Utah Code § 61-1-18.8 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-18.8
§ 61-1-18.8. Concurrence under this chapter.
Status: in_force

(1) For purposes of this section, "concurrence" means the entities given a concurring role must jointly agree for the action to be taken. (2) Except for Section 61-1-18.7, if a provision of this chapter requires concurrence between the director or division and the commission and no concurrence can be reached, the director or division has final authority. (3) When this chapter requires concurrence between the director or division and the commission: (a) the director or division shall report to and update the commission on a regular basis related to matters requiring concurrence; and (b) the commission shall review the report submitted by the director or division under this Subsection (3) and concur with the report, or: (i) provide a reason for not concurring with the report; and (ii) provide recommendations to the division or director.
Utah Code § 61-2g-103 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-103
§ 61-2g-103. Other law unaffected.
Status: in_force

10/1/2026This chapter may not be considered to prohibit a person licensed, certified, or registered under this chapter from engaging in the practice of real estate appraising as a professional corporation or a limited liability company in accordance with: (1) Title 16, Chapter 11, Professional Corporation Act; or (2) Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act.
Utah Code § 61-2g-302 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-302
§ 61-2g-302. Registration as trainee.
Status: in_force

(1) An individual shall register with the division as a trainee before the individual acts in the capacity of a trainee or earns experience for licensure. (2) Subject to Subsection (2), the board, with the concurrence of the division, shall make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, for: (a) the trainee registration required under Subsection (1); and (b) renewal of a trainee registration.
Utah Code § 61-2g-203 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-203
§ 61-2g-203. Division to publish roster of appraisers.
Status: in_force

(1) The division shall prepare and issue at least once each calendar year a roster of appraisers containing the information required by the Federal Financial Institutions Examination Council. The division shall transmit the roster to the Federal Financial Institutions Examinations Council at least annually. (2) The division may, upon payment of a fee established by the division in accordance with Section 63J-1-504, issue to a person a verified history of a person: (a) licensed, certified, or registered under this chapter; or (b) previously registered, licensed, or certified under this chapter.
Utah Code § 61-2f-309 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-309
§ 61-2f-309. Record requirements.
Status: in_force

A brokerage and a property manager described in Subsection 61-2f-302(8) shall: (1) maintain and safeguard the following records to the extent the records relate to the business of a principal broker: (a) trust account records, including the monthly reconciliation of the trust account; (b) each document that a licensee affiliated with the principal broker submits to a lender or underwriter as part of a real estate transaction; (c) each document the parties to a transaction jointly execute, if the principal broker or an affiliated licensee is required to have an agency agreement; and (d) each document that a licensee, over whom the principal broker has supervisory responsibility in accordance with Subsection (1)(c), executes; (2) maintain the records identified in Subsection (1): (a) (i) physically: (A) at the principal business location that the principal broker designates on division records; or (B) where applicable, at a branch office that the principal broker designates on division records; or (ii) electronically, in a storage system that complies with Title 46, Chapter 4, Uniform Electronic Transactions Act; and (b) for at least three calendar years after the year in which: (i) an offer is rejected; (ii) a transaction either closes or fails; (iii) in a lease transaction, a lease agreement commences; or (iv) the term of a property management agreement ends; (3) upon request of the division, make a record identified in Subsection (1) available for inspection and copying by the division; (4) notify the division, in writing within ten business days after the day on which the brokerage terminates business operations, of where the brokerage will maintain business records; and (5) upon filing for brokerage bankruptcy, notify the division, in writing, of: (a) the brokerage bankruptcy filing; and (b) the current location of each record identified in Subsection (1).
Utah Code § 61-2g-316 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-316
§ 61-2g-316. Surrender of license.
Status: in_force

