Utah Code § 61-2e-204 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-204
§ 61-2e-204. Renewal of a registration.
Status: in_force

(1) (a) A registration under this chapter expires two years from the day on which the registration is approved. (b) Notwithstanding Subsection (1)(a), the time period of a registration may be extended or shortened by as much as one year to maintain or change a renewal cycle established by rule by the division. (2) To renew a registration under this chapter, before the day on which the registration expires, an appraisal management company shall: (a) file with the division a renewal registration application on a form prescribed by the division; (b) pay to the division a fee determined in accordance with Section 63J-1-504; and (c) file with the division a certificate evidencing that the appraisal management company has secured and will maintain a surety bond with one or more corporate sureties authorized to do business in the state in the amount of at least $25,000, as the division provides by rule. (3) (a) An appraisal management company's registration is immediately and automatically suspended if: (i) the appraisal management company's surety bond lapses or is cancelled during the time period described in Subsection (1); and (ii) the appraisal management company fails to obtain or reinstate a surety bond within 30 days after the day on which the surety bond lapses or is cancelled. (b) To reinstate a registration suspended under Subsection (3)(a), the appraisal management company shall provide evidence to the division that the appraisal management company is in compliance with the surety bond requirement described in this section. (4) A renewal registration application shall include substantially similar information to the information required under Section 61-2e-202, except that for an individual described in Subsection 61-2e-202(2)(e) or (g), the entity is required to report whether the individual has had: (a) (i) a conviction of a criminal offense; (ii) the entry of a plea in abeyance to a criminal offense; or (iii) the potential resolution of a criminal case by: (A) a diversion agreement; or (B) another agreement under which a criminal charge is held in suspense for a period of time; (b) a filing of personal bankruptcy or bankruptcy of a business that transacts the appraisal management services; (c) the suspension, revocation, surrender, cancellation, or denial of a professional license or certification, whether the license or registration is issued by this state or another jurisdiction; or (d) the entry of a cease and desist order or a temporary or permanent injunction: (i) against the individual by a court or government agency; and (ii) on the basis of: (A) conduct or a practice involving the business of appraisal management services; or (B) conduct involving fraud, misrepresentation, or deceit. (5) A registration expires if it is not renewed on or before its expiration date, except that for a period of one year after the expiration date, the registration may be reinstated upon compliance with this section, including payment of a renewal fee and a late fee determined by the division and the board. (6) Notwithstanding Subsection (5), the division may extend the term of a license that would expire under Subsection (5) except for the extension if: (a) (i) the person complies with the requirements of this section to renew the registration; and (ii) the renewal application remains pending at the time of the extension; or (b) at the time of the extension, there is pending under this chapter a disciplinary action.
Utah Code § 61-2c-206 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-206
§ 61-2c-206. Lending manager licenses.
Status: in_force

(1) To qualify for licensure as a lending manager under this chapter, an individual shall: (a) meet the standards in Section 61-2c-203; (b) successfully complete the following education: (i) mortgage loan originator prelicensing education as required by federal licensing regulations; and (ii) 40 hours of Utah-specific prelicensing education for a lending manager that is approved by the division under Section 61-2c-204.1; (c) successfully complete the following examinations: (i) the mortgage loan originator licensing examination, including the national and uniform state test content, as approved by the nationwide database; and (ii) the lending manager licensing examination approved by the commission under Section 61-2c-204.1; (d) submit proof, on a form approved by the division, of three years of full-time active experience as a mortgage loan originator licensed in any state in the five years preceding the day on which the application is submitted, or equivalent experience as approved by the commission pursuant to rule that the division makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; (e) submit an application in a manner established by the division by rule; (f) establish sponsorship with an entity licensed under this chapter; (g) submit to the criminal background check required by Subsection 61-2c-202(1)(b); and (h) pay a fee determined by the division under Section 63J-1-504. (2) A lending manager may not: (a) engage in the business of residential mortgage loans on behalf of more than one entity at the same time; (b) be sponsored by more than one entity at the same time; or (c) act simultaneously as the principal lending manager and branch lending manager for the individual's sponsoring entity, unless: (i) the sponsoring entity does not originate Utah residential mortgage loans from the sponsoring entity's location; and (ii) the sponsoring entity originates Utah residential mortgage loans from no more than one branch location. (3) An individual who is a lending manager may: (a) transact the business of residential mortgage loans as a mortgage loan originator; and (b) be designated within the nationwide database to act for the individual's sponsoring entity as the principal lending manager, an associate lending manager, or a branch lending manager.
Utah Code § 61-1-28 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-28
§ 61-1-28. Citation of chapter.
Status: in_force

This chapter may be cited as the Utah Uniform Securities Act.
Utah Code § 61-2g-501 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-501
§ 61-2g-501. Enforcement -- Investigation -- Orders -- Hearings.
Status: in_force

(1) (a) The division may conduct a public or private investigation of the actions of: (i) a person registered, licensed, or certified under this chapter; (ii) an applicant for registration, licensure, or certification; (iii) an applicant for renewal of registration, licensure, or certification; or (iv) a person required to be registered, licensed, or certified under this chapter. (b) The division may initiate an agency action against a person described in Subsection (1)(a) in accordance with Title 63G, Chapter 4, Administrative Procedures Act, to: (i) impose disciplinary action; (ii) deny issuance to an applicant of: (A) an original registration, license, or certification; or (B) a renewal of a registration, license, or certification; or (iii) issue a cease and desist order as provided in Subsection (3). (2) (a) The division may: (i) administer an oath or affirmation; (ii) issue a subpoena that requires: (A) the attendance and testimony of a witness; or (B) the production of evidence; (iii) take evidence; and (iv) require the production of a book, paper, contract, record, document, information, or evidence relevant to the investigation described in Subsection (1). (b) The division may serve a subpoena by certified mail. (c) A failure to respond to a request by the division in an investigation authorized under this chapter within 10 days after the day on which the request is served is considered to be a separate violation of this chapter, including: (i) failing to respond to a subpoena as a witness; (ii) withholding evidence; or (iii) failing to produce a book, paper, contract, document, information, or record. (d) (i) A court of competent jurisdiction shall enforce, according to the practice and procedure of the court, a subpoena issued by the division. (ii) The division shall pay any witness fee, travel expense, mileage, or any other fee required by the service statutes of the state where the witness or evidence is located. (e) (i) If a person is found to have violated this chapter or a rule made under this chapter, the person shall pay the costs incurred by the division to copy a book, paper, contract, document, information, or record required under this chapter, including the costs incurred to copy an electronic book, paper, contract, document, information, or record in a universally readable format. (ii) If a person fails to pay the costs described in Subsection (2)(e)(i) when due, the person's license, certification, or registration is automatically suspended: (A) beginning the day on which the payment of costs is due; and (B) ending the day on which the costs are paid. (3) (a) The director shall issue and serve upon a person an order directing that person to cease and desist from an act if: (i) the director has reason to believe that the person has been engaging, is about to engage, or is engaging in the act constituting a violation of this chapter; and (ii) it appears to the director that it would be in the public interest to stop the act. (b) Within 10 days after the day on which the order is served, the person upon whom the order is served may request a hearing. (c) Pending a hearing requested under Subsection (3)(b), a cease and desist order shall remain in effect. (d) If a request for hearing is made, the division shall follow the procedures and requirements of Title 63G, Chapter 4, Administrative Procedures Act. (4) (a) After a hearing requested under Subsection (3), if the board and division concur that an act of the person violates this chapter, the board, with the concurrence of the division: (i) shall issue an order making the cease and desist order permanent; and (ii) may impose another disciplinary action under Section 61-2g-502. (b) The director shall bring an action in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration, in the name of the Department of Commerce and Division of Real Estate to enjoin and restrain the individual from violating this chapter if: (i) (A) a hearing is not requested under Subsection (3); and (B) the individual fails to cease the act described in Subsection (3); or (ii) after discontinuing the act described in Subsection (3), the individual again commences the act. (5) A remedy or action provided in this section does not limit, interfere with, or prevent the prosecution of another remedy or action, including a criminal proceeding. (6) (a) Except as provided in Subsection (6)(b), the division shall commence a disciplinary action under this chapter no later than the earlier of the following: (i) four years after the day on which the violation is reported to the division; or (ii) 10 years after the day on which the violation occurred. (b) The division may commence a disciplinary action under this chapter after the time period described in Subsection (6)(a) expires if: (i) (A) the disciplinary action is in response to a civil or criminal judgment or settlement; and (B) the division initiates the disciplinary action no later than one year after the day on which the judgment is issued or the settlement is final; or (ii) the division and the individual subject to a disciplinary action enter into a written stipulation to extend the time period described in Subsection (6)(a).
Utah Code § 61-2c-401 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-401
§ 61-2c-401. Investigations.
Status: in_force

(1) The division may, either publicly or privately, investigate or cause to be investigated the actions of any of the following when engaged in the business of residential mortgage loans: (a) (i) a licensee; (ii) a person required to be licensed under this chapter; or (iii) the following with respect to an entity that is a licensee or an entity required to be licensed under this chapter: (A) a manager; (B) a managing partner; (C) a director; (D) an executive officer; or (E) an individual who performs a function similar to an individual listed in this Subsection (1)(a)(iii); (b) (i) an applicant for licensure or renewal of licensure under this chapter; or (ii) the following with respect to an entity that has applied for a license or renewal of licensure under this chapter: (A) a manager; (B) a managing partner; (C) a director; (D) an executive officer; or (E) an individual who performs a function similar to an individual listed in this Subsection (1)(b)(ii); or (c) except as provided in Subsection 61-2c-105(6)(c), a person who transacts the business of residential mortgage loans within this state. (2) In conducting investigations, records inspections, and adjudicative proceedings, the division may: (a) administer an oath or affirmation; (b) issue a subpoena that requires: (i) the attendance and testimony of a witness; or (ii) the production of evidence; (c) take evidence; (d) require the production of a record or information relevant to an investigation; and (e) serve a subpoena by certified mail. (3) (a) A court of competent jurisdiction shall enforce, according to the practice and procedure of the court, a subpoena issued by the division. (b) The division shall pay any witness fee, travel expense, mileage, or any other fee required by the service statutes of the state where the witness or evidence is located. (4) A failure to respond to a request by the division in an investigation authorized under this chapter within 10 days after the day on which the request is served is considered as a separate violation of this chapter, including: (a) failing to respond to a subpoena; (b) withholding evidence; or (c) failing to produce a record. (5) The division may inspect and copy a record related to the business of residential mortgage loans by a licensee under this chapter, regardless of whether the record is maintained at a business location in Utah, in conducting: (a) investigations of complaints; or (b) inspections of the record required to be maintained under: (i) this chapter; or (ii) rules adopted by the division under this chapter. (6) (a) If a licensee maintains a record required by this chapter and the rules adopted by the division under this chapter outside Utah, the licensee is responsible for all reasonable costs, including reasonable travel costs, incurred by the division in inspecting the record. (b) Upon receipt of notification from the division that a record maintained outside Utah is to be examined in connection with an investigation or an examination, the licensee shall deposit with the division a deposit of $500 to cover the division's expenses in connection with the examination of the record. (c) If the deposit described in Subsection (6)(b) is insufficient to meet the estimated costs and expenses of examination of the record, the licensee shall make an additional deposit to cover the estimated costs and expenses of the division. (d) (i) A deposit under this Subsection (6) shall be deposited in the General Fund as a dedicated credit to be used by the division under Subsection (6)(a). (ii) The division, with the concurrence of the executive director, may use a deposit as a dedicated credit for the records inspection costs under Subsection (6)(a). (iii) A deposit under this Subsection (6) shall be refunded to the licensee to the extent it is not used, together with an itemized statement from the division of all amounts it has used. (7) Failure to deposit with the division a deposit required to cover the costs of examination of a record that is maintained outside Utah shall result in automatic suspension of a license until the deposit is made. (8) (a) If a person is found to have violated this chapter or a rule made under this chapter, the person shall pay the costs incurred by the division to copy a record required under this chapter, including the costs incurred to copy an electronic record in a universally readable format. (b) If a person fails to pay the costs described in Subsection (8)(a) when due, the person's license or certification is automatically suspended: (i) beginning the day on which the payment of costs is due; and (ii) ending the day on which the costs are paid in full.
Utah Code § 61-6-10 — Utah Code / Title 61 / Chapter 61-6 / § 61-6-10
§ 61-6-10. Voting rights -- Approval.
Status: in_force

(1) Control shares acquired in a control share acquisition have the same voting rights as were accorded the shares before the control share acquisition only to the extent granted by resolution approved by the shareholders of the issuing public corporation. (2) To be approved under this section, the resolution shall be approved: (a) by each voting group entitled to vote separately on the proposal by a majority of all the votes entitled to be cast by that group, excluding all interested shares; and (b) by each class of outstanding shares by a majority of all the holders of the outstanding shares of the class, if the proposed control share acquisition would, when fully implemented, result in any of the changes described in Section 16-10a-1004.
Utah Code § 61-2f-105 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-105
§ 61-2f-105. Fees.
Status: in_force

(1) In addition to when expressly authorized in another provision of this chapter, the division may charge and collect reasonable fees determined by the commission with the concurrence of the division under Section 63J-1-504 to cover the costs for: (a) issuing a new or duplicate license; (b) registering an entity or branch office; (c) certifying a real estate school, course, or instructor; (d) providing a history of a license, registration, or certification; (e) producing a certified copy of an official document, order, or other paper or transcript; and (f) other duties required by this chapter. (2) Notwithstanding Section 13-1-2, a fee collected under Subsection (1)(c) shall be deposited in the Real Estate Education, Research, and Recovery Fund. (3) If a person pays a fee or costs to the division with a negotiable instrument or other payment method that is not honored for payment: (a) the transaction for which the payment is submitted is voidable by the division; (b) the division may reverse the transaction if payment of the applicable fee or costs is not received in full; and (c) the person's license, certification, or registration is automatically suspended: (i) beginning the day on which the payment is due; and (ii) ending the day on which payment is made in full. (4) (a) A fee under this chapter is in lieu of all other license fees or assessments that might otherwise be imposed or charged by the state or any of its political subdivisions upon, or as a condition of, the privilege of conducting the business regulated by this chapter, except that a political subdivision within the state may charge a business license fee on a principal broker if the principal broker maintains a place of business within the jurisdiction of the political subdivision. (b) Unless otherwise exempt, a licensee under this chapter is subject to the taxes imposed under Title 59, Revenue and Taxation.
Utah Code § 61-2f-505 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-505
§ 61-2f-505. Additional license fee.
Status: in_force

(1) An individual who applies for or renews a principal broker or associate broker license shall pay, in addition to the application or renewal fee, a reasonable annual fee of up to $18, as determined by the division with the concurrence of the commission. (2) An individual who applies for or renews a sales agent license shall pay in addition to the application or renewal fee a reasonable annual fee of up to $12, as determined by the division with the concurrence of the commission. (3) Notwithstanding Section 13-1-2, the additional fees under this section shall be paid into the fund.
Utah Code § 61-6-5 — Utah Code / Title 61 / Chapter 61-6 / § 61-6-5
§ 61-6-5. Issuing public corporation defined.
Status: in_force

(1) As used in this chapter, "issuing public corporation" means a corporation, other than a depository institution, that is organized under the laws of this state and that has: (a) 100 or more shareholders; (b) its principal place of business, its principal office, or substantial assets within the state; and (c) (i) more than 10% of its shareholders resident in the state; (ii) more than 10% of its shares owned by Utah residents; or (iii) 10,000 shareholders resident in the state. (2) The residence of a shareholder is presumed to be the address appearing in the records of the corporation. (3) Shares held by banks or other depository institutions (except as trustee or guardian), brokers, or nominees shall be disregarded for purposes of calculating the percentages or numbers described in this section. (4) As used in this chapter, "depository institution" means a depository institution or a depository institution holding company as defined in Section 7-1-103. (5) A nonprofit corporation as defined in Section 16-6a-102 is not considered to be an issuing public corporation for purposes of this chapter.
Utah Code § 61-2f-206 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-206
§ 61-2f-206. Registration of person or branch office -- Certification of education providers and courses -- Specialized licenses.
Status: in_force

(1) (a) A person may not engage in an activity described in Section 61-2f-201, unless: (i) the person is registered with the division; or (ii) an exemption to registration applies. (b) To register with the division under this Subsection (1), a person shall submit to the division: (i) an application in a form required by the division; (ii) evidence of an affiliation with a principal broker; (iii) evidence that the person is registered and in good standing with the Division of Corporations and Commercial Code; and (iv) a registration fee established by the commission with the concurrence of the division under Section 63J-1-504. (c) The division may terminate a person's registration if: (i) the person's registration with the Division of Corporations and Commercial Code has been expired for at least three years; and (ii) the person's license with the division has been inactive for at least three years. (2) (a) A principal broker shall register with the division each of the principal broker's branch offices. (b) To register a branch office with the division under this Subsection (2), a principal broker shall submit to the division: (i) an application in a form required by the division; and (ii) a registration fee established by the commission with the concurrence of the division under Section 63J-1-504. (3) (a) In accordance with rules made by the commission with the concurrence of the division and in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the division shall certify: (i) a real estate school; (ii) a course provider; or (iii) an instructor. (b) In accordance with rules made by the commission in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, subject to concurrence by the division, the division shall certify a continuing education course that is required under this chapter. (4) Except as provided under this chapter or by rule the commission makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, a principal broker may not be responsible for more than one registered entity at the same time. (5) A principal broker: (a) shall exercise active and reasonable supervision of the principal broker's main office in accordance with this chapter and rules the commission makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and (b) may supervise a branch office affiliated with the principal broker at the same time the principal broker exercises the supervision required under Subsection (5)(a). (6) (a) A principal broker may designate a branch broker to supervise a branch office affiliated with the principal broker. (b) A branch broker shall exercise active and reasonable supervision, in accordance with this chapter and rules the commission makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, of each branch office the principal broker designates the branch broker to supervise.
Utah Code § 61-2c-102 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-102
§ 61-2c-102. Definitions.
Status: in_force

