) A state government officer and employee member may decline to receive per diem and expenses for the member's service.
     (7) The commission shall:
     (a) except as provided in Subsection 61-2c-202(2), concur in the licensure or denial of licensure of individuals and entities under this chapter in accordance with Part 2, Licensure;
     (b) take disciplinary action with the concurrence of the director in accordance with Part 4, Enforcement;
     (c) advise the division concerning matters related to the administration and enforcement of this chapter; and
     (d) with the concurrence of the division, determine the requirements for:
     (i) the examination required under Section 61-2c-202, covering at least:
     (A) the fundamentals of the English language;
     (B) arithmetic;
     (C) the provisions of this chapter;
     (D) rules adopted by the division;
     (E) basic residential mortgage principles and practices; and
     (F) any other aspect of Utah law the commission determines is appropriate;
     (ii) with the concurrence of the division, the continuing education requirements under Section 61-2c-205, including:
     (A) except as provided in Subsection 61-2c-202(4)(a)(i)(C) and Subsection 61-2c-206(1)(c), the appropriate number of hours of prelicensing education and required continuing education; and
     (B) the subject matter of courses the division may accept for continuing education purposes;
     (iii) with the concurrence of the division, the prelicensing education required under Sections 61-2c-202 and 61-2c-206, including online education or distance learning options; and
     (iv) the examination required under Section 61-2c-206 covering:
     (A) advanced residential mortgage principles and practices; and
     (B) other aspects of Utah law the commission, with the concurrence of the division, determines appropriate.
     (8) The commission may appoint a committee to make recommendations to the commission concerning approval of prelicensing education and continuing education courses.
     (9) The commission and the division shall make the examination and prelicensing education and continuing education requirements described in this section available through the Internet or other distance education methods approved by the commission and division when reasonably practicable.
     (10) In accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking Act, the commission, with the concurrence of the division, shall make rules establishing procedures under which a licensee may be exempted from continuing education requirements:
     (a) for a period not to exceed four years; and
     (b) upon a finding of reasonable cause.

Amended by Chapter 199, 2005 General Session