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 RegulatoryCommission" consisting of the following members appointed by the executive director with theapproval of the governor:
(i) four members who:
(A) have at least three years of experience in transacting the business of residentialmortgage loans; and
(B) are licensed under this chapter at the time of and during appointment; and
(ii) one member from the general public.
(b) (i) The executive director with the approval of the governor may appoint an alternatemember to the board.
(ii) The alternate member shall:
(A) at the time of the appointment, have at least three years of experience in transactingthe 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 anew member or reappointed member subject to appointment by the executive director to afour-year term ending June 30.
(b) Notwithstanding the requirements of Subsection (2)(a), the executive director shall, atthe time of appointment or reappointment, adjust the length of terms to ensure that the terms ofcommission members are staggered so that approximately half of the commission is appointedevery two years.
(c) If a vacancy occurs in the membership of the commission for any reason, theexecutive director shall appoint a replacement for the unexpired term.
(d) A member shall remain on the commission until the member's successor is appointedand qualified.
(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 ofbusiness.
(b) If a quorum of members is unavailable for any meeting and an alternate member isappointed to the commission by the executive director with the approval of the governor, thealternate member shall serve as a regular member of the commission for that meeting if with thepresence 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 member may not receive compensation or benefits for the member's service, butmay receive per diem and travel expenses in accordance with:
(a) Section 63A-3-106;
(b) Section 63A-3-107; and
(c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and
63A-3-107.
(7) In addition to a duty or power expressly provided for elsewhere in this chapter, thecommission shall:
(a) except as provided in Subsection 61-2c-202(3), concur in the licensure or denial oflicensure of a person under this chapter in accordance with Part 2, Licensure;
(b) take disciplinary action with the concurrence of the director in accordance with Part4, Enforcement; and
(c) advise the division concerning matters related to the administration and enforcementof this chapter.
Amended by Chapter 286, 2010 General Session
Amended by Chapter 379, 2010 General Session