Section R162-2f-207 - Reporting a Change of Information(1) Individual notification requirements. (a) An individual licensed as a sales agent, associate broker, or principal broker shall report the following to the division:(i) a change in licensee's name; and (ii) a change in licensee's business, home, email, or mailing address.(b) In addition to complying with Subsection (1)(a):(i) an individual licensed as a sales agent or associate broker shall report to the division a change in affiliation with a principal broker; and(ii) an individual licensed as a principal broker shall report to the division: (A) the termination of a sales agent, associate broker, or branch broker, if the change is not reported pursuant to Subsection (1)(b)(i);(B) a change in assignment of branch broker; and(C) the termination of the principal broker's affiliation with an entity.(2) A registered entity shall report the following to the division:(a) a change in entity's name;(b) a change in entity's affiliation with a principal broker;(c) a change in corporate structure;(d) the dissolution of incorporation; and(e) a change of location where brokerage records are kept.(3) Notification procedures. (a) To report a change in name, a person shall submit to the division a change form and: (i) if the person is an individual, attach to it official documentation such as a:(A) marriage certificate;(ii) if the person is an entity:(A) obtain prior approval from the division of the new entity name; and(B) attach to the change form proof that the new name as approved by the division pursuant to Subsection (3)(a)(ii)(A) is registered with, and approved by, the Division of Corporations.(b) To report a change in address, a person shall enter the change into RELMS.(c) Affiliation. (i) To terminate an affiliation between an individual and a principal broker, a person shall submit a change form through RELMS to inactivate or transfer the individual's license; and (A)(I) obtain the electronic affirmation of the other party to the terminated affiliation; or(II) comply with Subsection (4); and(B) if a sales agent, associate broker, or branch broker simultaneously establishes an affiliation with a new principal broker, obtain the electronic affirmation of the new principal broker on a change form.(ii) To terminate an affiliation between a principal broker and an entity:(A) the principal broker shall submit a change form to the division to inactivate or transfer the principal broker's license; and(B) if the entity does not simultaneously affiliate with a new principal broker, the entity shall: (II) submit to the division a company or branch change form to inactivate the entity registration;(III) submit change forms through RELMS to inactivate the license of any licensee affiliated with the entity;(IV) advise the division as to the location where records will be stored;(V) notify each listing and management client that the entity is no longer in business and that the client may enter into a new listing or management agreement with a different brokerage;(VI) notify each party and cooperating broker to any existing contracts; and(VII) retain money held in trust under the control of a signer on the trust account, or an administrator or executor, until each party to every transaction agrees in writing to the disposition or until a court of competent jurisdiction issues an order relative to the disposition.(iii) To change an assignment of branch broker, a principal broker shall submit a change form to the division.(d) Corporate structure.(i) To report a change in corporate structure of a registered entity, the affiliated principal broker shall: (A) if the change does not involve a new business license, or a new registration with the Utah Division of Corporations and Commercial Code, submit a letter to the division, fully explaining the change; and(B) if the change involves a new business license or a new registration with the Utah Division of Corporations and Commercial Code for a purpose other than a company name change, obtain a new registration.(ii) To report the dissolution of an entity registered with the division, a person shall comply with Subsection (3)(c)(ii)(B).(e) To report a change in the location where brokerage records are kept, the principal broker of the registered entity shall submit to the division a letter on brokerage letterhead.(4) If an individual is unavailable to sign or electronically affirm a change form, the person responsible to report the change may do so by:(a) sending a letter by certified mail to the last known address of the individual to notify that individual of the change and, as applicable: (i) entering the certified mail reference number into the appropriate field on the electronic change form; or(ii) providing to the division a copy of the certified mail receipt; or(b) sending an email to notify the individual. The division may not bring an action for enforcement of this subsection after the expiration of four years following the occurrence of the violation.
(5) The termination of affiliation by sending an email is effective 10 days after the date that the email was sent.(6) The division may require a notification submitted pursuant to this section to be accompanied by a nonrefundable change fee.(7) Deadlines. (a) A change in affiliation shall be reported to the division before the change is made.(b) A change in branch manager shall be reported to the division when the change is made.(c) Any other change shall be reported to the division within ten business days of the change taking effect.(d) As to a change that requires submission of a paper form or document, if the deadline specified in this Section R162-2f-207 falls on a day when the division is closed for business, the deadline shall be extended to the next business day.(8) A change reported in compliance with this section becomes effective with the division the day on which the properly executed change form is received by the division.Utah Admin. Code R162-2f-207
Amended by Utah State Bulletin Number 2017-11, effective 5/10/2017Amended by Utah State Bulletin Number 2020-21, effective 10/21/2020Amended by Utah State Bulletin Number 2022-11, effective 5/25/2022