(1) As used in this chapter: (a) "Affiliation" means that a mortgage loan originator is associated with a principal lending manager in accordance with Section 61-2c-209. (b) "Applicant" means a person applying for a license under this chapter. (c) "Approved examination provider" means a person approved by the nationwide database or by the division as an approved test provider. (d) "Associate lending manager" means an individual who: (i) qualifies under this chapter as a principal lending manager; and (ii) works by or on behalf of another principal lending manager in transacting the business of residential mortgage loans. (e) "Balloon payment" means a required payment in a mortgage transaction that: (i) results in a greater reduction in the principle of the mortgage than a regular installment payment; and (ii) is made during or at the end of the term of the loan. (f) "Branch lending manager" means an individual who is: (i) licensed as a lending manager; and (ii) designated in the nationwide database by the individual's sponsoring entity as being responsible to work from a branch office and to supervise the business of residential mortgage loans that is conducted at the branch office. (g) "Branch office" means a licensed entity's office: (i) for the transaction of the business of residential mortgage loans regulated under this chapter; (ii) other than the main office of the licensed entity; and (iii) that operates under: (A) the same business name as the licensed entity; or (B) another trade name that is registered with the division under the entity license. (h) "Business day" means a day other than: (i) a Saturday; (ii) a Sunday; or (iii) a federal or state holiday. (i) (i) "Business of residential mortgage loans" means for compensation or in the expectation of compensation to: (A) engage in an act that makes an individual a mortgage loan originator; (B) make or originate a residential mortgage loan; (C) directly or indirectly solicit a residential mortgage loan for another; (D) unless exempt under Section 61-2c-105 or excluded under Subsection (1)(i)(ii), render services related to the origination of a residential mortgage loan including: (I) preparing a loan package; (II) communicating with the borrower or lender; (III) advising on a loan term; (IV) receiving, collecting, or distributing information common for the processing or underwriting of a loan in the mortgage industry; or (V) communicating with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan; or (E) engage in loan modification assistance. (ii) "Business of residential mortgage loans" does not include: (A) ownership of an entity that engages in the business of residential mortgage loans if the owner does not personally perform the acts listed in Subsection (1)(i)(i); (B) acting in one or more of the following capacities: (I) a loan wholesaler; (II) an account executive for a loan wholesaler; (III) a loan closer; or (IV) funding a loan; or (C) if employed by a person who owns or services an existing residential mortgage loan, the direct negotiation with the borrower for the purpose of loan modification. (j) "Certified education provider" means a person who is certified under Section 61-2c-204.1 to provide Utah-specific prelicensing education. (k) "Closed-end" means a loan: (i) with a fixed amount borrowed; and (ii) that does not permit additional borrowing secured by the same collateral. (l) "Commission" means the Residential Mortgage Regulatory Commission created in Section 61-2c-104. (m) "Community development financial institution" means the same as that term is defined in 12 U.S.C. Sec. 4702. (n) "Compensation" means anything of economic value that is paid, loaned, granted, given, donated, or transferred to an individual or entity for or in consideration of: (i) services; (ii) personal or real property; or (iii) another thing of value. (o) "Concurrence" means that entities given a concurring role must jointly agree for the action to be taken. (p) "Continuing education" means education an individual takes in order to meet the education requirements imposed by Sections 61-2c-204.1 and 61-2c-205 to activate, renew, or reinstate a license under this chapter. (q) "Control," as used in Subsection 61-2c-105(2)(f), means the power to directly or indirectly: (i) direct or exercise a controlling interest over: (A) the management or policies of an entity; or (B) the election of a majority of the directors, officers, managers, or managing partners of an entity; (ii) vote 20% or more of a class of voting securities of an entity by an individual; or (iii) vote more than 5% of a class of voting securities of an entity by another entity. (r) (i) "Control person" means an individual identified by an entity registered with the nationwide database as being an individual directing the management or policies of the entity. (ii) "Control person" may include one of the following who is identified as provided in Subsection (1)(r)(i): (A) a manager; (B) a managing partner; (C) a director; (D) an executive officer; or (E) an individual who performs a function similar to an individual listed in this Subsection (1)(r)(ii). (s) "Depository institution" means the same as that term is defined in Section 7-1-103. (t) "Director" means the director of the division. (u) "Division" means the Division of Real Estate. (v) "Dwelling" means a residential structure attached to real property that contains one to four family units including any of the following if used as a residence: (i) a condominium unit; (ii) a cooperative unit; (iii) a manufactured home; or (iv) a house. (w) "Employee": (i) means an individual: (A) whose manner and means of work performance are subject to the right of control of, or are controlled by, another person; and (B) whose compensation for federal income tax purposes is reported, or is required to be reported, on a W-2 form issued by the controlling person; and (ii) does not include an independent contractor who performs duties other than at the direction of, and subject to the supervision and instruction of, another person. (x) "Entity" means: (i) a corporation; (ii) a limited liability company; (iii) a partnership; (iv) a company; (v) an association; (vi) a joint venture; (vii) a business trust; (viii) a trust; or (ix) another organization. (y) "Executive director" means the executive director of the Department of Commerce. (z) "Federal licensing requirements" means Secure and Fair Enforcement for Mortgage Licensing, 12 U.S.C. Sec. 5101 et seq. (aa) "Foreclosure rescue" means, for compensation or with the expectation of receiving valuable consideration, to: (i) engage, or offer to engage, in an act that: (A) the person represents will assist a borrower in preventing a foreclosure; and (B) relates to a transaction involving the transfer of title to residential real property; or (ii) as an employee or agent of another person: (A) solicit, or offer that the other person will engage in an act described in Subsection (1)(aa)(i); or (B) negotiate terms in relationship to an act described in Subsection (1)(aa)(i). (bb) "Inactive status" means a dormant status into which an unexpired license is placed when the holder of the license is not currently engaging in the business of residential mortgage loans. (cc) "Lending manager" means an individual licensed as a lending manager under Section 61-2c-206 to transact the business of residential mortgage loans. (dd) "Licensee" means a person licensed with the division under this chapter. (ee) "Licensing examination" means the examination required by Section 61-2c-204.1 or 61-2c-206 for an individual to obtain a license under this chapter. (ff) "Loan modification assistance" means, for compensation or with the expectation of receiving valuable consideration, to: (i) act, or offer to act, on behalf of a person to: (A) obtain a loan term of a residential mortgage loan that is different from an existing loan term including: (I) an increase or decrease in an interest rate; (II) a change to the type of interest rate; (III) an increase or decrease in the principal amount of the residential mortgage loan; (IV) a change in the number of required period payments; (V) an addition of collateral; (VI) a change to, or addition of, a prepayment penalty; (VII) an addition of a cosigner; or (VIII) a change in persons obligated under the existing residential mortgage loan; or (B) substitute a new residential mortgage loan for an existing residential mortgage loan; or (ii) as an employee or agent of another person: (A) solicit, or offer that the other person will engage in an act described in Subsection (1)(ff)(i); or (B) negotiate terms in relationship to an act described in Subsection (1)(ff)(i). (gg) (i) "Mortgage loan originator" means an individual who, for compensation or in expectation of compensation: (A) (I) takes a residential mortgage loan application; (II) offers or negotiates terms of a residential mortgage loan for the purpose of: (Aa) a purchase; (Bb) a refinance; (Cc) a loan modification assistance; or (Dd) a foreclosure rescue; or (III) directly or indirectly solicits a residential mortgage loan for another person; and (B) is licensed as a mortgage loan originator in accordance with this chapter. (ii) "Mortgage loan originator" does not include a person who: (A) is described in Subsection (1)(gg)(i), but who performs exclusively administrative or clerical tasks as described in Subsection (1)(i)(ii)(A); (B) (I) is licensed under Chapter 2f, Real Estate Licensing and Practices Act; (II) performs only real estate brokerage activities; and (III) receives no compensation from: (Aa) a lender; (Bb) a lending manager; or (Cc) an agent of a lender or lending manager; or (C) is solely involved in extension of credit relating to a timeshare plan, as defined in 11 U.S.C. Sec. 101(53D). (hh) "Nationwide database" means the Nationwide Mortgage Licensing System and Registry, authorized under federal licensing requirements. (ii) "Nontraditional mortgage product" means a mortgage product other than a 30-year fixed rate mortgage. (jj) "Person" means an individual or entity. (kk) "Prelicensing education" means education taken by an individual seeking to be licensed under this chapter in order to meet the education requirements imposed by Section 61-2c-204.1 or 61-2c-206 for an individual to obtain a license under this chapter. (ll) "Principal lending manager" means an individual: (i) licensed as a lending manager under Section 61-2c-206; and (ii) identified in the nationwide database by the individual's sponsoring entity as the entity's principal lending manager. (mm) "Prospective borrower" means a person applying for a mortgage from a person who is required to be licensed under this chapter. (nn) "Record" means information that is: (i) prepared, owned, received, or retained by a person; and (ii) (A) inscribed on a tangible medium; or (B) (I) stored in an electronic or other medium; and (II) in a perceivable and reproducible form. (oo) "Residential mortgage loan" means an extension of credit, if: (i) the loan or extension of credit is secured by a: (A) mortgage; (B) deed of trust; or (C) consensual security interest; and (ii) the mortgage, deed of trust, or consensual security interest described in Subsection (1)(oo)(i): (A) is on a dwelling located in the state; and (B) is created with the consent of the owner of the residential real property. (pp) "Section 8 of RESPA" means 12 U.S.C. Sec. 2607 and any rules made thereunder. (qq) "Settlement" means the time at which each of the following is complete: (i) the borrower and, if applicable, the seller sign and deliver to each other or to the escrow or closing office each document required by: (A) the real estate purchase contract; (B) the lender; (C) the title insurance company; (D) the escrow or closing office; (E) the written escrow instructions; or (F) applicable law; (ii) the borrower delivers to the seller, if applicable, or to the escrow or closing office any money, except for the proceeds of any new loan, that the borrower is required to pay; and (iii) if applicable, the seller delivers to the buyer or to the escrow or closing office any money that the seller is required to pay. (rr) "Settlement services" means a service provided in connection with a real estate settlement, including a title search, a title examination, the provision of a title certificate, services related to title insurance, services rendered by an attorney, preparing documents, a property survey, rendering a credit report or appraisal, a pest or fungus inspection, services rendered by a real estate agent or broker, the origination of a federally related mortgage loan, and the processing of a federally related mortgage. (ss) "Sponsorship" means an association in accordance with Section 61-2c-209 between an individual licensed under this chapter and an entity licensed under this chapter. (tt) "State" means: (i) a state, territory, or possession of the United States; (ii) the District of Columbia; or (iii) the Commonwealth of Puerto Rico. (uu) "Uniform state test" means the uniform state content section of the qualified written test developed by the nationwide database. (vv) "Unique identifier" means the same as that term is defined in 12 U.S.C. Sec. 5102. (ww) "Utah-specific" means an educational requirement under this chapter that relates specifically to Utah. (xx) "Vulnerable adult" means the same as that term is defined in Section 26B-6-201. (2) (a) If a term not defined in this section is defined by rule, the term shall have the meaning established by the division by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. (b) If a term not defined in this section is not defined by rule, the term shall have the meaning commonly accepted in the business community.
Utah Code § 61-2e-306 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-306
§ 61-2e-306. Removal of appraiser from appraisal panel.
Status: in_force

(1) An appraisal management company may not remove the appraiser from the appraisal management company's appraiser panel, or otherwise refuse to assign a request for a real estate appraisal activity to the appraiser without: (a) notifying the appraiser in writing of: (i) the reason why the appraiser is being removed from the appraiser panel of the appraisal management company; and (ii) the nature of the alleged conduct or violation if the appraiser is being removed from the appraiser panel for: (A) illegal conduct; or (B) a violation of the applicable appraisal standards; and (b) providing an opportunity for the appraiser to respond to the notification under Subsection (1)(a). (2) The board, with the concurrence of the division, may establish by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, requirements consistent with this section regarding the removal of an appraiser from an appraisal panel.
Utah Code § 61-2g-312 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-312
§ 61-2g-312. State-certified appraisers -- Authority.
Status: in_force

(1) A state-certified residential appraiser: (a) is authorized to appraise the types of real estate that a state-licensed appraiser is authorized to appraise; (b) is authorized to appraise 1-4 unit residential real estate without regard to transaction value or complexity; and (c) is not authorized to appraise subdivisions for which a development analysis/appraisal is necessary. (2) A state-certified general appraiser is authorized to appraise all types of real estate and real property. (3) A state-certified appraiser who satisfies all requirements described in this chapter and in rule made under this chapter may supervise trainees as allowed by rule.
Utah Code § 61-2-204 — Utah Code / Title 61 / Chapter 61-2 / § 61-2-204
§ 61-2-204. Utah Housing Opportunity Restricted Account.
Status: in_force

(1) For purposes of this section, "account" means the Utah Housing Opportunity Restricted Account created by this section. (2) There is created in the General Fund a restricted account known as the "Utah Housing Opportunity Restricted Account." (3) The account shall be funded by: (a) contributions deposited into the account in accordance with Section 41-1a-422; (b) private contributions; and (c) donations or grants from public or private entities. (4) (a) The state treasurer shall invest money in the account according to Title 51, Chapter 7, State Money Management Act. (b) The Division of Finance shall deposit interest or other earnings derived from investment of account money into the General Fund. (5) The Legislature shall appropriate money in the account to the division. (6) The division shall distribute the money in the account to one or more charitable organizations that: (a) are tax exempt under Section 501(c)(3) or (19), Internal Revenue Code; and (b) have as a primary part of their mission to provide support to organizations that create affordable housing for those in severe need. (7) The division may consider a proposal only if it is: (a) proposed by an organization described in Subsection (6); and (b) designed to provide support to organizations that create affordable housing for those in severe need. (8) (a) An organization described in Subsection (6) may apply to the division to receive a distribution in accordance with Subsection (6). (b) An organization that receives a distribution from the division in accordance with Subsection (6) shall expend the distribution only to provide support to organizations that create affordable housing for those in severe need. (9) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the division shall make rules providing procedures for an organization to apply to receive money under this section.
Utah Code § 61-2f-411 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-411
§ 61-2f-411. Enforcement related to a property manager -- Maintenance of client funds.
Status: in_force

(1) Nothing in this section applies to an individual: (a) buying, selling, or exchanging real estate for another person; or (b) offering to buy, sell, or exchange real estate for another person. (2) When engaging in property management, a property manager may: (a) solicit referrals for clients, owners, customers, and renters; (b) pay a finder's fee or exchange valuable consideration to an unlicensed person for referring a prospective client; (c) accept a referral fee from an individual, whether licensed or unlicensed; (d) contract for services, pay bills, and act on behalf of an owner as provided in a management agreement; and (e) advertise properties for rent or lease. (3) Except as provided in Subsection (4), and subject to Subsection (5), a property manager shall associate with at least one real estate trust account in a bank or credit union: (a) located within the state; (b) that, unless otherwise modified by a contract for property management, one or more property managers use for the purpose of securing: (i) tenant security deposits; (ii) rent; (iii) money tendered by a property owner as a reserve fund or for payment of an unexpected expense; and (iv) any other purpose designated by the commission; and (c) that is non-interest bearing, unless the parties to a property management contract: (i) agree in writing to deposit the funds in an interest-bearing account; (ii) designate in writing the individuals to whom the parties will pay the interest on completion or failure of the property management contract; and (iii) ensure that the parties and trust account comply with any other rules established by the commission or division. (4) Except as provided in Subsection (5), a property manager is not required to maintain the property management client funds in a trust account if: (a) the property owner agrees in the property management agreement that the property manager is not required to hold property management client funds in a trust account; and (b) a lease agreement states that the property manager is not required to hold property management client funds in a trust account. (5) A property manager who is affiliated with a principal broker shall keep property management client funds in the principal broker's trust account in accordance with: (a) rules established by the commission or division; and (b) requirements established by the principal broker.
Utah Code § 61-2g-504 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-504
§ 61-2g-504. Disciplinary hearing process.
Status: in_force

(1) The division and board shall comply with Title 63G, Chapter 4, Administrative Procedures Act, in conducting any disciplinary proceedings under this chapter. (2) Before disciplinary action may be taken under this chapter, the division shall: (a) notify the person against whom disciplinary action is sought; and (b) commence an adjudicative proceeding. (3) If, after the hearing, the board determines, with the concurrence of the division, that a person described in Subsection (2) violated this chapter, the board may impose disciplinary action, with the concurrence of the division, by written order as provided in Section 61-2g-502. (4) (a) The board may: (i) conduct hearings with the assistance of an administrative law judge; or (ii) delegate hearings to an administrative law judge. (b) If a hearing is delegated by the board to an administrative law judge, the administrative law judge shall submit to the board and the director for their consideration: (i) written findings of fact; (ii) written conclusions of law; and (iii) a recommended order. (5) (a) An applicant, licensee, certificate holder, registrant, or person aggrieved, including the complainant, may obtain judicial review of an adverse ruling, order, or decision. (b) If an applicant, licensee, certificate holder, or registrant prevails in an appeal and the court finds that the state action is undertaken without substantial justification, the court may award reasonable litigation expenses to the applicant, licensee, certificate holder, or registrant as provided under Title 78B, Chapter 8, Part 5, Small Business Equal Access to Justice Act.
Utah Code § 61-1-104 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-104
§ 61-1-104. Reporter protected from adverse action -- Exceptions.
Status: in_force

(1) An employer may not take adverse action against an employee who is a reporter because of a lawful act of the employee, or a person authorized to act on behalf of the employee, to: (a) provide original information to the division or commission in accordance with Section 61-1-103; (b) initiate, testify in, or assist in any investigation, judicial action, or administrative action based on or related to original information provided to the division or commission; (c) disclose information required or protected under: (i) Sarbanes-Oxley Act of 2002, 15 U.S.C. Sec. 7201 et seq.; (ii) Securities Exchange Act of 1934, 15 U.S.C. Sec. 78a et seq.; (iii) 18 U.S.C. Sec. 1513(e); (iv) a regulation issued by the Securities Exchange Commission; or (v) this chapter or a rule made under this chapter. (2) Notwithstanding Subsection (1), an employee is not protected under this section if: (a) the employee knowingly or recklessly makes a false, fictitious, or fraudulent statement or misrepresentation; (b) the employee uses a false writing or document knowing that, or with reckless disregard as to whether, the writing or document contains false, fictitious, or fraudulent information; (c) the employee knows that, or has a reckless disregard as to whether, the disclosure is of original information that is false or frivolous; or (d) the employee is protected from adverse action as described in Section 21F of the Securities Exchange Act, 15 U.S.C. Sec. 78u-6, and regulations issued under that section.
Utah Code § 61-2e-201 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-201
§ 61-2e-201. Registration required -- Qualification for registration.
Status: in_force