(1) The division may, by written agreement, accept the voluntary surrender of a license issued under this chapter. (2) Tender and acceptance of a voluntary surrender of a license under Subsection (1): (a) does not prevent the division from pursuing additional action, including disciplinary action, that relates to the surrendered license and is authorized by this chapter or by rules made under this chapter; and (b) terminates all rights and privileges associated with the license. (3) A person may restore the rights and privileges described in Subsection (2)(b) only if the person reapplies for, and is granted, licensure in accordance with the requirements described in this chapter. (4) Any documentation relating to the tender and acceptance of a voluntary surrender is a public record.
Utah Code § 61-2d-105 — Utah Code / Title 61 / Chapter 61-2d / § 61-2d-105
§ 61-2d-105. Financing points and fees -- Restrictions.
Status: in_force

(1) A lender may not, in connection with the formation or consummation of a high-cost mortgage, finance, directly or indirectly, any portion of the points, fees, or other charges payable to the lender or any third party in an amount in excess of 8% of the total loan amount, unless the following additional disclosures are made to the borrower in conspicuous type size: (a) "You are not required to complete this agreement merely because you have received these disclosures or have signed the loan application." (b) "If you obtain this loan, the lender will have a mortgage on your home. You could lose your home or property, and any money you have put into it, if you do not meet your obligations under this loan." (c) "The timing and amount of payments on debts you already are carrying contribute to the credit rating that is used to determine whether you may get a new loan and how much you will pay for that new loan. You should not accept any advice to ignore or delay making any payment on loans you already have, even if those loans will be paid off with the new loan." (d) "You may get into serious financial difficulties if you use this loan to pay off old debts and then run up other new debts." (2) The disclosures required by this section shall be given to the borrower no less than three business days prior to consummation of the transaction. (3) After providing the disclosure required by this section, a lender may not change the terms of the extension of credit if such changes make the disclosures inaccurate, unless new disclosures are provided that meet the requirements of this section. (4) A lender may provide new disclosures pursuant to Subsection (3) by telephone, if: (a) the change is initiated by the borrower; and (b) at the consummation of the transaction under which the credit is extended: (i) the lender provides to the borrower the new disclosures in writing; and (ii) the lender and borrower certify in writing that the new disclosures were provided by telephone, at least three days prior to the date of consummation of the transaction.
Utah Code § 61-1-205 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-205
§ 61-1-205. Immunity for delaying disbursements or transactions.
Status: in_force

A broker-dealer or investment adviser who, in good faith and exercising reasonable care, delays a disbursement or transaction in accordance with Section 61-1-204 is immune from administrative or civil liability that might otherwise arise from the delay.
Utah Code § 61-1-18.2 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-18.2
§ 61-1-18.2. Budget -- Annual report.
Status: in_force

The director shall annually prepare and submit to the executive director: (1) a budget for the expenses of the division and commission for the administration and enforcement of this chapter for the next fiscal year; and (2) a report outlining the division's and commission's work for the preceding fiscal year.
Utah Code § 61-2g-401 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-401
§ 61-2g-401. State-certified and state-licensed appraisers -- Restrictions on use of terms -- Conduct prohibited or required -- Trainee.
Status: in_force

