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H.B. 203






Sponsor: Gordon E. Snow

             6      This act modifies Utah Residential Mortgage Practices Act. This act provides that three
             7      members of the Residential Mortgage Regulatory Commission shall have at least three
             8      years of experience in transacting the business of residential mortgage loans, and one
             9      member of the commission shall be from the general public. This act takes effect on July
             10      1, 2004.
             11      This act affects sections of Utah Code Annotated 1953 as follows:
             12      AMENDS:
             13          61-2c-104, as last amended by Chapter 204, Laws of Utah 2002
             14      Be it enacted by the Legislature of the state of Utah:
             15          Section 1. Section 61-2c-104 is amended to read:
             16           61-2c-104. Residential Mortgage Regulatory Commission.
             17          (1) There is created within the division the Residential Mortgage Regulatory
             18      Commission consisting of:
             19          (a) the following members appointed by the executive director with the approval of the
             20      governor:
             21          (i) [two] three members having at least three years of experience in transacting the
             22      business of residential mortgage loans; and
             23          (ii) [two members] one member from the general public; and
             24          (b) the commissioner of the Department of Financial Institutions or the commissioner's
             25      designee.
             26          (2) (a) Except as required by Subsection (2)(b), the executive director shall appoint
             27      each new member or reappointed member subject to appointment by the executive director to a

             28      four-year term ending June 30.
             29          (b) Notwithstanding the requirements of Subsection (2)(a), the executive director shall,
             30      at the time of appointment or reappointment, adjust the length of terms to ensure that the terms
             31      of commission members are staggered so that approximately half of the commission is
             32      appointed every two years.
             33          (c) If a vacancy occurs in the membership of the commission for any reason, the
             34      replacement shall be appointed for the unexpired term.
             35          (3) Members of the commission shall annually select one member to serve as chair.
             36          (4) (a) The commission shall meet at least quarterly.
             37          (b) The director may call a meeting in addition to the meetings required by Subsection
             38      (4)(a):
             39          (i) at the discretion of the director;
             40          (ii) at the request of the chair of the commission; or
             41          (iii) at the written request of three or more commission members.
             42          (5) (a) Three members of the commission constitute a quorum for the transaction of
             43      business.
             44          (b) The action of a majority of a quorum present is an action of the commission.
             45          (6) (a) (i) Members who are not government employees shall receive no compensation
             46      or benefits for their services, but may receive per diem and expenses incurred in the
             47      performance of the member's official duties at the rates established by the Division of Finance
             48      under Sections 63A-3-106 and 63A-3-107 .
             49          (ii) Members who are not government employees may decline to receive per diem and
             50      expenses for their service.
             51          (b) (i) State government officer and employee members who do not receive salary, per
             52      diem, or expenses from their agency for their service may receive per diem and expenses
             53      incurred in the performance of their official duties from the commission at the rates established
             54      by the Division of Finance under Sections 63A-3-106 and 63A-3-107 .
             55          (ii) State government officer and employee members may decline to receive per diem
             56      and expenses for their service.
             57          (7) The commission shall:
             58          (a) concur in the registration or denial of registration of individuals and entities under

             59      this chapter in accordance with Part 2, Registration;
             60          (b) take disciplinary action with the concurrence of the director in accordance with Part
             61      4, Enforcement; and
             62          (c) advise the division concerning matters related to the administration and
             63      enforcement of this chapter.
             64          Section 2. Effective date.
             65          This act takes effect on July 1, 2004.

Legislative Review Note
    as of 12-9-02 10:45 AM

A limited legal review of this legislation raises no obvious constitutional or statutory concerns.

Office of Legislative Research and General Counsel

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