(1) Unless exempted under Section 61-2e-104, an appraisal management company is required to register under this chapter if, in a calendar year, the company: (a) contracts with one or more appraisers for the performance of 10 or more appraisals in the state; (b) oversees an appraiser panel of more than 15 appraisers certified or licensed in the state in accordance with Title 61, Chapter 2g, Part 3, Licensure, Certification, or Registration; or (c) oversees an appraiser panel of 25 or more certified or licensed appraisers, including: (i) at least one appraiser certified or licensed in the state in accordance with Title 61, Chapter 2g, Part 3, Licensure, Certification, or Registration; and (ii) at least one appraiser certified or licensed in a state other than Utah, a territory, or the District of Columbia. (2) (a) For the purposes of Subsection (1): (i) an appraiser is considered part of an appraisal management company's appraiser panel as of the earlier of the day on which the appraisal management company: (A) accepts the appraiser for the appraisal management company's consideration for future appraisal assignments; or (B) engages the appraiser to perform an appraisal on behalf of a client; and (ii) an appraiser who is part of the appraisal management company's appraiser panel under Subsection (2)(a)(i) remains a part of the appraiser panel until the earlier of the day on which the appraisal management company: (A) sends written notice to the appraiser removing the appraiser from the appraiser panel, in accordance with Section 61-2e-306; (B) receives written notice from the appraiser asking to be removed from the appraiser panel; or (C) receives notice of the death or incapacity of the appraiser. (b) An appraisal management company shall consider an appraiser as never having been removed from the appraisal management company's appraiser panel under Subsection (2)(a)(ii) if, within 12 months after the day on which the appraisal management company removes the appraiser, the appraisal management company: (i) accepts the appraiser for consideration for a future assignment; or (ii) engages the appraiser to perform an appraisal on behalf of a client. (3) Unless registered under this chapter or exempt under Section 61-2e-104, an entity may not with regard to a real estate appraisal activity for real estate located in this state: (a) directly or indirectly engage or attempt to engage in business as an appraisal management company; (b) directly or indirectly engage or attempt to perform an appraisal management service; or (c) advertise or hold itself out as engaging in or conducting business as an appraisal management company. (4) To qualify to be registered or to have registration renewed as an appraisal management company under this chapter: (a) the appraisal management company may not have had a license or registration revoked by a government regulatory body at any time, unless the revocation is subsequently vacated or converted; (b) the appraisal management company may not be owned, in whole or in part, directly or indirectly, by an individual who has had an appraiser license or certificate refused, denied, canceled, surrendered in lieu of revocation, or revoked by any state, territory, or the District of Columbia, unless the state, territory, or District of Columbia: (i) refused, denied, canceled, surrendered in lieu of revocation, or revoked the license or certificate for a nonsubstantive cause, as determined by the board; and (ii) reinstated the individual's license or certificate; (c) each individual who owns, directly or indirectly, more than 10% of the appraisal management company shall: (i) be of good moral character, as determined by the board; and (ii) not have had a license or certificate to engage in an act related to a real estate or mortgage transaction refused, denied, canceled, surrendered in lieu of revocation, or revoked in any state, territory, or the District of Columbia; and (d) the appraisal management company shall designate a main contact for communication between the appraisal management company and either the board or division who: (i) is a controlling person; (ii) is of good moral character, as determined by the board; and (iii) has not had a license or certificate to engage in an act related to a real estate or mortgage transaction refused, denied, canceled, or revoked in any state, territory, or the District of Columbia. (5) This section applies without regard to whether the entity uses the term: (a) "appraisal management company"; (b) "mortgage technology company"; or (c) another name.
Utah Code § 61-1-14 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-14
§ 61-1-14. Exemptions.
Status: in_force

(1) The following securities are exempt from Sections 61-1-7 and 61-1-15: (a) a security, including a revenue obligation, issued or guaranteed by the United States, a state, a political subdivision of a state, or an agency or corporate or other instrumentality of one or more of the foregoing, or a certificate of deposit for any of the foregoing; (b) a security issued or guaranteed by Canada, a Canadian province, a political subdivision of a Canadian province, an agency or corporate or other instrumentality of one or more of the foregoing, or another foreign government with which the United States currently maintains diplomatic relations, if the security is recognized as a valid obligation by the issuer or guarantor; (c) a security issued by and representing an interest in or a debt of, or guaranteed by, a depository institution organized under the laws of the United States, or a depository institution or trust company supervised under the laws of a state; (d) a security issued or guaranteed by a public utility or a security regulated in respect of its rates or in its issuance by a governmental authority of the United States, a state, Canada, or a Canadian province; (e) (i) a federal covered security specified in the Securities Act of 1933, Section 18(b)(1), 15 U.S.C. Sec. 77r(b)(1), or by rule adopted under that provision; (ii) a security listed or approved for listing on another securities market specified by rule under this chapter; (iii) any of the following with respect to a security described in Subsection (1)(e)(i) or (ii): (A) a put or a call option contract; (B) a warrant; or (C) a subscription right on or with respect to the security; (iv) an option or similar derivative security on a security or an index of securities or foreign currencies issued by a clearing agency that is: (A) registered under the Securities Exchange Act of 1934; and (B) listed or designated for trading on a national securities exchange, or a facility of a national securities association registered under the Securities Exchange Act of 1934; (v) an offer or sale, of the underlying security in connection with the offer, sale, or exercise of an option or other security that was exempt when the option or other security was written or issued; or (vi) an option or a derivative security designated by the Securities and Exchange Commission under Securities Exchange Act of 1934, Section 9(b), 15 U.S.C. Sec. 78i(b); (f) (i) a security issued by a person organized and operated not for private profit but exclusively for religious, educational, benevolent, charitable, fraternal, social, athletic, or reformatory purposes, or as a chamber of commerce or trade or professional association; and (ii) a security issued by a corporation organized under Title 3, Chapter 1, General Provisions Relating to Agricultural Cooperative Associations, and a security issued by a corporation to which that chapter is made applicable by compliance with Section 3-1-21; (g) an investment contract issued in connection with an employees' stock purchase, option, savings, pension, profit-sharing, or similar benefit plan; (h) a security issued by an investment company that is registered, or that has filed a registration statement, under the Investment Company Act of 1940; and (i) a security as to which the director, by rule or order, finds that registration is not necessary or appropriate for the protection of investors. (2) The following transactions are exempt from Sections 61-1-7 and 61-1-15: (a) an isolated nonissuer transaction, whether effected through a broker-dealer or not; (b) a nonissuer transaction in an outstanding security, if as provided by rule of the division: (i) information about the issuer of the security as required by the division is currently listed in a securities manual recognized by the division, and the listing is based upon such information as required by rule of the division; or (ii) the security has a fixed maturity or a fixed interest or dividend provision and there is no default during the current fiscal year or within the three preceding fiscal years, or during the existence of the issuer and any predecessors if less than three years, in the payment of principal, interest, or dividends on the security; (c) a nonissuer transaction effected by or through a registered broker-dealer pursuant to an unsolicited order or offer to buy; (d) a transaction between the issuer or other person on whose behalf the offering is made and an underwriter, or among underwriters; (e) a transaction in a bond or other evidence of indebtedness secured by a real or chattel mortgage or deed of trust, or by an agreement for the sale of real estate or chattels, if the entire mortgage, deed of trust, or agreement, together with all the bonds or other evidences of indebtedness secured thereby, is offered and sold as a unit; (f) a transaction by an executor, administrator, sheriff, marshal, receiver, trustee in bankruptcy, guardian, or conservator; (g) a transaction executed by a bona fide pledgee without a purpose of evading this chapter; (h) an offer or sale to one of the following whether the purchaser is acting for itself or in a fiduciary capacity: (i) a depository institution; (ii) a trust company; (iii) an insurance company; (iv) an investment company as defined in the Investment Company Act of 1940; (v) a pension or profit-sharing trust; (vi) other financial institution or institutional investor; or (vii) a broker-dealer; (i) an offer or sale of a preorganization certificate or subscription if: (i) no commission or other remuneration is paid or given directly or indirectly for soliciting a prospective subscriber; (ii) the number of subscribers acquiring a legal or beneficial interest therein does not exceed 10; (iii) there is no general advertising or solicitation in connection with the offer or sale; and (iv) no payment is made by a subscriber; (j) subject to Subsection (6), a transaction pursuant to an offer by an issuer of its securities to its existing securities holders, if: (i) no commission or other remuneration, other than a standby commission is paid or given directly or indirectly for soliciting a security holder in this state; and (ii) the transaction constitutes: (A) the conversion of convertible securities; (B) the exercise of nontransferable rights or warrants; (C) the exercise of transferable rights or warrants if the rights or warrants are exercisable not more than 90 days after their issuance; (D) the purchase of securities under a preemptive right; or (E) a transaction other than one specified in Subsections (2)(j)(ii)(A) through (D) if: (I) the division is furnished with: (Aa) a general description of the transaction; (Bb) the disclosure materials to be furnished to the issuer's securities holders in the transaction; and (Cc) a non-refundable fee; and (II) the division does not, by order, deny or revoke the exemption within 20 working days after the day on which the filing required by Subsection (2)(j)(ii)(E)(I) is complete; (k) an offer, but not a sale, of a security for which a registration statement is filed under both this chapter and the Securities Act of 1933 if no stop order or refusal order is in effect and no public proceeding or examination looking toward such an order is pending; (l) a distribution of securities as a dividend if the person distributing the dividend is the issuer of the securities distributed; (m) a nonissuer transaction effected by or through a registered broker-dealer where the broker-dealer or issuer files with the division, and the broker-dealer maintains in the broker-dealer's records, and makes reasonably available upon request to a person expressing an interest in a proposed transaction in the security with the broker-dealer information prescribed by the division under its rules; (n) a transaction not involving a public offering; (o) an offer or sale of "condominium units" or "time period units" as those terms are defined in Title 57, Chapter 8, Condominium Ownership Act, whether or not to be sold by installment contract, if the following are complied with: (i) Title 57, Chapter 8, Condominium Ownership Act, or if the units are located in another state, the condominium act of that state; (ii) Title 57, Chapter 11, Utah Uniform Land Sales Practices Act; (iii) Title 57, Chapter 19, Timeshare and Camp Resort Act; and (iv) Title 70C, Utah Consumer Credit Code; (p) a transaction or series of transactions involving a merger, consolidation, reorganization, recapitalization, reclassification, or sale of assets, if the consideration for which, in whole or in part, is the issuance of securities of a person or persons, and if: (i) the transaction or series of transactions is incident to a vote of the securities holders of each person involved or by written consent or resolution of some or all of the securities holders of each person involved; (ii) the vote, consent, or resolution is given under a provision in: (A) the applicable corporate statute or other controlling statute; (B) the controlling articles of incorporation, trust indenture, deed of trust, or partnership agreement; or (C) the controlling agreement among securities holders; (iii) (A) one person involved in the transaction is required to file proxy or informational materials under Section 14(a) or (c) of the Securities Exchange Act of 1934 or Section 20 of the Investment Company Act of 1940 and has so filed; (B) one person involved in the transaction is an insurance company that is exempt from filing under Section 12(g)(2)(G) of the Securities Exchange Act of 1934, and has filed proxy or informational materials with the appropriate regulatory agency or official of its domiciliary state; or (C) all persons involved in the transaction are exempt from filing under Section 12(g)(1) of the Securities Exchange Act of 1934, and file with the division such proxy or informational material as the division requires by rule; (iv) the proxy or informational material is filed with the division and distributed to all securities holders entitled to vote in the transaction or series of transactions at least 10 working days before any necessary vote by the securities holders or action on any necessary consent or resolution; and (v) the division does not, by order, deny or revoke the exemption within 10 working days after filing of the proxy or informational materials; (q) subject to Subsection (7), a transaction pursuant to an offer to sell securities of an issuer if: (i) the transaction is part of an issue in which there are not more than 15 purchasers in this state, other than those designated in Subsection (2)(h), during any 12 consecutive months; (ii) no general solicitation or general advertising is used in connection with the offer to sell or sale of the securities; (iii) no commission or other similar compensation is given, directly or indirectly, to a person other than a broker-dealer or agent licensed under this chapter, for soliciting a prospective purchaser in this state; (iv) the seller reasonably believes that all the purchasers in this state are purchasing for investment; and (v) the transaction is part of an aggregate offering that does not exceed $1,000,000, or a greater amount as prescribed by a division rule, during any 12 consecutive months; (r) a transaction involving a commodity contract or commodity option; (s) a transaction in a security, whether or not the security or transaction is otherwise exempt if: (i) the transaction is: (A) in exchange for one or more outstanding securities, claims, or property interests; or (B) partly for cash and partly in exchange for one or more outstanding securities, claims, or property interests; and (ii) the terms and conditions are approved by the director after a hearing under Section 61-1-11.1; (t) a transaction incident to a judicially approved reorganization in which a security is issued: (i) in exchange for one or more outstanding securities, claims, or property interests; or (ii) partly for cash and partly in exchange for one or more outstanding securities, claims, or property interests; (u) a nonissuer transaction by a federal covered investment adviser with investments under management in excess of $100,000,000 acting in the exercise of discretionary authority in a signed record for the account of others; and (v) a transaction as to which the division finds that registration is not necessary or appropriate for the protection of investors. (3) A person filing an exemption notice or application shall pay a filing fee as determined under Section 61-1-18.4. (4) With the concurrence of the commission, the director, by means of an adjudicative proceeding conducted in accordance with Title 63G, Chapter 4, Administrative Procedures Act, may deny or revoke an exemption specified in Subsection (1)(f) or (g) or in Subsection (2) with respect to: (a) a specific security, transaction, or series of transactions; or (b) a person or issuer, an affiliate or successor to a person or issuer, or an entity subsequently organized by or on behalf of a person or issuer generally and may impose a fine if the director finds that the order is in the public interest and that: (i) the application for or notice of exemption filed with the division is incomplete in a material respect or contains a statement which was, in the light of the circumstances under which it was made, false or misleading with respect to a material fact; (ii) this chapter, or a rule, order, or condition lawfully imposed under this chapter has been willfully violated in connection with the offering or exemption by: (A) the person filing an application for or notice of exemption; (B) the issuer, a partner, officer, or director of the issuer, a person occupying a similar status or performing similar functions, or a person directly or indirectly controlling or controlled by the issuer, but only if the person filing the application for or notice of exemption is directly or indirectly controlled by or acting for the issuer; or (C) an underwriter; (iii) subject to Subsection (8), the security for which the exemption is sought is the subject of an administrative stop order or similar order, or a permanent or temporary injunction or a court of competent jurisdiction entered under another federal or state act applicable to the offering or exemption; (iv) the issuer's enterprise or method of business includes or would include activities that are illegal where performed; (v) the offering has worked, has tended to work, or would operate to work a fraud upon purchasers; (vi) the offering is or was made with unreasonable amounts of underwriters' and sellers' discounts, commissions, or other compensation, or promoters' profits or participation, or unreasonable amounts or kinds of options; (vii) an exemption is sought for a security or transaction that is not eligible for the exemption; or (viii) the proper filing fee, if required, has not been paid. (5) (a) An order under Subsection (4) may not operate retroactively. (b) A person may not be considered to have violated Section 61-1-7 or 61-1-15 by reason of an offer or sale effected after the entry of an order under this Subsection (5) if the person sustains the burden of proof that the person did not know, and in the exercise of reasonable care could not have known, of the order. (6) The exemption created by Subsection (2)(j) is not available for an offer or sale of a security to an existing securities holder who has acquired the holder's security from the issuer in a transaction in violation of Section 61-1-7. (7) As to a security, a transaction, or a type of security or transaction, the division may: (a) withdraw or further condition the exemption described in Subsection (2)(q); or (b) waive one or more of the conditions described in Subsection (2)(q). (8) (a) The director may not institute a proceeding against an effective exemption under Subsection (4)(b) more than one year from the day on which the order or injunction on which the director relies is issued. (b) The director may not enter an order under Subsection (4)(b) on the basis of an order or injunction entered under another state act unless that order or injunction is issued on the basis of facts that would constitute a ground for a stop order under this section at the time the director enters the order.
Utah Code § 61-2g-313 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-313
§ 61-2g-313. State-certified residential appraiser -- Authority and qualifications.
Status: in_force

(1) An applicant for certification as a residential appraiser shall provide to the division evidence of: (a) the applicant's good moral character, honesty, competency, integrity, truthfulness, and general fitness to command the confidence of the community; (b) completion of the certification examination with a satisfactory score as determined by the Appraisal Qualification Board; (c) completion of the educational requirements established by rule in accordance with Subsection (3); and (d) experience in real property appraisal as established by rule in accordance with Subsection (3). (2) Upon request by the division, an applicant shall make available to the division for examination: (a) a detailed listing of the real estate appraisal reports or file memoranda for which experience is claimed; and (b) a sample selected by the division of appraisal reports that the applicant has prepared in the course of the applicant's appraisal practice. (3) (a) The division shall, with the concurrence of the board, make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, that establish: (i) the educational requirements described in Subsection (1)(c); and (ii) the experience in real property appraisal described in Subsection (1)(d). (b) The educational and experience requirements established under Subsection (3)(a) shall meet or exceed the educational requirements and the hourly experience requirements adopted by the Appraisal Qualification Board. (c) The division may not require that an applicant complete the educational or experience requirements established under Subsection (3)(a) within a minimum time period. (d) Subsection (3)(c) does not apply if federal law requires a minimum time period for appraiser education or experience.
Utah Code § 61-2d-104 — Utah Code / Title 61 / Chapter 61-2d / § 61-2d-104
§ 61-2d-104. Negative amortization prohibited.
Status: in_force

A high cost mortgage shall provide for regular, periodic payments sufficient to pay: (1) all accrued interest and a portion of principal on the scheduled due date for each payment; and (2) the full amount owed during the term of the loan, if no late fees or other contingent charges are incurred.
Utah Code § 61-6-7 — Utah Code / Title 61 / Chapter 61-6 / § 61-6-7
§ 61-6-7. Statement by acquiring person.
Status: in_force

Any person who proposes to make or has made a control share acquisition may deliver an acquiring person statement to the issuing public corporation at the issuing public corporation's principal office. The acquiring person statement shall set forth all of the following: (1) the identity of the acquiring person and each other member of any group of which the person is a part for purposes of determining control shares; (2) a declaration that the acquiring person statement is given pursuant to this chapter; (3) the number of shares of the issuing public corporation owned (directly or indirectly) by the acquiring person and each other member of the group; (4) the range of voting power under which the control share acquisition falls or would, if consummated, fall; and (5) if the control share acquisition has not taken place: (a) a description in reasonable detail of the terms of the proposed control share acquisition; and (b) a statement by the acquiring person supported by reasonably detailed facts that the proposed control share acquisition, if consummated, will not be contrary to law, and that the acquiring person has the financial capacity to make the proposed control share acquisition.
Utah Code § 61-1-18.1 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-18.1
§ 61-1-18.1. Technical experts and specialists -- Employment -- Contracts.
Status: in_force

The director may employ or contract with technical experts and specialists including but not limited to certified public accountants, appraisers, engineers, and tax accountants to conduct or participate in any examination, audit, investigation or proceeding.
Utah Code § 61-2g-503 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-503
§ 61-2g-503. Reinstatement of license, certification, and registration.
Status: in_force

