Under Executive Order 2020-01, the Idaho Department of Finance (the “Department”) is required to conduct a cost and benefit review of existing rules every five years with the purpose of reducing regulatory burden by removing outdated requirements. As part of this review process, the Department published a notice of proposed rulemaking (“NORP”) to amend certain rules under the Idaho Residential Mortgage Practices Act in the Idaho Administrative Bulletin Vol. 23-10, dated October 4, 2023.
The proposed rulemaking included a restatement of incorporating by reference Regulations X and Z, the Real Estate Settlement Procedures Act, and the Truth in Lending Act into the Idaho Residential Mortgage Practices Act and related Idaho Mortgage Rules. The updates also included the removal of IDAPA rule 12.01.10.050(1) which required lenders to provide a written disclosure to borrowers about services to be provided in advance of collecting any money. The NORP states that the changes are intended to promote consistency so that Idaho mortgage licensees are not faced with complying with conflicts in state and federal laws.
The final rulemaking was approved without changes by the Idaho Legislature and became effective at the time of their adjournment on August 1, 2024. This finalized the removal of IDAPA rule 12.01.10.050(1), Receipt of an Application, from the Idaho Mortgage Rules.
Accordingly, DocMagic will be updating its default settings to remove the form provided to meet the requirement under this rule, the Idaho Licensee Information Disclosure (Form ID: IDLIC.MSC). The form will no longer be provided in Idaho application and initial packages as of September 12, 2024.
