Administrative Rule Review Report #AR09-072
Legislative Service Office
1-Dec-09
AGENCY: Department of Audit, Division of-Banking.
DATE SUBMITTED: November 16, 2009.
SUBJECT: Chapter 4, Practice and Procedure Before the Administrator; and Chapter 5, Loan Originator Licensing, Fees, Information Challenge.
NATURE OF RULES: Legislative, procedural
STATUTORY AUTHORITY: W.S. 40-14-604(a)(v).
DETERMINATION OF PROCEDURAL COMPLIANCE BASED UPON INFORMATION SUBMITTED BY THE AGENCY TO LSO: Notice of the proposed adoption of new rules was provided by the LSO as required by W.S. 28‑9‑103(d). No comments have been received to date. Otherwise, procedural compliance is apparently complete to date.
SUMMARY OF RULES: The rules being amended deal with the Uniform Consumer Credit Code. Chapter 4 of the rules is amended to include a hearing for an application under W.S. 40-16-643(c) within the rules. Chapter 5 is a new chapter which establishes rules for the licensure of mortgage loan originators for secondary liens including requiring an application fee and requiring a surety bond.
FINDINGS: The rules appear to be within the scope of statutory authority and legislative intent.
STAFF RECOMMENDATION: That the rules be placed on the Consent List and be approved by the Council as submitted by the Agency.
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Joshua Anderson
Staff Attorney
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Lynda G. Cook
Staff Attorney
JDA/