(1) An individual whose license, certification, or registration is revoked under this chapter: (a) may not apply for renewal or reinstatement of that license, certification, or registration; and (b) may apply for licensure, certification, or registration as prescribed for an original license, certification, or registration subject to the limitations in Subsection (2). (2) An applicant for licensure, certification, or registration under Subsection (1) is not entitled to credit for experience gained before the date of revocation in determining whether the applicant meets the experience requirement for licensure, certification, or registration.
Utah Code § 61-2g-310 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-310
§ 61-2g-310. Reciprocal licensure.
Status: in_force

(1) An applicant for licensure or certification in this state who is credentialed under the laws of any other state, territory, or district may obtain a reciprocal credential in this state if: (a) the individual holds a current, valid credential issued by a state that, on the day on which the individual submits an application, is in compliance with Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as determined by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council; and (b) the credentialing requirements of that state, that are in force on the day on which the individual submits an application, meet or exceed the credentialing requirements described in this chapter and the rules made under this chapter. (2) An individual who holds a reciprocal credential described in Subsection (1) shall comply with all statutes and rules that govern the appraisal industry in this state, including requirements relating to: (a) the payment of fees; and (b) continuing education.
Utah Code § 61-2e-401 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-401
§ 61-2e-401. Division authority -- Immunity -- Transmission of reports to Appraisal Subcommittee.
Status: in_force

(1) (a) In addition to a power or duty expressly provided in this chapter, the division may: (i) examine any book or record of an appraisal management company registered or required to be registered under this chapter and require the appraisal management company to submit any report, information, or document to the division; (ii) receive and act on a complaint including: (A) taking action designed to obtain voluntary compliance with this chapter, including the issuance of a cease and desist order if the person against whom the order is issued is given the right to petition the board for review of the order; or (B) commencing an administrative or judicial proceeding on the division's own initiative; (iii) conduct a public or private investigation of an entity required to be registered under this chapter, regardless of whether the entity is located in Utah; (iv) employ one or more investigators, clerks, or other employees or agents if: (A) approved by the executive director; and (B) within the budget of the division; and (v) issue a subpoena that requires: (A) the attendance and testimony of a witness; or (B) the production of evidence. (b) (i) A court of competent jurisdiction shall enforce, according to the practice and procedure of the court, a subpoena issued by the division. (ii) The division shall pay any witness fee, travel expense, mileage, or any other fee required by the service statutes of the state where the witness or evidence is located. (c) A failure to respond to a request by the division in an investigation under this chapter within 10 days after the day on which the request is served is considered to be a separate violation of this chapter, including: (i) failing to respond to a subpoena; (ii) withholding evidence; or (iii) failing to produce a document or record. (2) The division is immune from a civil action or criminal prosecution for initiating or assisting in a lawful investigation of an act or participating in a disciplinary proceeding under this chapter if the division takes the action: (a) without malicious intent; and (b) in the reasonable belief that the action is taken pursuant to the powers and duties vested in the division under this chapter. (3) Upon the Appraisal Subcommittee's request, the division shall timely transmit a report to the Appraisal Subcommittee regarding the division's supervisory activities involving appraisal management companies or other third-party providers of appraisals and appraisal management services, including any investigation the division initiates or disciplinary action the division takes.
Utah Code § 61-1-32 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-32
§ 61-1-32. Exemptions from licensure.
Status: in_force

(1) As used in this section, "DOD civilian" means the same as that term is defined in Section 53H-11-202. (2) Except as otherwise provided by statute or rule, the following individuals may engage in the practice of an occupation or profession regulated by this chapter, subject to the stated circumstances and limitations, without being licensed under this chapter: (a) an individual licensed under the laws of this state, other than under this chapter, to practice or engage in an occupation or profession, while engaged in the lawful, professional, and competent practice of that occupation or profession; (b) an individual serving in the armed forces of the United States, the United States Public Health Service, the United States Department of Veterans Affairs, or any other federal agency while engaged in activities regulated under this title as a part of employment with that federal agency if the individual holds a valid license to practice the regulated occupation or profession issued by any other state or jurisdiction recognized by the department; and (c) the spouse of an individual serving in the armed forces of the United States or the spouse of a DOD civilian while the individual or DOD civilian is stationed within this state, if: (i) the spouse holds a valid license to practice the regulated occupation or profession issued by any other state or jurisdiction recognized by the department; and (ii) the license is current and the spouse is in good standing in the state or jurisdiction of licensure.
Utah Code § 61-1-25 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-25
§ 61-1-25. Record of registrations.
Status: in_force

(1) (a) A document is filed when it is received by the division. (b) If the last day prescribed for the filing of a document is a Saturday, Sunday, or legal holiday, the document is considered timely filed if it is filed on the next succeeding day that is not a Saturday, Sunday, or legal holiday. (2) (a) The division shall keep a register of: (i) all applications for registration and registration statements that are or have ever been effective under this chapter; and (ii) all denial, suspension, or revocation orders entered under this chapter. (b) The register shall be open for public inspection. (3) The information contained in or filed with a registration statement, application, or report may be made available to the public under the rules the division prescribes. (4) (a) The division shall furnish to a person a photostatic or other copy, certified under seal if requested, of an entry in the register or any document that is a matter of public record: (i) upon request; and (ii) at a reasonable charge prescribed by the division. (b) In a proceeding or prosecution under this chapter, a copy certified under this Subsection (4) is prima facie evidence of the contents of the entry or document certified. (5) The division may issue an interpretative opinion requested by an interested person if the commission concurs in the interpretative opinion.
Utah Code § 61-1-6.5 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-6.5
§ 61-1-6.5. Court-ordered discipline.
Status: in_force

The division shall promptly withhold, suspend, restrict, or reinstate the use of a license issued under this chapter if so ordered by a court.
Utah Code § 61-2c-403 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-403
§ 61-2c-403. Cease and desist orders.
Status: in_force

(1) (a) The director may issue and serve by certified mail, or by personal service, on a person an order to cease and desist from an act if: (i) the director has reason to believe that the person has been engaged, is engaging in, or is about to engage in the act constituting a violation of this chapter; and (ii) it appears to the director that it would be in the public interest to stop the act. (b) Within 10 days after service of the order, the party named in the order may request a hearing to be held in accordance with Title 63G, Chapter 4, Administrative Procedures Act. (c) Pending a hearing requested under Subsection (1)(b), a cease and desist order shall remain in effect. (2) (a) After the hearing described in Subsection (1), if the director finds that an act of the person violates this chapter, the director: (i) shall issue an order making the cease and desist order permanent; and (ii) may impose another disciplinary action under Section 61-2c-402. (b) The director may bring an action in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration, in the name of the division to enjoin and restrain a person on whom an order is served under this section from violating this chapter if: (i) (A) the person does not request a hearing under Subsection (1); or (B) a permanent cease and desist order is issued against the person following a hearing or stipulation; and (ii) (A) the person fails to cease the act; or (B) after discontinuing the act, the person again commences the act. (3) The cease and desist order issued under this section may not interfere with or prevent the prosecution of a remedy or action enforcement under this chapter. (4) An individual who violates a cease and desist order issued under this section is guilty of a class A misdemeanor.
Utah Code § 61-1-202 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-202
§ 61-1-202. Governmental and third party disclosures.
Status: in_force

(1) If a broker-dealer, an investment adviser, or a qualified individual reasonably believes that a person has engaged in or attempted to engage in the financial exploitation of an eligible adult, the broker-dealer, investment adviser, or qualified individual: (a) shall promptly notify the division and Adult Protective Services; and (b) subject to Subsection (2), may notify a person previously designated by the eligible adult, a person allowed to receive notification under applicable law or any customer agreement, or an individual reasonably associated with the eligible adult. (2) A broker-dealer, an investment adviser, or a qualified individual may not notify a third party under Subsection (1)(b) if the third party is suspected of engaging in the financial exploitation of the eligible adult or other abuse of the eligible adult.
Utah Code § 61-2e-303 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-303
§ 61-2e-303. Recordkeeping.
Status: in_force

(1) An appraisal management company required to be registered under this chapter shall: (a) maintain a detailed record of the following for the same time period an appraiser is required to maintain an appraisal record for the same real estate appraisal activity: (i) a real estate appraisal activity request that the appraisal management company receives; and (ii) the appraiser that performs the real estate appraisal activity described in Subsection (1) for the appraisal management company; and (b) retain for at least five years any file reviewed by the appraisal management company in accordance with Section 61-2e-302 and any documents that relate to the review, including: (i) the appraisal; (ii) any documentation of the review; and (iii) any correspondence that relates to the review. (2) As part of the registration process under Part 2, Registration, an appraisal management company shall biennially provide an explanation of its recordkeeping described in Subsection (1) in the form prescribed by the division.
Utah Code § 61-2f-410 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-410
§ 61-2f-410. Effect of expiration, revocation, or suspension -- Notice required.
Status: in_force

(1) (a) The revocation or suspension of a principal broker license automatically inactivates an associate broker license or a sales agent license that was issued based upon the licensee's affiliation with the principal broker whose license is revoked or suspended, pending a change of principal broker affiliation. (b) If an individual's associate broker license or sales agent license becomes inactive under Subsection (1)(a), the individual may affiliate with another principal broker licensed under this chapter. (2) Before the day on which a suspension or revocation of a principal broker's license is effective, the principal broker shall notify, in writing, each licensee affiliated with the principal broker: (a) that the principal broker's license will be revoked or suspended; (b) of the day on which the revocation or suspension is effective; and (c) that the licensee's license will be inactive beginning on the day on which the principal broker's license is revoked or suspended. (3) If a principal broker fails to timely renew the principal broker's license in accordance with this chapter, on the day on which the principal broker's license expires, the principal broker shall notify, in writing, each licensee affiliated with the principal broker: (a) that the principal broker's license is expired; (b) of the day on which the principal broker's license expired; and (c) that the licensee's license is inactive beginning on the day on which the principal broker's license expired.
Utah Code § 61-1-18.5 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-18.5
§ 61-1-18.5. Securities Commission -- Transition.
Status: in_force

(1) (a) There is created a Securities Commission. (b) The division shall provide staffing to the commission. (2) (a) The commission shall: (i) formulate and make recommendations to the director regarding policy and budgetary matters; (ii) submit recommendations regarding registration requirements; (iii) formulate and make recommendations to the director regarding the establishment of reasonable fees; (iv) act in an advisory capacity to the director with respect to the exercise of the director's duties, powers, and responsibilities; (v) conduct an administrative hearing under this chapter that is not: (A) delegated by the commission to an administrative law judge or the division relating to a violation of this chapter; or (B) expressly delegated to the division under this chapter; (vi) except as provided in Subsection (2)(b), and consistent with Section 61-1-20, impose a sanction as provided in this chapter; (vii) review rules made by the division for purposes of concurrence in accordance with Section 61-1-24; and (viii) perform other duties as this chapter provides. (b) (i) The commission may delegate to the division the authority to impose a sanction under this chapter. (ii) If under Subsection (2)(b)(i) the commission delegates to the division the authority to impose a sanction, a person who is subject to the sanction may petition the commission for review of the sanction. (iii) A person who is sanctioned by the division in accordance with this Subsection (2)(b) may seek agency review by the executive director only after the commission reviews the division's action. (3) (a) The governor shall appoint five members to the commission with the advice and consent of the Senate as follows: (i) two members from the securities brokerage community: (A) who are not from the same broker-dealer or affiliate; and (B) who have at least five years prior experience in securities matters; (ii) one member from the securities section of the Utah State Bar: (A) whose practice primarily involves: (I) corporate securities; or (II) representation of plaintiffs in securities cases; (B) who does not routinely represent clients involved in: (I) civil or administrative litigation with the division; or (II) criminal cases brought under this chapter; and (C) who has at least five years prior experience in securities matters; (iii) one member who is an officer or director of a business entity not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934; and (iv) one member from the public at large who has no active participation in the securities business. (b) A member may not serve more than two consecutive terms. (4) (a) Except as required by Subsection (4)(b) and subject to Subsection (4)(c), as terms of current members expire, the governor shall appoint a new member or reappointed member to a four-year term. (b) Notwithstanding Subsection (4)(a), the governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of commission members are staggered so that approximately half of the commission is appointed every two years. (c) For purposes of making an appointment to the commission, the governor: (i) shall as of May 12, 2009: (A) appoint all five members of the commission; and (B) stagger the terms of the five members of the commission to comply with Subsection (4)(b); and (ii) may not consider the commission an extension of the previous Securities Advisory Board. (d) When a vacancy occurs in the membership for any reason, the governor shall appoint a replacement member for the unexpired term. (e) A member shall serve until the member's respective successor is appointed and qualified. (f) The commission shall annually select one member to serve as chair of the commission. (5) When the governor makes a new appointment or reappointment under Subsection (4)(a), or a vacancy appointment under Subsection (4)(d), the governor's new appointment, reappointment, or vacancy appointment shall be made with the advice and consent of the Senate. (6) (a) The commission shall meet: (i) at least quarterly on a regular date to be fixed by the commission; and (ii) at such other times at the call of: (A) the director; or (B) any two members of the commission. (b) A majority of the commission shall constitute a quorum for the transaction of business. (c) An action of the commission requires a vote of a majority of members present. (7) A member of the commission shall, by sworn and written statement filed with the Department of Commerce and the lieutenant governor, disclose any position of employment or ownership interest that the member has with respect to an entity or business subject to the jurisdiction of the division or commission. This statement shall be filed upon appointment and must be appropriately amended whenever significant changes occur in matters covered by the statement. (8) A member may not receive compensation or benefits for the member's service, but may 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. (9) (a) A rule or form made by the division under this section that is in effect on May 11, 2009, is considered to have been concurred with by the commission as of May 12, 2009, until the commission acts on the rule or form. (b) For a civil or administrative action pending under this chapter as of May 12, 2009, brought under the authority of division under this chapter as in effect May 11, 2009, that may be brought only by the commission under this chapter as in effect on May 12, 2009: (i) the action shall be considered brought by the commission; and (ii) the commission may take any act authorized under this chapter regarding that action.
Utah Code § 61-2d-108 — Utah Code / Title 61 / Chapter 61-2d / § 61-2d-108
§ 61-2d-108. Increase in employees.
Status: in_force

Funds allocated for investigations in this chapter may only be used to employ additional employees if there is a 10% increase in caseloads.
Utah Code § 61-2c-106 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-106
§ 61-2c-106. Addresses provided the division.
Status: in_force

(1) (a) A person shall provide a physical location or street address when the person provides the nationwide database an address required by the division. (b) The following when provided to and maintained within the division under this chapter is public information: (i) a business address; or (ii) a mailing address other than a home address, unless the person provides no other address. (2) A licensee is considered to have received a notification that is mailed to the last mailing address furnished to the nationwide database by: (a) the individual, if the licensee is an individual; or (b) the lending manager who is designated within the nationwide database to act as the principal lending manager for the entity, if the licensee is an entity.
Utah Code § 61-1-206 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-206
§ 61-1-206. Records.
Status: in_force

(1) Upon request, a broker-dealer or investment adviser shall provide access to or a copy of any record, including a historical record, that is relevant to the suspected or attempted financial exploitation of an eligible adult to Adult Protective Services or a law enforcement agency. (2) For purposes of Title 63G, Chapter 2, Government Records Access and Management Act, a record made available to Adult Protective Services or a law enforcement agency under this section is a protected record as defined in Section 63G-2-103. (3) Nothing in this section affects the authority of the division to access or examine the books or records of a broker-dealer or investment adviser as otherwise provided by law.
Utah Code § 61-1-108 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-108
§ 61-1-108. Notice of contents of this part -- May not waive -- Nonexclusive.
Status: in_force

(1) An employer who is licensed under this chapter shall post a notice and use other appropriate means to inform an employee of rights, protections, and obligations under this part. (2) An individual may not waive a right or protection provided by this part by agreement, policy form, or condition of employment, including by a predispute arbitration agreement. (3) This part may not be considered to diminish the rights, privileges, or remedies of a reporter under federal or state law, or under any collective bargaining agreement.
Utah Code § 61-2f-302 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-302
§ 61-2f-302. Affiliation with a principal broker.
Status: in_force

(1) An individual who is not a principal broker may not engage in an act described in Section 61-2f-201 unless the individual is affiliated with a principal broker as: (a) an associate broker; or (b) a sales agent. (2) (a) An inactive associate broker or sales agent may not conduct a real estate transaction until the inactive associate broker or sales agent becomes affiliated with a principal broker and submits the required documentation to the division. (b) An inactive principal broker may not conduct a real estate transaction until the principal broker's license is activated with the division. (3) A sales agent or associate broker may not affiliate with more than one principal broker at the same time. (4) An individual may not be a principal broker of an entity and a sales agent or associate broker for a different entity at the same time. (5) An owner, purchaser, lessor, or lessee who engages the services of a principal broker may designate which sales agents or associate brokers affiliated with that principal broker will also represent that owner, purchaser, lessor, or lessee in the purchase, sale, lease, or exchange of real estate, or in exercising an option relating to real estate. (6) Subject to Subsection (8), an individual licensed as a property manager under this chapter and is engaged, whether as an employee or an independent contractor, to perform real estate-related services by or on behalf of a principal broker, associate broker, or sales agent, shall affiliate with a principal broker before: (a) engaging in property management; (b) offering to engage in property management on behalf of another person; or (c) advertising or otherwise holding the individual out to be engaged in property management. (7) An individual described in Subsection (6) shall affiliate the individual's property manager license with: (a) the same principal broker with whom the associate broker or sales agent for whom the property manager performs real estate-related services is affiliated; or (b) the person that the individual's employer or the person with whom the individual contracts is affiliated. (8) An individual is not required to affiliate with a principal broker if the individual is: (a) licensed as a property manager under this chapter; and (b) (i) not subject to the affiliation requirements described in Subsection (6); (ii) employed by a property management company that managed at least 750 residential rental units in this state in any of the three previous calendar years; or (iii) employed by a housing authority, as that term is defined in Section 35A-8-401.
Utah Code § 61-2g-307 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-307
§ 61-2g-307. Continuing education requirements.
Status: in_force

