DAR File No. 29824

Insurance, Administration

R590-102-9

Individual Resident and Non-Resident License Fees

NOTICE OF PROPOSED RULE

DAR File No.: 29824
Filed: 04/16/2007, 03:45
Received by: NL

RULE ANALYSIS

Purpose of the rule or reason for the change:

Legislation passed during the 2007 Legislative Session required this change be made. The bill passed was S.B. 199. (DAR NOTE: S.B. 199 (2007) is found at Chapter 325, Laws of Utah 2007, and was effective 04/30/2007.)

Summary of the rule or change:

This change adds a fee of $25 for the required filing by a dual-licensed title licensee.

State statutory or constitutional authorization for this rule:

Section 31A-3-103

Anticipated cost or savings to:

the state budget:

This change will add an addition $25 to the state's general fund for every filing done by a dual-licensed title licensee. There are currently only 62 title licensees that hold dual title licenses and/or real estate or mortgage lender licenses. These persons must file a form requesting approval each time they conduct title business. There is no way to estimate how many will file this form.

local governments:

This change deals solely with the department and its title insurance licensees. It should have no effect on local governments.

other persons:

This will add an additional $25 expense to a title licensee obtaining a dual license. As with most costs, these may be passed onto the consumer but the increase in premium or service charge would be minimal.

Compliance costs for affected persons:

This will add an additional $25 expense to a title licensee obtaining a dual license. As with most costs, these may be passed onto the consumer but the increase in premium or service charge would be minimal.

Comments by the department head on the fiscal impact the rule may have on businesses:

The changes to this rule will add an additional $25 expense to title licensees with a dual license. D. Kent Michie, Commissioner

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Insurance
Administration
Room 3110 STATE OFFICE BLDG
450 N MAIN ST
SALT LAKE CITY UT 84114-1201

Direct questions regarding this rule to:

Jilene Whitby at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at jwhitby@utah.gov

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

05/31/2007

This rule may become effective on:

06/07/2007

Authorized by:

Jilene Whitby, Information Specialist

R590. Insurance, Administration.

R590-102. Insurance Department Fee Payment Rule.

R590-102-9. Individual Resident and Non-Resident License Fees.

(1) Biennial resident and non-resident full-line individual initial license or renewal fee for two-year period:

(a) initial license fee - due with application: $72:

(b) express initial license fee - due with application: $72;

(c) renewal license fee if renewed prior to renewal deadline - due with renewal application: $72;

(d) renewal license fee if renewed 1 through 30 days after renewal deadline and prior to license lapse - due with renewal application: $122;

(e) lapsed license reinstatement fee if reinstated 31 days through 730 days after renewal deadline - due with application for reinstatement: $122.

(2) Biennial resident and non-resident limited-line individual initial or renewal license fee, for two-year period:

(a) initial license fee - due with application: $47;

(b) renewal license fee if renewed prior to renewal deadline - due with renewal application: $47;

(c) renewal license fee if renewed 1 through 30 days after renewal deadline and prior to license lapse - due with renewal application: $97;

(d) lapsed license reinstatement fee if reinstated 31 days through 730 days after renewal deadline - due with application for reinstatement: $97.

(3) Fee for addition of producer classification or line of authority to individual producer license - due with request for additional classification or line of authority: $27.

(4) The biennial initial and renewal full-line producer and limited-line producer fee includes the following services for which no additional fee is required:

(a) issuance of letter of certification;

(b) issuance of letter of clearance;

(c) issuance of duplicate license;

(d) individual continuing education services; and

(e) other services provided to the licensee.

(5) The biennial initial and renewal individual license fee includes services the department will provide during the year. The fee is paid in advance of providing the services.

(6) Title insurance product or service approval for dual licensed title licensee form filing fee - due with filing: $25.

 

KEY: insurance

Date of Enactment or Last Substantive Amendment: [August 29, 2006]2007

Notice of Continuation: January 26, 2007

Authorizing, and Implemented or Interpreted Law: 31A-3-103