(1) As a prerequisite to renewal of a license, certification, or registration, the applicant for renewal shall present evidence satisfactory to the division of having met the continuing education requirements of this section. (2) A person licensed, certified, or registered under this chapter shall complete during the two-year period immediately preceding the filing of an application for renewal not less than 28 classroom hours of instruction in courses or seminars that have received the approval of the division. (3) (a) The division, with the concurrence of the board, may adopt rules for the implementation of this section to assure that a person renewing that person's license, certification, or registration under this chapter has a working knowledge of current real estate appraisal theories, practices, and techniques that will enable the person to provide competent real estate appraisal services to the members of the public with whom that person deals in a professional relationship under the authority of that person's license, certificate, or registration. (b) An amendment or repeal of a rule adopted by the division under this section, with the concurrence of the board, does not operate to deprive a person of credit toward renewal of that person's license, certification, or registration for a course of instruction that is successfully completed by the applicant before the date of the amendment or repeal of the rule. (c) The rules made under this Subsection (3) shall prescribe: (i) policies and procedures to be followed in obtaining division approval of courses of instruction and seminars; (ii) standards, policies, and procedures to be used by the division in evaluating an applicant's claims of equivalency; and (iii) standards, monitoring methods, and systems for recording attendance to be employed by course and seminar sponsors as a prerequisite to division approval of courses and seminars for credit. (4) In lieu of meeting the requirements set forth in Subsection (2) and applicable rules, an applicant for renewal may satisfy all or part of the continuing education requirements that are imposed by the board in excess of the minimum requirements of the Appraisal Qualification Board by presenting evidence of the following: (a) completion of an educational program of study determined by the board to be equivalent, for continuing education purposes, to courses or seminars approved by the board; or (b) participation other than as a student in educational processes and programs approved by the board that relate to real property appraisal theory, practices, or techniques including teaching, program development, and preparation of textbooks, monographs, articles, and other instructional materials. (5) A person whose license, certification, or registration is suspended as the result of a disciplinary action taken under this chapter may not apply for reinstatement unless the person presents evidence of completion of the continuing education requirement that is required by this chapter for renewal.
Utah Code § 61-1-5 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-5
§ 61-1-5. Postlicensing provisions.
Status: in_force

(1) (a) A licensed broker-dealer and investment adviser shall make and keep such accounts, correspondence, memoranda, papers, books, and other records as the division by rule prescribes, except as provided in: (i) Section 15 of the Securities Exchange Act of 1934 in the case of a broker-dealer; and (ii) Section 222 of the Investment Advisers Act of 1940 in the case of an investment adviser. (b) A record required to be made and kept by an investment adviser shall be preserved for the period as the division prescribes by rule or order. (2) (a) A licensed broker-dealer shall, within 24 hours after demand, furnish to any customer or principal for whom the broker-dealer has executed any order for the purchase or sale of any securities, either for immediate or future delivery, a written statement showing: (i) the time when the securities were bought and sold; (ii) the place where the securities were bought and sold; and (iii) the price at which the securities were bought and sold. (b) With respect to investment advisers, the division may require that certain information be furnished or disseminated as necessary or appropriate in the public interest or for the protection of investors and advisory clients. (c) To the extent determined by the director, information furnished to clients or prospective clients of an investment adviser who would be in compliance with the Investment Advisers Act of 1940 and the rules under the Investment Advisers Act of 1940 may be considered to satisfy this requirement. (3) A licensed broker-dealer and investment adviser shall file financial reports as the division by rule prescribes, except as provided in: (a) Section 15 of the Securities Exchange Act of 1934 in the case of a broker-dealer; and (b) Section 222 of the Investment Advisers Act of 1940 in the case of an investment adviser. (4) If the information contained in any document filed with the division is or becomes inaccurate or incomplete in any material respect, the licensee or federal covered adviser shall promptly file a correcting amendment if the document is filed with respect to a licensee, or when such amendment is required to be filed with the Securities and Exchange Commission if the document is filed with respect to a federal covered adviser, unless notification of the correction has been given under Section 61-1-3. (5) (a) A record referred to in Subsection (1) is subject at any time or from time to time to reasonable periodic, special, or other examinations by representatives of the division, within or without this state, as the division considers necessary or appropriate in the public interest or for the protection of investors. (b) For the purpose of avoiding unnecessary duplication of examination, the division may cooperate with: (i) the securities administrators of other states; (ii) the Securities and Exchange Commission; and (iii) national securities exchanges or national securities associations registered under the Securities Exchange Act of 1934.
Utah Code § 61-2d-109 — Utah Code / Title 61 / Chapter 61-2d / § 61-2d-109
§ 61-2d-109. Copies.
Status: in_force

The lender shall provide, at no cost to the borrower, a complete set of all documents pertaining to the transaction, including copies of all documents to be executed or recorded and any loan documents changed at the closing: (1) at the time of the closing if done in person; or (2) no later than three business days from the closing if done by mail or any other format.
Utah Code § 61-2f-502 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-502
§ 61-2f-502. Definitions.
Status: in_force

7/1/2026For purposes of this part: (1) "Civil judgment" means a judgment in a civil action that: (a) is awarded in an action brought against a real estate licensee on the basis of fraud, misrepresentation, or deceit in a real estate transaction; and (b) awards actual damages. (2) "Criminal restitution judgment" means a judgment that, in accordance with Title 77, Criminal Procedure, orders criminal restitution to a person and against a real estate licensee for a criminal offense involving fraud, misrepresentation, or deceit in a real estate transaction. (3) "Final judgment" means one of the following judgments upon termination of the proceedings related to the judgment, including appeals: (a) a civil judgment; or (b) a criminal restitution judgment. (4) "Fund" means the Real Estate Education, Research, and Recovery Fund created in Section 61-2f-503.
Utah Code § 61-2g-308 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-308
§ 61-2g-308. Licensing, certification, or registration requirements for nonresidents -- Temporary license or certificate -- Revocation.
Status: in_force

(1) An individual applicant for licensure, certification, or registration under this chapter who is not a resident of this state shall submit with the applicant's application an irrevocable consent that service of process upon the applicant may be made by delivery of the process to the director of the division if, in an action against the applicant in a court of this state arising out of the applicant's activities governed by this chapter in this state, the plaintiff cannot, in the exercise of due diligence, obtain personal service upon the applicant. (2) A nonresident of this state who complies with Subsection (1) may obtain a license, a certification, or a registration in this state by complying with this chapter relating to licensure, certification, or registration. (3) (a) A nonresident of this state who complies with Subsection (1) may obtain a temporary permit for a license or certification to perform a contract relating to the appraisal of real estate or real property in this state. (b) To qualify for the issuance of a temporary permit for a license or certification, an applicant shall: (i) submit an application on a form approved by the division; (ii) submit evidence that the applicant is licensed or certified in the state in which the applicant primarily conducts business; (iii) certify that no formal charges alleging violation of state appraisal licensing or certification laws have been filed against the applicant by the applicant's state of domicile; and (iv) pay an application fee in an amount established by the division with the concurrence of the board. (4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the division, with the concurrence of the board, shall make rules establishing: (a) the duration of a temporary permit; and (b) procedures for renewal of a temporary permit. (5) A temporary permit issued under this section shall be immediately and automatically revoked if the appraiser's license or certification is suspended or revoked in the appraiser's state of domicile. (6) A person whose temporary permit for a license or certification is revoked under Subsection (5) is entitled to a postrevocation hearing to challenge the revocation. The hearing shall be conducted in accordance with Title 63G, Chapter 4, Administrative Procedures Act.
Utah Code § 61-1-201 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-201
§ 61-1-201. Definitions.
Status: in_force

As used in this part: (1) "Adult Protective Services" means the same as that term is defined in Section 26B-6-201. (2) "Eligible adult" means: (a) an individual who is 65 years old or older; or (b) a vulnerable adult as defined in Section 26B-6-201. (3) "Financial exploitation of an eligible adult" means: (a) the wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or other property of an eligible adult; or (b) an act or omission, including through a power of attorney, guardianship, or conservatorship of an eligible adult, to: (i) obtain control, through deception, intimidation, or undue influence, over an eligible adult's money, assets, or other property to deprive the eligible adult of the ownership, use, benefit, or possession of the eligible adult's money, assets, or other property; or (ii) convert an eligible adult's money, assets, or other property to deprive the eligible adult of the ownership, use, benefit, or possession of the eligible adult's money, assets, or other property. (4) "Law enforcement agency" means the same as that term is defined in Section 53-1-102. (5) "Qualified individual" means: (a) an agent; (b) an investment adviser representative; or (c) an individual who serves in a supervisory, compliance, or legal capacity for a broker-dealer or an investment adviser.
Utah Code § 61-1-14.5 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-14.5
§ 61-1-14.5. Burden of proving exemption.
Status: in_force

In any proceeding under this chapter, civil, criminal, administrative, or judicial, the burden of proving an exemption under Section 61-1-14 or an exception from a definition under Section 61-1-13 is upon the person claiming the exemption or exception.
Utah Code § 61-2f-509 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-509
§ 61-2f-509. Insufficient funds to satisfy judgments -- Procedure and interest.
Status: in_force

If money deposited in the fund and allotted for satisfying a final judgment against a real estate licensee is insufficient to satisfy an order issued in accordance with Section 61-2f-508, when sufficient money is deposited in the fund, the division shall: (1) satisfy the unpaid claims in the order that the unpaid claims are originally filed; and (2) pay with the claim accumulated interest at the rate of 8% per annum.
Utah Code § 61-2f-409 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-409
§ 61-2f-409. Actions for recovery of compensation restricted.
Status: in_force

(1) (a) A person may not bring or maintain an action in any court of this state for the recovery of a commission, fee, or compensation, for any act done or service rendered if the act or service is prohibited under this chapter. (b) Except as provided in Subsection (1)(a), a person may bring or maintain an action in any court of this state for the recovery of a commission, fee, or compensation if the person is: (i) a principal broker; (ii) an individual that was licensed as a principal broker at the time the act or service that is the subject of the lawsuit was performed; or (iii) an entity that, under the records of the Division of Real Estate, is affiliated with a principal broker. (2) (a) A sales agent or associate broker may not sue in that individual's own name for the recovery of a fee, commission, or compensation for services as a sales agent or associate broker unless the action is against the principal broker with whom the sales agent or associate broker is or was affiliated. (b) An action for the recovery of a fee, commission, or other compensation may only be instituted and brought by the principal broker with whom a sales agent or associate broker is affiliated.
Utah Code § 61-2c-503 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-503
§ 61-2c-503. Notice to division -- Judgment against mortgage licensee -- Fraud, misrepresentation, or deceit -- Verified petition for order directing payment from fund -- Limitations and procedure.
Status: in_force

(1) A person may bring a claim against the fund if: (a) the person obtains a final judgment; (b) the person complies with the requirements under this part; (c) the person is not complicit in the fraud, misrepresentation, or deceit that is the basis of the claim; and (d) the final judgment that is the basis for the claim: (i) has not been discharged in bankruptcy; and (ii) when a bankruptcy proceeding is open or commenced during the pendency of the claim, the person obtains an order from the bankruptcy court declaring the final judgment and related debt to be nondischargeable. (2) (a) A person may not bring a claim against the fund for money owed under a civil judgment unless, within 10 business days of the day on which the person brings the civil action that results in the civil judgment, the person sends to the division a signed notification alleging fraud, misrepresentation, or deceit. (b) Within 30 calendar days of the day on which the division receives a notice under Subsection (1), the division may intervene in the action. (3) (a) After obtaining a final judgment, to file a claim against the fund, a person shall: (i) file a verified petition in the court where the final judgment is entered seeking an order directing payment from the fund of an amount equal to the uncollected actual damages owed under the final judgment that are unpaid; (ii) serve a copy of the verified petition described in Subsection (3)(a)(i) on the division; and (iii) file a copy of the affidavit of service of the verified petition with the court. (b) A recovery from the fund may not include: (i) punitive damages; (ii) attorney fees; (iii) interest; or (iv) court costs. (c) Regardless of the number of claimants or number of loans involved in a transaction, the liability of the fund may not exceed: (i) $15,000 for a single transaction; (ii) $45,000 for an individual licensee; or (iii) $45,000 for an entity. (4) A court shall conduct a hearing on a petition filed under Subsection (3) as scheduled by the court. (5) Subject to Subsection (6), a court may order payment from the fund under this section only if the person who files the petition shows that the person: (a) is not: (i) in the case of a civil judgment, the spouse of the judgment debtor; (ii) in the case of a criminal judgment, the spouse of the criminal defendant; or (iii) a personal representative of an individual described in Subsection (5)(a)(i) or (ii); (b) has complied with this chapter; (c) is owed damages under a final judgment that: (i) is issued by the court in the manner prescribed under this section; and (ii) indicates the amount of the final judgment awarded; (d) has proved the amount still owing on the final judgment on the day on which the petition is filed; (e) (i) (A) has a writ of execution issued upon the final judgment; and (B) has received a return made by the officer executing the writ showing that no property subject to execution in satisfaction of the final judgment could be found; or (ii) if execution is levied against the property of the judgment debtor or criminal defendant: (A) has not realized an amount sufficient to satisfy the final judgment; and (B) is owed a balance on the final judgment after application of the amount realized; (f) has made reasonable searches and inquiries to ascertain whether the judgment debtor or criminal defendant has any interest in property, real or personal, that may satisfy the final judgment; and (g) has exercised reasonable diligence to secure payment of the final judgment from the assets of the judgment debtor or criminal defendant. (6) If a person satisfies the court that it is not practicable for the person to comply with one or more of the requirements in Subsections (5)(e) through (g), the court may waive those requirements.
Utah Code § 61-2e-101 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-101
§ 61-2e-101. Title.
Status: in_force

This chapter is known as the "Appraisal Management Company Registration and Regulation Act."
Utah Code § 61-2-205 — Utah Code / Title 61 / Chapter 61-2 / § 61-2-205
§ 61-2-205. Concurrence.
Status: in_force

(1) If a provision under this title requires concurrence between the director or division and a commission or board created under this title and no concurrence can be reached, the director or division has final authority. (2) When this title requires concurrence between the director or division and a commission or board: (a) the director or division shall report to and update the commission or board on a regular basis related to matters requiring concurrence; and (b) the commission or board shall review the report submitted by the director or division under this Subsection (2) and concur with the report, or: (i) provide a reason for not concurring with the report; and (ii) provide recommendations to the director or division.
Utah Code § 61-2e-307 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-307
§ 61-2e-307. Prohibited acts -- Exclusions.
Status: in_force

(1) An appraisal management company required to be registered under this chapter and a controlling person, employee, or agent of the appraisal management company may not: (a) engage in an act of coercion, extortion, intimidation, or bribery for any purpose related to an appraisal; (b) compensate an appraiser in a manner that the person should reasonably know would result in the appraiser not conducting a real estate appraisal activity in a manner consistent with applicable appraisal standards; (c) engage in the business of an appraisal management company under an assumed or fictitious name not properly registered in the state; (d) accept a contingent fee for performing an appraisal management service if the fee is contingent on: (i) the appraisal report having a predetermined analysis, opinion, or conclusion; (ii) the analysis, opinion, conclusion, or valuation reached in an appraisal report; or (iii) the consequences resulting from the appraisal assignment; (e) require an appraiser to indemnify the appraisal management company against liability except liability for errors and omissions by the appraiser; (f) alter, modify, or otherwise change a completed appraisal report submitted by an appraiser; or (g) engage in any act or practice that violates appraisal independence as defined in 15 U.S.C. Sec. 1639e or in the policies and procedures of: (i) the Federal Home Loan Mortgage Corporation; or (ii) the Federal National Mortgage Association. (2) An appraisal management company required to be registered under this chapter, or a controlling person, employee, or agent of the appraisal management company may not influence or attempt to influence the development, reporting, or review of an appraisal through: (a) coercion; (b) extortion; (c) collusion; (d) compensation; (e) instruction; (f) inducement; (g) intimidation; (h) bribery; or (i) any other manner that would constitute undue influence. (3) A violation of Subsection (2) includes doing one or more of the following for a purpose listed in Subsection (2): (a) withholding or threatening to withhold timely payment for an appraisal; (b) withholding or threatening to withhold future business for an appraiser; (c) taking adverse action or threatening to take adverse action against an appraiser regarding use of the appraiser for a real estate appraisal activity; (d) expressly or by implication promising future business or increased compensation for an appraiser; (e) conditioning one or more of the following on the opinion, conclusion, or valuation to be reached, or on a preliminary estimate or opinion requested from an appraiser: (i) a request for a real estate appraisal activity; or (ii) the payment of consideration; (f) requesting that an appraiser provide at any time before the appraiser's completion of a real estate appraisal activity: (i) an estimated, predetermined, or desired valuation in an appraisal report; or (ii) an estimated value or comparable sale; (g) except for a copy of a sales contract for a purchase transaction, providing to an appraiser: (i) an anticipated, estimated, encouraged, or desired value for a subject property; or (ii) a proposed or target amount to be loaned to the borrower; (h) providing to an appraiser, or an individual related to the appraiser, stock or other financial or non-financial benefits; (i) allowing the removal of an appraiser from an appraiser panel, without prior written notice to the appraiser as required by Section 61-2e-306; (j) obtaining, using, or paying for a subsequent appraisal or ordering an automated valuation model in connection with a mortgage financing transaction unless: (i) (A) there is a reasonable basis to believe that the initial appraisal does not meet applicable appraisal standards; and (B) the reasonable basis is noted in the loan file; or (ii) the subsequent appraisal or automated valuation model is done pursuant to a pre- or post-funding appraisal review or quality control process in accordance with applicable appraisal standards; (k) removing or threatening to remove an appraiser from the appraiser panel if an appraiser requires a reasonable extension of the completion date for an appraisal assignment in order to complete a credible appraisal report; or (l) engaging in any other act or practice that impairs or attempts to impair an appraiser's independence, objectivity, or impartiality. (4) This section may not be construed to prohibit an appraisal management company from requesting that an appraiser: (a) provide additional information about the basis for a valuation; or (b) correct an objective factual error in an appraisal report.
Utah Code § 61-2f-201 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-201
§ 61-2f-201. License required -- Scope of license.
Status: in_force

(1) Unless a person is licensed under this chapter, it is unlawful for the person to do the following with respect to real estate located in this state: (a) engage in the business of a principal broker, associate broker, or sales agent; (b) act in the capacity of a principal broker, associate broker, or sales agent; (c) advertise or assume to act as a principal broker, associate broker, or a sales agent; or (d) on or after January 1, 2027, engage in property management. (2) Except as provided in Section 61-2f-202, an individual is required to be licensed as a principal broker, associate broker, or a sales agent if the individual performs, offers to perform, or attempts to perform one act for valuable consideration of: (a) buying, selling, or exchanging real estate for another person; or (b) offering for another person to buy, sell, or exchange real estate. (3) Except as provided in Section 61-2f-202.5, unless an individual is licensed as a principal broker, associate broker, sales agent, dual broker, or property manager, an individual may not, for consideration: (a) engage in property management; or (b) offer to engage in property management on behalf of another person. (4) An individual licensed as a property manager under this chapter: (a) may do the following for one or more residential rental units: (i) engage in property management; (ii) offer to engage in property management on behalf of another person; or (iii) advertise or otherwise hold the individual out to be engaged in property management; and (b) may not engage in an activity listed in Subsection (4)(a) in relation to real estate other than a residential rental unit.
Utah Code § 61-2c-509 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-509
§ 61-2c-509. Disciplinary actions.
Status: in_force

(1) This part does not limit the authority of the director or commission to take disciplinary action against a licensee for a violation of: (a) this chapter; or (b) rules made by the division under this chapter. (2) The repayment in full of all obligations to the fund by a licensee does not nullify or modify the effect of a disciplinary proceeding brought under: (a) this chapter; or (b) rules made by the division under this chapter.
Utah Code § 61-2d-103 — Utah Code / Title 61 / Chapter 61-2d / § 61-2d-103
§ 61-2d-103. Prepayment penalty.
Status: in_force

(1) The terms of a high-cost mortgage loan may contain terms under which a borrower must pay a penalty for prepayment. (a) However, a penalty for prepayment cannot be assessed more than 36 months after the loan was originally made. (b) The amount of the penalty may not exceed the total amount of interest paid at 80% of the immediately preceding six scheduled payments. (2) For purposes of this section, any method of computing a refund or unearned scheduled interest is a prepayment penalty if it is less favorable to the borrower than the actuarial method. (3) Notwithstanding Subsection (1), a high-cost mortgage may not require a prepayment penalty if: (a) the high-cost mortgage is paid with the proceeds of a new loan by the same lender or an affiliate of that lender; or (b) the penalty is prohibited under other applicable law. (4) If a prepayment does not pay the full amount owed on the high-cost mortgage when the prepayment is made, the penalty shall be reduced by a percentage equal to the percentage of the balance owed before the prepayment that remains unpaid.
Utah Code § 61-6-4 — Utah Code / Title 61 / Chapter 61-6 / § 61-6-4
§ 61-6-4. "Interested shares" defined.
Status: in_force

(1) As used in this chapter, "interested shares" means the shares of an issuing public corporation in respect of which any of the following persons may exercise or direct the exercise of the voting power of the corporation, on or after the applicable record date, in the election of directors: (a) an acquiring person or member of a group with respect to a control share acquisition; (b) any officer of the issuing public corporation; or (c) any employee of the issuing public corporation who is also a director of the corporation. (2) "Interested shares" does not mean the shares of an issuing public corporation in respect of which any of the persons described in Subsections (1)(a) through (c) may exercise or direct the exercise of the voting power of the corporation in the election of directors if the voting power is based solely on a revocable proxy given in response to a proxy solicitation made in accordance with Section 14 of the Securities Exchange Act of 1934, as amended.
Utah Code § 61-1-18 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-18
§ 61-1-18. Division of Securities established -- Director -- Investigators.
Status: in_force

(1) (a) There is established within the Department of Commerce a Division of Securities. (b) The division is under the direction and control of a director. The executive director shall appoint the director with the governor's approval. (c) Subject to Section 61-1-18.5, the division shall administer and enforce this chapter. (d) The director shall hold office at the pleasure of the governor. (2) The director, with the approval of the executive director, may employ the staff necessary to discharge the duties of the division or commission at salaries to be fixed by the director according to standards established by the Division of Human Resource Management. (3) An investigator employed pursuant to Subsection (2) who meets the training requirements of Subsection 53-13-105(3) may be designated a special function officer, as defined in Section 53-13-105, by the director, but is not eligible for retirement benefits under the Public Safety Employee's Retirement System.
Utah Code § 61-2f-308 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-308
§ 61-2f-308. Brokerage agreements.
Status: in_force

(1) As used in this section: (a) "Brokerage agreement" means a written agreement between a client and a principal broker: (i) (A) to list for sale, lease, or exchange, real estate, an option on real estate, or an improvement on real estate; or (B) for representation in the purchase, lease, or exchange of real estate, an option on real estate, or an improvement on real estate; and (ii) that gives the principal broker the expectation of receiving valuable consideration in exchange for the principal broker's services. (b) "Client" means a person who makes an exclusive brokerage agreement with a principal broker under Subsection (1)(d). (c) "Closed" means that: (i) the documents required to be executed under the contract are executed; (ii) the money required to be paid by either party under the contract is paid in the form of collected or cleared funds; (iii) the proceeds of any new loan are delivered by the lender to the seller; and (iv) the applicable documents are recorded in the office of the county recorder for the county in which the real estate is located. (d) "Exclusive brokerage agreement" means a brokerage agreement that gives the principal broker the sole right to act as the agent or representative of the client for the purchase, sale, lease, or exchange of real estate, an option on real estate, or an improvement on real estate. (2) (a) Except as provided in Subsection (2)(b), a principal broker subject to an exclusive brokerage agreement shall: (i) accept delivery of and present to the client offers and counteroffers to buy, lease, or exchange the client's real estate; (ii) assist the client in developing, communicating, and presenting offers, counteroffers, and notices; and (iii) answer any question the client has concerning: (A) an offer; (B) a counteroffer; (C) a notice; and (D) a contingency. (b) A principal broker subject to an exclusive brokerage agreement need not comply with Subsection (2)(a) after: (i) (A) an agreement for the sale, lease, or exchange of the real estate, option on real estate, or improvement on real estate is signed; (B) the contingencies related to the sale, lease, or exchange are satisfied or waived; and (C) the sale, lease, or exchange is closed; or (ii) the exclusive brokerage agreement expires or terminates. (3) (a) Subject to Subsection (4)(b), a principal broker who represents a buyer may directly contact a seller who is subject to a brokerage agreement or an exclusive brokerage agreement if: (i) the seller's principal broker gives the buyer's principal broker written authorization; or (ii) subject to Subsection (4)(c), the seller gives the buyer's principal broker written authorization. (b) If a buyer's principal broker obtains a written authorization described in Subsection (4)(a), the buyer's principal broker may contact the seller directly to: (i) discuss items related to a real estate transaction between the buyer and the seller; (ii) provide the seller with blank forms; and (iii) negotiate the terms of a real estate transaction between the buyer and the seller. (c) A buyer's principal broker may not solicit from a seller a written authorization described in Subsection (4)(a)(ii). (4) A principal broker who, in accordance with Subsection (4), engages in the conduct described in Subsection (4)(b) is not, by that conduct, representing that the principal broker is acting on behalf of both the buyer and the seller. (5) The following conduct by a principal broker who represents a seller does not create an agency relationship with a buyer unrepresented by a principal broker: (a) contacting the buyer directly to discuss items related to a real estate transaction between the seller and buyer; (b) providing the buyer with blank forms; or (c) negotiating the terms of a real estate transaction between the seller and the buyer.
Utah Code § 61-2d-107 — Utah Code / Title 61 / Chapter 61-2d / § 61-2d-107
§ 61-2d-107. Prohibition on single premium credit life insurance.
Status: in_force

A borrower credit transaction involving a high-cost mortgage may not include: (1) the offer or sale of any insurance policy, on a single premium or single fee basis, that insures, guarantees, or indemnifies the repayment of the outstanding balance of the loan against: (a) death; (b) illness; (c) accident; (d) disability; or (e) unemployment of the borrower; or (2) debt cancellation or a debt suspension agreement.
Utah Code § 61-1-16 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-16
§ 61-1-16. False statements unlawful.
Status: in_force

It is unlawful for a person to make or cause to be made, in any document filed with the division or in any proceeding, examination, or investigation conducted under this chapter, any statement that is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect.
Utah Code § 61-1-21.5 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-21.5
§ 61-1-21.5. Legal counsel -- Prosecutions.
Status: in_force

(1) The attorney general shall advise and represent the division, the commission, and the staff of the division in all civil matters, administrative or judicial, requiring legal counsel or services in: (a) the exercise or defense of the division's or commission's power; or (b) the performance of the division's or commission's duties. (2) With the concurrence of the attorney general, the staff of the division may represent the division in hearings conducted during the course of adjudicative proceedings of the commission or the division. (3) (a) In the prosecution of all criminal actions under this chapter, the attorney general, county attorney, or district attorney of the appropriate jurisdiction, shall provide all legal services for the division, the commission, and the staff of the division. (b) The division or commission may refer evidence that is available concerning a violation of this chapter for criminal prosecution to: (i) the attorney general; or (ii) the appropriate county attorney, district attorney, or United States Attorney's Office. (4) The attorney general, a county attorney, or a district attorney of the appropriate jurisdiction may institute a criminal proceeding under this chapter, with or without referral from the division.
Utah Code § 61-2g-309 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-309
§ 61-2g-309. Approval with conditions or restrictions, or denial, of licensure, certification, or registration.
Status: in_force

The division may, upon compliance with Title 63G, Chapter 4, Administrative Procedures Act, on any of the grounds described in this chapter: (1) deny the issuance of a license, certification, or registration to an applicant; or (2) approve with one or more conditions or restrictions the issuance of a license, certification, or registration to an applicant.
Utah Code § 61-2f-501 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-501
§ 61-2f-501. Title.
Status: in_force

This part is known as the "Real Estate Education, Research, and Recovery Fund Act."
Utah Code § 61-2d-102 — Utah Code / Title 61 / Chapter 61-2d / § 61-2d-102
§ 61-2d-102. Definitions.
Status: in_force

As used in this part: (1) "Accelerate" means a demand for immediate repayment of the entire balance of a residential mortgage loan. (2) "Borrower" means a person that: (a) seeks a high-cost mortgage; or (b) is obligated under a high-cost mortgage. (3) "High-cost mortgage" means a borrower credit transaction that is secured by the borrower's principal dwelling, if any of the following apply with respect to such borrower credit transaction: (a) the transaction is secured by a first mortgage on the borrower's principal dwelling and the annual percentage rate on the credit, at the consummation of the transaction, will exceed by more than eight percentage points the yield on treasury securities having comparable periods of maturity on the 15th day of the month immediately preceding the month in which the application for the extension of credit is received by the lender; (b) the transaction is secured by a junior or subordinate mortgage on the borrower's principal dwelling and the annual percentage rate on the credit, at the consummation of the transaction, will exceed 10 percentage points the yield on treasury securities having comparable periods of maturity on the 15th day of the month immediately preceding the month in which the application for the extension of credit is received by the lender; or (c) (i) the total points and fees payable at or before the transaction will exceed the greater of 8% of the total loan amount or $400; (ii) (A) the $400 figure shall be adjusted annually on January 1 to match the adjusted number adopted by the Board of Governors of the Federal Reserve in accordance with Section 226.32(a)(1)(ii) of the Code of Federal Regulations; or (B) if the Board of Governors of the Federal Reserve System does not announce an adjusted figure, the last adjustment of the $400 figure shall be adjusted annually on January 1 by the annual percentage change in the Consumer Price Index that was reported on the preceding June 1; and (d) the loan is made by or originated through a person or business required to hold a license as provided in Title 61, Chapter 2c, Utah Residential Mortgage Practices and Licensing Act. (4) "Lender" means a person that: (a) offers a high-cost mortgage; or (b) extends a high-cost mortgage; and (c) is required to have a license as provided in Title 61, Chapter 2c, Utah Residential Mortgage Practices and Licensing Act. (5) "Prepay" or "prepayment" means to make a payment to a lender that: (a) is more than the amount of the next scheduled payment due; (b) pays more than half of the principal balance of the high-cost mortgage; and (c) is paid more than 24 months before the last scheduled payment according to the terms of the high-cost mortgage when it is made. (6) "Residential mortgage transaction" means a transaction in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained in the borrower's principal dwelling to finance the acquisition or initial construction of that dwelling. (7) "Reverse mortgage transaction" means a nonrecourse borrower credit obligation in which: (a) a mortgage, deed of trust, or equivalent consensual security interest securing one or more advances is created in the borrower's principal dwelling; and (b) any principal, interest, or shared appreciation or equity is due and payable, other than in the case of default, only after: (i) the borrower dies; (ii) the dwelling is transferred; or (iii) the borrower ceases to occupy the dwelling as a principal dwelling.
Utah Code § 61-2g-306 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-306
§ 61-2g-306. Renewal of license, certification, or registration.
Status: in_force

(1) To renew a license, certification, or registration, before the license, certification, or registration expires, the holder of the license, certification, or registration shall submit to the division in compliance with procedures set through the concurrence of the division and the board: (a) an application for renewal; (b) a fee established by the division and the board, in accordance with Section 63J-1-504; and (c) evidence in the form prescribed by the division of having completed the continuing education requirements for renewal specified in this chapter. (2) (a) A license, certification, or registration expires if it is not renewed on or before its expiration date. (b) For a period of 30 days after the expiration date, a license, certification, or registration may be reinstated upon: (i) payment of a renewal fee and a late fee determined through the concurrence of the division and the board; and (ii) satisfying the continuing education requirements specified in Section 61-2g-307. (c) After the 30-day period described in Subsection (2)(b), and until six months after the expiration date, a license, certification, or registration may be reinstated by: (i) paying a renewal fee and a reinstatement fee determined through the concurrence of the division and the board; and (ii) satisfying the continuing education requirements specified in Section 61-2g-307. (d) After the six-month period described in Subsection (2)(c), and until one year after the expiration date, a license, certification, or registration may be reinstated by: (i) paying a renewal fee and a reinstatement fee determined through the concurrence of the division and the board in accordance with Section 63J-1-504; (ii) providing proof acceptable to the division, with the concurrence of the board, of the person having satisfied the continuing education requirements of Section 61-2g-307; and (iii) providing proof acceptable to the division, with the concurrence of the board, of the person completing 24 hours of continuing education: (A) in addition to the requirements in Section 61-2g-307; and (B) on a subject determined by the division by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. (e) The division shall relicense, recertify, or reregister a person who does not renew that person's license, certification, or registration within one year after the expiration date as prescribed for an original application. (f) Notwithstanding Subsection (2)(a), the division may extend the term of a license, certification, or registration that would expire under Subsection (2)(a) except for the extension if: (i) (A) the person complies with the requirements of this section to renew the license, certification, or registration; and (B) the application for renewal remains pending at the time of the extension; or (ii) at the time of the extension, there is pending under this chapter a disciplinary action. (3) A person who is licensed, certified, or registered under this chapter shall notify the division of the following by sending the division a signed statement within 10 business days after the day on which: (a) the person's professional license, certification, or registration is suspended, revoked, surrendered, canceled, or denied, regardless of whether the license, certification, or registration is issued by this state or another jurisdiction; or (b) a cease and desist order or a temporary or permanent injunction is entered: (i) against the person by a court or administrative agency; and (ii) on the basis of: (A) conduct or a practice involving an act regulated by this chapter; or (B) conduct involving fraud, misrepresentation, or deceit. (4) The board, with the concurrence of the division, shall enforce the reporting requirement of Subsection (3) pursuant to Section 61-2g-502.
Utah Code § 61-1-105 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-105
§ 61-1-105. Remedies for employee bringing action.
Status: in_force

(1) As used in this section, "actual damages" means damages for injury or loss caused by a violation of Section 61-1-104. (2) (a) An employee who alleges a violation of Section 61-1-104 may bring an action for injunctive relief, actual damages, or both, in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration. (b) An employee may not bring an action under this section more than: (i) four years after the day on which the violation of Section 61-1-104 occurs; or (ii) two years after the date when facts material to the right of action are known or reasonably should be known by the employee alleging a violation of Section 61-1-104. (3) To prevail in an action brought under this section, an employee shall establish, by a preponderance of the evidence, that the employee has suffered an adverse action because the employee, or a person acting on the employee's behalf, engaged or intended to engage in an activity protected under Section 61-1-104. (4) A court may award as relief for an employee prevailing in an action brought under this section: (a) reinstatement with the same fringe benefits and seniority status that the individual would have had, but for the adverse action; (b) two times the amount of back pay otherwise owed to the individual, with interest; (c) compensation for litigation costs, expert witness fees, and reasonable attorney fees; (d) actual damages; or (e) any combination of the remedies listed in this Subsection (4). (5) (a) An employer may file a counter claim against an employee who files a civil action under this section seeking attorney fees and costs incurred by the employer related to the action filed by the employee and the counter claim. (b) The court may award an employer who files a counter claim under this Subsection (5) attorney fees and costs if the court finds that: (i) there is no reasonable basis for the civil action filed by the employee; or (ii) the employee is not protected under Section 61-1-104 because: (A) the employee engaged in an act described in Subsections 61-1-104(2)(a) through (c); or (B) Subsection 61-1-104(2)(d) applies.
Utah Code § 61-2g-505 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-505
§ 61-2g-505. Penalty for violating this chapter -- Automatic revocation.
Status: in_force

(1) In addition to being subject to a disciplinary action, a person required to be licensed, certified, or registered under this chapter who violates this chapter: (a) is guilty of a class A misdemeanor, upon a conviction of a first violation of this chapter; and (b) is guilty of a third degree felony, upon conviction of a second or subsequent violation of this chapter. (2) A license, certification, or registration issued by the division to a person convicted of a violation of Section 76-6-1203 is automatically revoked.
Utah Code § 61-2g-311 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-311
§ 61-2g-311. State-licensed appraiser -- Authority and qualifications.
Status: in_force

(1) A state-licensed appraiser is authorized to appraise complex and noncomplex 1-4 family residential units in this state having a transaction value permitted under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and related federal regulations. (2) A state-licensed appraiser is authorized to appraise vacant or unimproved land having a transaction value permitted under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and related federal regulations that is utilized for 1-4 family purposes or for which the highest and best use is 1-4 family purposes and subdivisions for which a development analysis/appraisal is not necessary. (3) A state-licensed appraiser may not issue a certified appraisal report. (4) To qualify as a state-licensed appraiser, an applicant must: (a) be of good moral character; (b) demonstrate honesty, competency, integrity, truthfulness, and general fitness to command the confidence of the community; (c) pass the licensing examination with a satisfactory score as determined by the Appraisal Qualification Board; (d) successfully complete the educational requirements established by rule in accordance with Subsection (5); and (e) possess the experience in real property appraisal established by rule in accordance with Subsection (5). (5) (a) The division shall, with the concurrence of the board, make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, that establish: (i) the educational requirements described in Subsection (4)(d); and (ii) the experience in real property appraisal described in Subsection (4)(e). (b) The educational and experience requirements established under Subsection (5)(a) shall meet or exceed the educational requirements and the hourly experience requirements adopted by the Appraisal Qualification Board. (c) The division may not require that an applicant complete the educational or experience requirements established under Subsection (5)(a) within a minimum time period. (d) Subsection (5)(c) does not apply if federal law requires a minimum time period for appraiser education or experience.
Utah Code § 61-2f-508 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-508
§ 61-2f-508. Court determination and order.
Status: in_force

If a court determines that the fund should pay a claim under this part, in its order the court shall direct the division to pay from the fund that portion of the final judgment that is payable from the fund in accordance with Section 61-2f-506.
Utah Code § 61-2c-504 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-504
§ 61-2c-504. Authority to act on receipt of petition.
Status: in_force

(1) Upon receipt of a petition meeting the requirements of Section 61-2c-503, the division may answer, initiate review proceedings, or appear in a proceeding: (a) in the name of the defendant to the action; or (b) on behalf of the fund. (2) The division may settle a claim subject to: (a) the application of a petitioner; and (b) court approval.
Utah Code § 61-2f-503 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-503
§ 61-2f-503. Real Estate Education, Research, and Recovery Fund.
Status: in_force

(1) (a) There is created an expendable special revenue fund known as the "Real Estate Education, Research, and Recovery Fund." (b) The actual interest earned on the fund shall be deposited into the fund. (2) The money in the fund includes: (a) a fee imposed under Section 61-2f-505; and (b) interest described in Subsection (1)(b). (3) The division shall administer the fund to: (a) reimburse the public for damages caused in a real estate transaction by an individual licensed under this chapter; and (b) in accordance with Section 61-2f-504: (i) investigate violations of this chapter related to fraud, misrepresentation, or deceit; or (ii) provide revenue for improving the real estate profession through education and research with the goal of making licensees more responsible to the public. (4) This part applies to damages caused by an individual licensee. Reimbursement may not be made for a final judgment against an entity. (5) At the beginning of each fiscal year, the division shall make available $100,000 in the fund to satisfy final judgments rendered against a person licensed under this chapter.
Utah Code § 61-6-11 — Utah Code / Title 61 / Chapter 61-6 / § 61-6-11
§ 61-6-11. Shares subject to redemption.
Status: in_force

(1) If authorized in a corporation's articles of incorporation or bylaws before a control share acquisition has occurred, an issuing public corporation may redeem, at fair market value, control shares acquired in a control share acquisition with respect to which no acquiring person statement has been filed with the issuing public corporation. Any such redemption shall be consummated according to the procedures adopted by the corporation and shall take place at any time within 60 days after the last acquisition of control shares by the acquiring person. (2) Control shares acquired in a control share acquisition are not subject to redemption after an acquiring person statement has been filed, unless the shares are not accorded full voting rights by the shareholders as provided in Section 61-6-10.
Utah Code § 61-2c-209 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-209
§ 61-2c-209. Sponsorship -- Affiliation.
Status: in_force

(1) (a) The division may not license an individual, and an individual licensed under this chapter may not conduct the business of residential mortgage loans unless: (i) if licensed as a mortgage loan originator, the individual: (A) is sponsored by an entity licensed under this chapter; and (B) is affiliated with the sponsoring entity's principal lending manager; or (ii) if licensed as a lending manager, the individual is sponsored by an entity licensed under this chapter. (b) The division may not license an entity and an entity licensed under this chapter may not conduct the business of residential mortgage loans unless the entity: (i) conducts the entity's business of residential mortgage loans from a location within the United States; (ii) sponsors a principal lending manager; (iii) identifies at least one control person for the entity; and (iv) provides a list of the mortgage loan originators sponsored by the entity. (2) (a) A mortgage loan originator's license automatically becomes inactive the day on which: (i) the mortgage loan originator is not sponsored by an entity licensed under this chapter; (ii) the license of the entity with which the mortgage loan originator is sponsored becomes inactive or terminates; (iii) the mortgage loan originator is not affiliated with a principal lending manager; or (iv) the license of the principal lending manager with whom the mortgage loan originator is affiliated becomes inactive or terminates. (b) A lending manager's license automatically becomes inactive the day on which: (i) the lending manager is not sponsored by an entity licensed under this chapter; or (ii) the license of the entity with which the lending manager is sponsored becomes inactive or terminates. (c) An entity licensed under this chapter automatically becomes inactive the day on which the entity's sponsorship with the entity's principal lending manager terminates. (3) (a) A person whose license is inactive may not transact the business of residential mortgage loans. (b) To activate an inactive mortgage loan originator license, an individual shall: (i) provide evidence that the individual: (A) is sponsored by an entity that holds an active license under this chapter; and (B) is affiliated with a principal lending manager who holds an active license under this chapter; and (ii) pay a fee to the division set in accordance with Section 63J-1-504. (c) To activate an inactive lending manager license, an individual shall: (i) provide evidence that the individual is sponsored by an entity that holds an active license under this chapter; and (ii) pay a fee to the division set in accordance with Section 63J-1-504. (d) To activate an inactive license held by an entity, an entity shall: (i) provide evidence of the entity's sponsorship of a principal lending manager; and (ii) pay a fee to the division set in accordance with Section 63J-1-504. (4) (a) A mortgage loan originator shall conduct the business of residential mortgage loans only: (i) through the entity by which the individual is sponsored; and (ii) in the business name under which the sponsoring entity's principal lending manager is authorized by the division to do business. (b) An individual licensed under this chapter may not: (i) engage in the business of residential mortgage loans on behalf of more than one entity at the same time; (ii) be sponsored by more than one entity at the same time; (iii) transact the business of residential mortgage loans for the following at the same time: (A) an entity licensed under this chapter; and (B) an entity that is exempt from licensure under Section 61-2c-105; or (iv) if the individual is a mortgage loan originator, receive consideration for transacting the business of residential mortgage loans from any person except the principal lending manager of the mortgage loan originator's sponsoring entity. (c) This Subsection (4) does not restrict the number of: (i) different lenders a person may use as a funding source for a residential mortgage loan; or (ii) entities in which an individual may have an ownership interest, regardless of whether the entities are: (A) licensed under this chapter; or (B) exempt under Section 61-2c-105. (5) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the division may make rules that: (a) define what constitutes: (i) affiliation; (ii) sponsorship; or (iii) conducting the business of residential mortgage loans from a location within the United States; and (b) provide procedures by which: (i) an individual who is licensed under this chapter may provide evidence of sponsorship by an entity that is licensed under this chapter; (ii) a mortgage loan originator may provide evidence of affiliation with a principal lending manager; and (iii) an entity licensed under this chapter may: (A) provide evidence of its sponsorship of a principal lending manager; (B) identify at least one control person for the entity; and (C) provide a list of the one or more mortgage loan originators that the entity sponsors.
Utah Code § 61-2-201 — Utah Code / Title 61 / Chapter 61-2 / § 61-2-201
§ 61-2-201. Division of Real Estate created -- Director appointed -- Personnel.
Status: in_force

(1) There is created within the department a Division of Real Estate. The division is responsible for the administration and enforcement of: (a) this chapter; (b) Title 57, Chapter 11, Utah Uniform Land Sales Practices Act; (c) Title 57, Chapter 19, Timeshare and Camp Resort Act; (d) Title 57, Chapter 23, Real Estate Cooperative Marketing Act; (e) Title 57, Chapter 29, Undivided Fractionalized Long-term Estate Sales Practices Act; (f) Chapter 2c, Utah Residential Mortgage Practices and Licensing Act; (g) Chapter 2e, Appraisal Management Company Registration and Regulation Act; (h) Chapter 2f, Real Estate Licensing and Practices Act; and (i) Chapter 2g, Real Estate Appraiser Licensing and Certification Act. (2) The division is under the direction and control of a director appointed by the executive director of the department with the approval of the governor. The director holds the office of director at the pleasure of the governor. (3) The director, with the approval of the executive director, may employ personnel necessary to discharge the duties of the division at salaries to be fixed by the director according to standards established by the Division of Human Resource Management.
Utah Code § 61-1-27 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-27
§ 61-1-27. Construction of chapter.
Status: in_force

This chapter may be so construed as to effectuate its general purpose to make uniform the law of those states which enact it and to coordinate the interpretation and administration of this chapter with the related federal regulation.
Utah Code § 61-2g-404 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-404
§ 61-2g-404. Registration, licensure, or certification prerequisite to suit for compensation.
Status: in_force

A person engaged in the business of real estate appraising in this state or acting in the capacity of a real estate appraiser in this state may not bring or maintain an action as a plaintiff in a court of this state to collect compensation for the performance of real estate appraisal services for which registration, licensure, or certification is required by this chapter without alleging and proving that the person was the holder of a valid registration, license, or certification in this state at all times during the performance of the real estate appraisal services.
Utah Code § 61-2f-504 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-504
§ 61-2f-504. Use of money.
Status: in_force

(1) Money accumulated in the fund in excess of $100,000 shall be set aside and segregated to be used by the division to: (a) investigate violations of this chapter related to fraud, misrepresentation, or deceit; and (b) advance education and research in the field of real estate. (2) The division may use the money described in Subsection (1) only in a manner consistent with Subsection (1), including for a course: (a) sponsored by the division; (b) offered by the division in conjunction with any university or college in the state; or (c) provided for by contracting for a particular research project in the field of real estate for the state.
Utah Code § 61-6-1 — Utah Code / Title 61 / Chapter 61-6 / § 61-6-1
§ 61-6-1. Short title.
Status: in_force

This chapter is known as the "Control Shares Acquisitions Act."
Utah Code § 61-2c-404 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-404
§ 61-2c-404. Civil actions.
Status: in_force

(1) (a) A person who violates this chapter is liable for an additional penalty, as determined by the court, of at least the amount the person received in consequence of a violation of this chapter as: (i) commission; (ii) compensation; or (iii) profit. (b) A person aggrieved by a violation of this chapter may: (i) bring an action for a penalty described in Subsection (1)(a); and (ii) use a penalty obtained under Subsection (1)(a) for the person's own use and benefit. (2) A person who is not licensed under this chapter at the time of an act or service that requires a license under this chapter may not bring an action in court for the recovery of a commission, fee, or compensation for that act or service. (3) (a) A mortgage loan originator may not bring an action in the mortgage loan originator's own name for the recovery of a fee, commission, or compensation for transacting the business of residential mortgage loans unless the action is brought against the entity by which the mortgage loan originator is sponsored at the time of the act or service that is the subject of the action. (b) An action by an entity for the recovery of a fee, commission, or other compensation shall be brought by: (i) an entity; or (ii) the principal lending manager of an entity on behalf of the entity. (4) A principal lending manager who transacts the business of residential mortgage loans on the principal lending manager's own behalf may sue in the principal lending manager's own name for the recovery of a fee, commission, or compensation for transacting the business of residential mortgage loans.
Utah Code § 61-1-22 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-22
§ 61-1-22. Sales and purchases in violation -- Remedies -- Limitation of actions.
Status: in_force

(1) (a) This Subsection (1) applies to a person who: (i) offers or sells a security in violation of: (A) Subsection 61-1-3(1); (B) Section 61-1-7; (C) Subsection 61-1-17(2); (D) a rule or order under Section 61-1-15, which requires the affirmative approval of sales literature before it is used; or (E) a condition imposed under Subsection 61-1-10(4) or 61-1-11(7); or (ii) offers, sells, or purchases a security in violation of Subsection 61-1-1(2). (b) A person described in Subsection (1)(a) is liable to a person selling the security to or buying the security from the person described in Subsection (1)(a). The person to whom the person described in Subsection (1)(a) is liable may sue either at law or in equity to recover the consideration paid for the security, together with interest at 12% per year from the date of payment, costs, and reasonable attorney fees, less the amount of income received on the security, upon the tender of the security or for damages if the person no longer owns the security. (c) Damages are an amount calculated as follows: (i) subtract from the amount that would be recoverable upon a tender under Subsection (1)(b), excluding interest, the value of the security when the buyer disposed of the security; and (ii) add to the amount calculated under Subsection (1)(c)(i) interest at: (A) 12% per year: (I) beginning the day on which the security is purchased by the buyer; and (II) ending on the date of disposition; and (B) after the period described in Subsection (1)(c)(ii)(A), 12% per year on the amount lost at disposition. (2) The court in a suit brought under Subsection (1) may award an amount equal to three times the consideration paid for the security, together with interest, costs, and attorney fees, less any amounts, all as specified in Subsection (1) upon a showing that: (a) the violation was reckless or intentional; or (b) the violation was of Subsection 61-1-1(2), was negligent, and it is demonstrated by clear and convincing evidence that the violation involved an investment by a person over whom the violator exercised undue influence. (3) A person who offers or sells a security in violation of Subsection 61-1-1(2) is not liable under Subsection (1)(a) if the purchaser knew of the untruth or omission, or the seller did not know and in the exercise of reasonable care could not have known of the untrue statement or misleading omission. (4) (a) Every person who directly or indirectly controls a seller or buyer liable under Subsection (1), every partner, officer, or director of such a seller or buyer, every person occupying a similar status or performing similar functions, every employee of such a seller or buyer who materially aids in the sale or purchase, and every broker-dealer or agent who materially aids in the sale or purchase are also liable jointly and severally with and to the same extent as the seller or purchaser, unless the nonseller or nonpurchaser who is so liable sustains the burden of proof that the nonseller or nonpurchaser did not know, and in exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist. (b) There is contribution as in cases of contract among the several persons so liable. (5) A tender specified in this section may be made at any time before entry of judgment. (6) A cause of action under this section survives the death of a person who might have been a plaintiff or defendant. (7) (a) An action may not be maintained to enforce liability under this section unless brought before the earlier of: (i) the expiration of five years after the act or transaction constituting the violation; or (ii) the expiration of two years after the discovery by the plaintiff of the facts constituting the violation. (b) A person may not sue under this section if: (i) the buyer or seller received a written offer, before suit and at a time when the buyer or seller owned the security, to refund the consideration paid together with interest at 12% per year from the date of payment, less the amount of any income received on the security, and the buyer or seller failed to accept the offer within 30 days of its receipt; or (ii) the buyer or seller received such an offer before suit and at a time when the buyer or seller did not own the security, unless the buyer or seller rejected the offer in writing within 30 days of its receipt. (8) A person who has made or engaged in the performance of any contract in violation of this chapter or any rule or order issued under this chapter, or who has acquired a purported right under any such contract with knowledge of the facts by reason of which its making or performance was in violation, may not base a suit on the contract. (9) A condition, stipulation, or provision binding a person acquiring a security to waive compliance with this chapter or a rule or order issued under this chapter is void. (10) (a) The rights and remedies provided by this chapter are in addition to any other rights or remedies that may exist at law or in equity. (b) This chapter does not create a cause of action not specified in this section or Subsection 61-1-4(6).
Utah Code § 61-1-20 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-20
§ 61-1-20. Enforcement.
Status: in_force

(1) Whenever it appears to the director that a person has engaged, is engaging, or is about to engage in an act or practice constituting a violation of this chapter or a rule or order under this chapter, in addition to specific powers granted in this chapter: (a) the director may issue an order directing the person to appear before the commission and show cause why an order should not be issued directing the person to cease and desist from engaging in the act or practice, or doing an act in furtherance of the activity; (b) the order to show cause shall state the reasons for the order and the date of the hearing; (c) the director shall promptly serve a copy of the order to show cause upon a person named in the order; (d) the commission shall hold a hearing on the order to show cause no sooner than 10 business days after the order is issued; (e) after a hearing, the commission may: (i) issue an order to cease and desist from engaging in an act or practice constituting a violation of this chapter or a rule or order under this chapter; (ii) impose a fine in an amount determined after considering the factors set forth in Section 61-1-31; (iii) order disgorgement; (iv) order restitution; (v) order rescission; (vi) bar or suspend that person from associating with a licensed broker-dealer or investment adviser in this state; and (vii) impose a combination of sanctions in this Subsection (1)(e). (2) (a) The director may bring an action in the appropriate court of this state or the appropriate court of another state to enjoin an act or practice and to enforce compliance with this chapter or a rule or order under this chapter. (b) Upon a proper showing in an action brought under this section, the court may: (i) issue a permanent or temporary, prohibitory or mandatory injunction; (ii) issue a restraining order or writ of mandamus; (iii) enter a declaratory judgment; (iv) appoint a receiver or conservator for the defendant or the defendant's assets; (v) order disgorgement; (vi) order rescission; (vii) order restitution; (viii) impose a fine in an amount determined after considering the factors set forth in Section 61-1-31; and (ix) enter any other relief the court considers just. (c) The court may not require the division to post a bond in an action brought under this Subsection (2). (3) An order issued under Subsection (1) shall be accompanied by written findings of fact and conclusions of law. (4) When determining the severity of a sanction to be imposed under this section, the commission or court shall consider whether: (a) the person against whom the sanction is to be imposed exercised undue influence; or (b) the person against whom the sanction is imposed under this section knows or should know that an investor in the investment that is the grounds for the sanction is a vulnerable adult.
Utah Code § 61-1-23 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-23
§ 61-1-23. Review of orders.
Status: in_force

A person aggrieved by a final order under this chapter determining all of the issues of an adjudicative proceeding may obtain review of the order by the executive director in accordance with Title 63G, Chapter 4, Administrative Procedures Act.
Utah Code § 61-2f-507 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-507
§ 61-2f-507. Division authority to act upon receipt of petition.
Status: in_force

(1) When the division is served a petition under Section 61-2f-506, the division may: (a) file an answer to the petition in the court; (b) initiate a review proceeding conducted by the division; or (c) appear in any proceeding in the name of the defendant to the action or on behalf of the fund. (2) The division may settle a claim against the fund if: (a) the person who brings the claim requests a settlement; and (b) the court in which the petition is filed approves the settlement.
Utah Code § 61-2g-405 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-405
§ 61-2g-405. Recordkeeping requirements.
Status: in_force

(1) Subject to Subsection (2), a person licensed or certified under this chapter shall retain for a period of five years the original or a true copy of: (a) each written contract engaging the person's services for real estate or real property appraisal work; (b) each appraisal report prepared or signed by the person; and (c) the supporting data assembled and formulated by the appraiser in preparing each appraisal report. (2) The five-year period for retention of records is applicable to each engagement of the services of the appraiser and begins upon the date of the delivery of each appraisal report to the client unless, within the five-year period, the appraiser is notified that the appraisal or the appraisal report is involved in litigation, in which event the records must be maintained for the longer of: (a) five years; or (b) two years following the date of the final disposition of the litigation. (3) Upon reasonable notice, a person licensed or certified under this chapter shall make the records required to be maintained under this chapter available to the division for inspection and copying.
Utah Code § 61-2f-103 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-103
§ 61-2f-103. Real Estate Commission.
Status: in_force

(1) There is created within the division a Real Estate Commission. (2) The commission shall: (a) subject to concurrence by the division and in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, make rules for the administration of this chapter that are consistent with this chapter, including: (i) licensing of: (A) a principal broker; (B) an associate broker; (C) a sales agent; (D) a dual broker; and (E) on or after January 1, 2027, a property manager; (ii) registration of: (A) an entity; (B) a D.B.A. under which a person conducts business; (C) a branch office; and (D) a property management company; (iii) prelicensing and postlicensing education curricula; (iv) examination procedures; (v) the certification and conduct of: (A) a real estate school; (B) a course provider; or (C) an instructor; (vi) proper handling of money that a licensee receives under this chapter; (vii) brokerage office procedures and recordkeeping requirements; (viii) property management; (ix) standards of conduct for a licensee under this chapter; (x) if the commission, with the concurrence of the division, determines necessary, a rule as provided in Subsection 61-2f-306(3) regarding a legal form; (xi) the qualification and designation of an acting principal broker in the event a principal broker dies, is incapacitated, or is unable to perform the duties of a principal broker, as described in Section 61-2f-202; and (xii) giving or paying an inducement gift or a closing gift to a buyer or seller in a real property transaction; (b) establish, with the concurrence of the division, a fee provided for in this chapter, except a fee imposed under Part 5, Real Estate Education, Research, and Recovery Fund Act; (c) conduct an administrative hearing not delegated by the commission to an administrative law judge or the division relating to the: (i) licensing of an applicant; (ii) conduct of a licensee; (iii) the certification or conduct of a real estate school, course provider, or instructor regulated under this chapter; or (iv) violation of this chapter by any person; (d) with the concurrence of the director, impose a sanction as provided in Section 61-2f-404; (e) advise the director on the administration and enforcement of a matter affecting the division and the real estate sales and property management industries; (f) advise the director on matters affecting the division budget; (g) advise and assist the director in conducting real estate seminars; and (h) perform other duties as provided by this chapter. (3) (a) Except as provided in Subsection (3)(b), a state entity may not, without the concurrence of the commission, make a rule that changes the rights, duties, or obligations of buyers, sellers, or persons licensed under this chapter in relation to a real estate transaction between private parties. (b) Subsection (3)(a) does not apply to a rule made: (i) under Title 31A, Insurance Code, or Title 7, Financial Institutions Act; or (ii) by the Department of Commerce or any division or other rulemaking body within the Department of Commerce. (4) (a) The commission consists of five members that the governor appoints and the Senate approves in accordance with Title 63G, Chapter 24, Part 2, Vacancies. (b) Four of the commission members shall: (i) have at least five years' experience in the real estate business; and (ii) hold an active principal broker, associate broker, or sales agent license. (c) One commission member shall be a member of the general public. (d) The governor may not appoint a commission member described in Subsection (4)(b) who, at the time of appointment, resides in the same county in the state as another commission member. (e) At least one commission member described in Subsection (4)(b) shall at the time of an appointment reside in a county that is not a county of the first or second class. (5) (a) Except as required by Subsection (5)(b), as terms of current commission members expire, the governor shall appoint each new member or reappointed member to a four-year term ending June 30. (b) The governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of commission members are staggered so that approximately half of the commission is appointed every two years. (c) Upon the expiration of the term of a member of the commission, the member of the commission shall continue to hold office until a successor is appointed and qualified. (d) A commission member may not serve more than two consecutive terms. (e) Members of the commission shall annually select one member to serve as chair. (6) When a vacancy occurs in the membership for any reason, the governor, with the advice and consent of the Senate, shall appoint a replacement for the unexpired term. (7) A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with: (a) Section 63A-3-106; (b) Section 63A-3-107; and (c) rules the Division of Finance makes in accordance with Sections 63A-3-106 and 63A-3-107. (8) (a) The commission shall meet at least monthly. (b) The director may call additional meetings: (i) at the director's discretion; (ii) upon the request of the chair; or (iii) upon the written request of three or more commission members. (9) Three members of the commission constitute a quorum for the transaction of business. (10) A member of the commission shall comply with the conflict of interest provisions described in Title 63G, Chapter 24, Part 3, Conflicts of Interest.
Utah Code § 61-2e-102 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-102
§ 61-2e-102. Definitions.
Status: in_force

As used in this chapter: (1) "Applicable appraisal standards" means: (a) the Uniform Standards for Professional Appraisal Practice: (i) published by the Appraisal Foundation; and (ii) as adopted under Section 61-2g-403; (b) Chapter 2g, Real Estate Appraiser Licensing and Certification Act; and (c) rules made by the board under Chapter 2g, Real Estate Appraiser Licensing and Certification Act. (2) "Appraisal" means the same as that term is defined in Section 61-2g-102. (3) "Appraisal foundation" means the same as that term is defined in Section 61-2g-102. (4) "Appraisal management company" or "AMC" means a third party authorized by one of the following persons to broker an appraisal of a dwelling that is collateral for a residential mortgage loan: (a) a creditor; or (b) an underwriter of, or other principal in, a secondary mortgage market. (5) "Appraisal management service" means: (a) recruiting, selecting, or retaining an appraiser; (b) contracting with an appraiser to perform a real estate appraisal activity for a client; (c) managing the appraisal process, including one or more of the following administrative services: (i) receiving an appraisal order or an appraisal report; (ii) submitting a completed appraisal report to a client; (iii) collecting a fee from a client for a service provided; or (iv) paying an appraiser for a real estate appraisal activity; or (d) reviewing or verifying the work of an appraiser. (6) "Appraisal report" means the same as that term is defined in Section 61-2g-102. (7) "Appraisal Subcommittee" means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. (8) "Appraiser" means an individual who engages in a real estate appraisal activity. (9) (a) "Appraiser panel" means a network, list, or roster of appraisers who are: (i) licensed or certified in a state, territory, or the District of Columbia; and (ii) approved by an appraisal management company to perform appraisals as independent contractors for the appraisal management company. (b) "Appraiser panel" includes an appraiser whom the appraisal management company has: (i) accepted for consideration for a future appraisal assignment: (A) in a residential mortgage loan transaction; or (B) for a secondary mortgage market participant in connection with a residential mortgage loan transaction; or (ii) engaged to perform an appraisal: (A) in a residential mortgage loan transaction; or (B) for a secondary mortgage market participant in connection with a residential mortgage loan transaction. (10) "Board" means the Real Estate Appraiser Licensing and Certification Board that is created in Section 61-2g-204. (11) "Client" means a person that enters into an agreement with an appraisal management company for the performance of a real estate appraisal activity. (12) "Concurrence" means that the entities that are given a concurring role must jointly agree before an action may be taken. (13) "Controlling person" means: (a) an owner, officer, or director of an entity seeking to offer appraisal management services; (b) an individual employed, appointed, or authorized by an appraisal management company who has the authority to: (i) enter into a contractual relationship with a client for the performance of an appraisal management service; and (ii) enter into an agreement with an appraiser for the performance of a real estate appraisal activity; or (c) a person who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company. (14) "Creditor" means: (a) a person who regularly extends credit that, under a written agreement, is subject to a finance charge or is payable in more than four installments, not including any down payment; and (b) a person to whom the obligation described in Subsection (14)(a) is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract. (15) "Director" means the director of the division. (16) "Division" means the Division of Real Estate, created in Section 61-2-201, of the Department of Commerce. (17) "Dwelling" means a residential structure that contains up to four units, regardless of whether the structure is attached to real property, including: (a) an individual condominium unit; (b) a cooperative unit; (c) a mobile home; or (d) a trailer, if the trailer is used as a residence. (18) "Entity" means: (a) a corporation; (b) a partnership; (c) a sole proprietorship; (d) a limited liability company; (e) another business entity; or (f) a subsidiary or unit of an entity described in Subsections (18)(a) through (e). (19) "Federally regulated appraisal management company" means an appraisal management company that is: (a) owned and controlled by an insured depository institution, as defined in 12 U.S.C. Sec. 1813; and (b) regulated by: (i) the Office of the Comptroller of the Currency; (ii) the Board of Governors of the Federal Reserve System; or (iii) the Federal Deposit Insurance Corporation. (20) "Independent contractor" means an appraiser whom an appraisal management company treats as an independent contractor for purposes of federal income taxation. (21) "Person" means an individual or an entity. (22) "Person who regularly extends credit" means a person who: (a) extends credit, other than credit subject to the requirements of 12 C.F.R. Sec. 1026.32, to a person who has been extended credit for transactions secured by a dwelling more than five times in: (i) the preceding calendar year; or (ii) the current calendar year; (b) originates two or more credit extensions that are subject to the requirements of 12 C.F.R. Sec. 1026.32; or (c) originates through a mortgage broker a credit extension that is subject to the requirements of 12 C.F.R. Sec. 1026.32. (23) "Real estate appraisal activity" means the same as that term is defined in Section 61-2g-102. (24) "Residential mortgage loan" means the same as that term is defined in Section 61-2c-102. (25) (a) "Secondary mortgage market participant" means: (i) a guarantor or insurer of a mortgage-backed security; or (ii) an underwriter or insurer of a mortgage-backed security. (b) "Secondary mortgage market participant" includes an individual investor in a mortgage-backed security, if the investor is also the guarantor, insurer, underwriter, or issuer of the mortgage-backed security. (26) "Territory" means any of the following United States territories: (a) Guam; (b) Northern Mariana Islands; (c) Puerto Rico; or (d) United States Virgin Islands.
Utah Code § 61-2g-304 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-304
§ 61-2g-304. Application for licensure, certification, or registration.
Status: in_force

(1) An application for the following shall be sent to the division on a form approved by the division: (a) original certification, licensure, or registration; and (b) renewal of certification, licensure, or registration. (2) The payment of the appropriate fee, as established by the division, with the concurrence of the board, in accordance with Section 63J-1-504, must accompany an application for: (a) original certification, licensure, or registration; and (b) renewal of certification, licensure, or registration. (3) At the time of filing an application described in Subsection (1), an applicant shall: (a) sign a pledge to comply with the Uniform Standards of Professional Appraisal Practice and the ethical rules to be observed by an appraiser that are established under Section 61-2g-403 for: (i) a certified or licensed appraiser; or (ii) a trainee; and (b) certify that the applicant understands the types of misconduct, as set forth in this chapter, for which a disciplinary proceeding may be initiated against a person certified, licensed, or registered under this chapter.
Utah Code § 61-2f-304 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-304
§ 61-2f-304. Termination of associate broker or sales agent by principal broker -- Notice.
Status: in_force

(1) If a principal broker terminates an associate broker or sales agent, the principal broker shall notify the division and the associate broker or sales agent of the termination in a manner prescribed by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, by the commission with the concurrence of the division. (2) An associate broker or sales agent may not perform any act under this chapter, directly or indirectly, from and after the effective date of the termination notice until the day on which the associate broker or sales agent is affiliated with a principal broker.
Utah Code § 61-2c-507 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-507
§ 61-2c-507. Division subrogated -- Authority to suspend license.
Status: in_force

(1) If the division pays a person from the fund in accordance with this part: (a) the division is subrogated to the rights of that person for the amounts paid out of the fund; and (b) any amount and interest recovered by the division shall be deposited in the fund. (2) (a) Subject to Subsection (2)(b), the license of a licensee for whom payment from the fund is made under this part is automatically suspended as of the earlier of the day on which: (i) the division is ordered by a court to pay from the fund; or (ii) the division pays from the fund. (b) (i) A person whose license is suspended under Subsection (2)(a) may appeal the suspension in a de novo hearing conducted by the commission: (A) after the suspension; and (B) in accordance with Title 63G, Chapter 4, Administrative Procedures Act. (ii) The commission may delegate: (A) to the division or an administrative law judge the authority to conduct a hearing described in Subsection (2)(b)(i); or (B) to the division the authority to make a decision on whether relief from a suspension should be granted. (3) Unless the suspension is not upheld after a hearing described in Subsection (2)(b), a licensee whose license is suspended pursuant to Subsection (2) may not apply to renew a license nor apply for a new license until the licensee: (a) pays into the fund: (i) the amount paid out of the fund on behalf of the licensee; and (ii) interest at a rate determined by the division with the concurrence of the commission; and (b) participates in a hearing before the commission and is approved by the commission, with the concurrence of the director, for licensure or activation of the suspended license.
Utah Code § 61-2f-406 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-406
§ 61-2f-406. Grounds for revocation of principal broker's license.
Status: in_force

(1) An unlawful act or violation of this chapter committed by a person listed in Subsection (2) is cause for: (a) the revocation, suspension, or probation of a principal broker's license; or (b) the imposition of a fine against the principal broker in an amount not to exceed $5,000 per violation. (2) Subsection (1) applies to an act or violation by any of the following: (a) a sales agent or associate broker employed by a principal broker; (b) a sales agent or associate broker engaged as an independent contractor by or on behalf of a principal broker; or (c) an employee, officer, or member of a principal broker.
Utah Code § 61-1-31 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-31
§ 61-1-31. Determining amount of fine.
Status: in_force

For the purpose of determining the amount of a fine imposed under this chapter, the commission or court shall consider the following factors: (1) the seriousness, nature, circumstances, extent, and persistence of the conduct constituting the violation; (2) the harm to other persons resulting either directly or indirectly from the violation; (3) (a) the cooperation by the person in any inquiry conducted by the division concerning the violation; (b) efforts by the person to prevent future occurrences of the violation; and (c) efforts by the person to mitigate the harm caused by the violation, including any disgorgement or restitution made to other persons injured by the acts of the person; (4) the history of previous violations by the person; (5) the need to deter the person or other persons from committing the violation in the future; (6) whether the person exercised undue influence; (7) whether the person knew or should have known that the investor was a vulnerable adult; (8) any direct or indirect compensation or economic benefit the person committing the violation received; and (9) such other matters as justice may require.
Utah Code § 61-2c-506 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-506
§ 61-2c-506. Insufficient funds to satisfy judgment -- Procedure and interest.
Status: in_force

If the money deposited in the fund and allotted for satisfying judgments against licensees is insufficient to satisfy an authorized claim for payment, the division shall, when sufficient money has been deposited in the fund, satisfy the unpaid claims in the order they originally were filed, together with accumulated interest at the rate allowable on judgments under Section 15-1-4.
Utah Code § 61-2g-101 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-101
§ 61-2g-101. Title.
Status: in_force

This chapter is known as the "Real Estate Appraiser Licensing and Certification Act."
Utah Code § 61-2g-502 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-502
§ 61-2g-502. Disciplinary action -- Grounds.
Status: in_force

(1) (a) The board may order disciplinary action, with the concurrence of the division, against a person: (i) registered, licensed, or certified under this chapter; or (ii) required to be registered, licensed, or certified under this chapter. (b) On the basis of a ground listed in Subsection (2) for disciplinary action, board action may include: (i) revoking, suspending, or placing a person's registration, license, or certification on probation; (ii) denying a person's original registration, license, or certification; (iii) denying a person's renewal license, certification, or registration; (iv) in the case of denial or revocation of a registration, license, or certification, setting a waiting period for an applicant to apply for a registration, license, or certification under this chapter; (v) ordering remedial education; (vi) imposing a civil penalty upon a person not to exceed the greater of: (A) $5,000 for each violation; or (B) the amount of any gain or economic benefit from a violation; (vii) issuing a cease and desist order; (viii) modifying an action described in Subsections (1)(b)(i) through (vii) if the board, with the concurrence of the division, finds that the person complies with court ordered restitution; or (ix) doing any combination of Subsections (1)(b)(i) through (viii). (c) (i) If the board or division issues an order that orders a fine or educational requirements as part of the disciplinary action against a person, including a stipulation and order, the board or division shall state in the order the deadline by which the person shall comply with the fine or educational requirements. (ii) If a person fails to comply with a stated deadline: (A) the person's license, certificate, or registration is automatically suspended: (I) beginning on the day specified in the order as the deadline for compliance; and (II) ending the day on which the person complies in full with the order; and (B) if the person fails to pay a fine required by an order, the division may begin a collection process: (I) established by the division by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and (II) subject to Title 63A, Chapter 3, Part 5, Office of State Debt Collection. (2) The following are grounds for disciplinary action under this section: (a) procuring or attempting to procure a registration, license, or certification under this chapter: (i) by fraud; or (ii) by making a false statement, submitting false information, or making a material misrepresentation in an application filed with the division; (b) paying money or attempting to pay money other than a fee provided for by this chapter to a member or employee of the division to procure a registration, license, or certification under this chapter; (c) an act or omission in the practice of real estate appraising that constitutes dishonesty, fraud, or misrepresentation; (d) entry of a judgment against a registrant, licensee, or certificate holder on grounds of fraud, misrepresentation, or deceit in the making of an appraisal of real estate; (e) regardless of whether the crime is related to the appraisal business, to: (i) be convicted of a felony; (ii) be convicted of any of the following involving fraud, misrepresentation, theft, or dishonesty: (A) a class A misdemeanor: (B) a class B misdemeanor; or (C) a criminal offense comparable to a class A or class B misdemeanor; (iii) plead guilty or nolo contendere to a felony; (iv) plead guilty or nolo contendere to any of the following involving fraud, misrepresentation, theft, or dishonesty: (A) a class A misdemeanor: (B) a class B misdemeanor; or (C) a criminal offense comparable to a class A or class B misdemeanor; (v) enter into a plea in abeyance agreement involving a felony; or (vi) enter into a plea in abeyance agreement involving any of the following involving fraud, misrepresentation, theft, or dishonesty: (A) a class A misdemeanor: (B) a class B misdemeanor; or (C) a criminal offense comparable to a class A or class B misdemeanor; (f) engaging in the business of real estate appraising under an assumed or fictitious name not properly registered in this state; (g) paying a finder's fee or a referral fee to a person not licensed or certified under this chapter in connection with an appraisal of real estate or real property in this state; (h) making a false or misleading statement in: (i) that portion of a written appraisal report that deals with professional qualifications; or (ii) testimony concerning professional qualifications; (i) violating or disregarding: (i) this chapter; (ii) an order of: (A) the board; or (B) the division, in a case when the board delegates to the division the authority to make a decision on behalf of the board; or (iii) a rule issued under this chapter; (j) violating the confidential nature of governmental records to which a person registered, licensed, or certified under this chapter gained access through employment or engagement as an appraiser by a governmental agency; (k) accepting a contingent fee for performing an appraisal if in fact the fee is or was contingent upon: (i) the appraiser reporting a predetermined analysis, opinion, or conclusion; (ii) the analysis, opinion, conclusion, or valuation reached; or (iii) the consequences resulting from the appraisal assignment; (l) unprofessional conduct as defined by statute or rule; or (m) other conduct that constitutes dishonest dealing. (3) A person previously licensed, certified, or registered under this chapter remains responsible for, and is subject to disciplinary action for, an act that the person committed, while the person was licensed, certified, or registered, in violation of this chapter or an administrative rule in effect at the time that the person committed the act, regardless of whether the person is currently licensed, certified, or registered.
Utah Code § 61-1-17 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-17
§ 61-1-17. No finding by division on merits -- Contrary representation unlawful.
Status: in_force

(1) Neither the fact that an application for registration or a registration statement has been filed nor the fact that a person or security is effectively registered constitutes a finding by the division that any document filed under this chapter is true, complete, and not misleading. Neither any such fact nor the fact that an exemption or exception is available for a security or a transaction means that the division has passed in any way upon the merits or qualifications of, or recommended or given approval to, any person, security, or transaction. (2) It is unlawful to make, or cause to be made, to any prospective purchaser, customer, or client any representation inconsistent with Subsection (1).