(1) (a) The terms "state-certified general appraiser," "state-certified residential appraiser," and "state-licensed appraiser": (i) may only be used to refer to an individual who is certified or licensed under this chapter; and (ii) may not be used following, or immediately in connection with, the name or signature of a firm, partnership, corporation, or group, or in any manner that it might be interpreted as referring to a firm, partnership, corporation, group, or to anyone other than the individual who is certified or licensed under this chapter. (b) The requirement of this Subsection (1) may not be construed to prevent a state-certified general appraiser from signing an appraisal report on behalf of a corporation, partnership, firm, or group practice if it is clear that: (i) only the individual is certified; and (ii) the corporation, partnership, firm, or group practice is not certified. (c) Except as provided in Section 61-2g-103, a certificate or license may not be issued under this chapter to a corporation, partnership, firm, or group. (2) (a) A person other than a state-certified general appraiser or state-certified residential appraiser may not assume or use any title, designation, or abbreviation likely to create the impression of certification in this state as a real estate appraiser. (b) A person other than a state-licensed appraiser may not assume or use any title, designation, or abbreviation likely to create the impression of licensure in this state as a real estate appraiser. (3) (a) Only an individual who has qualified under the certification requirements of this chapter is authorized to prepare and sign a certified appraisal report relating to real estate or real property in this state. (b) A state-certified residential appraiser may not prepare a certified appraisal report outside the state-certified residential appraiser's authority as defined in Section 61-2g-312. (c) A state-licensed appraiser who assisted in the preparation of a certified appraisal report is authorized to cosign the certified appraisal report. (4) A person who has not qualified under this chapter may not describe or refer to any appraisal or appraisal report relating to real estate or real property in this state by the terms "certified appraisal" or "certified appraisal report." (5) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, and with the concurrence of the division, the board may make rules for the administration of this section regarding: (a) the signing of an appraisal report; or (b) the disclosure and use of an appraiser or an appraiser trainee's division-assigned credential, registration, license, or certification number. (6) If a trainee assists a state-certified appraiser in the preparation of an appraisal report, the appraisal report shall disclose: (a) the trainee's name; and (b) the extent to which the trainee assists in the preparation of the appraisal report.
Utah Code § 61-2e-205 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-205
§ 61-2e-205. Division service fees -- National registry form and fees -- Suspension and revocation of registration -- Removal from national registry.
Status: in_force

(1) The division, with the concurrence of the board, shall establish and collect fees, in accordance with Section 63J-1-504, for services the division renders to carry out this chapter. (2) An appraisal management company registered under this chapter shall, on or before May 31 of each year, file with the division a national registry reporting form in the manner prescribed by the division. (3) The division shall: (a) collect the annual national registry fee established by the Appraisal Subcommittee from: (i) each appraisal management company registered under this chapter; and (ii) each federally regulated appraisal management company; and (b) transfer the fees collected under Subsection (3)(a) to the Appraisal Subcommittee on a monthly basis. (4) If an appraisal management company registered under this chapter fails to pay the annual national registry fee described in Subsection (3) or file the national registry reporting form in accordance with Subsection (2), the division may suspend or revoke the appraisal management company's registration. (5) If an appraisal management company pays a fee or cost to the division with a negotiable instrument or any other payment method that is not honored, the division: (a) may void the transaction for which the payment is submitted; (b) may reverse the transaction, if the division does not receive full payment of the applicable fee or cost; and (c) shall suspend the appraisal management company's registration: (i) beginning the day on which the payment is due; and (ii) ending the day on which payment is made in full.
Utah Code § 61-6-9 — Utah Code / Title 61 / Chapter 61-6 / § 61-6-9
§ 61-6-9. Notice of special or annual meetings to consider voting rights.
Status: in_force

(1) If a special meeting is requested, notice of the special meeting of shareholders shall be given as promptly as reasonably practicable by the issuing public corporation to all shareholders of record as of the record date set for the meeting, whether or not they are entitled to vote at the meeting. (2) Notice of the special or annual shareholder meeting at which the voting rights are to be considered must include or be accompanied by the following: (a) a copy of the acquiring person statement delivered to the issuing public corporation; and (b) a statement by the board of directors of the corporation, authorized by its directors, of its position or recommendation, or that it is taking no position or making no recommendation, with respect to the proposed control share acquisition.
Utah Code § 61-2c-508 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-508
§ 61-2c-508. Failure to comply.
Status: in_force

The failure of a person to comply with this part is a waiver of any right provided under this part.
Utah Code § 61-2f-408 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-408
§ 61-2f-408. 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 § 61-2e-202 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-202
§ 61-2e-202. Initial registration process.
Status: in_force

(1) (a) To register under this chapter as an appraisal management company, an entity shall: (i) file with the division a registration application in a form prescribed by the division; (ii) pay to the division a fee determined in accordance with Section 63J-1-504; (iii) if the entity is not a resident of this state, submit an irrevocable consent for service of process meeting the requirements of Subsection (3); and (iv) have the application for registration approved by the division. (b) The division shall approve an application if the division finds that the entity: (i) complies with this Subsection (1); and (ii) meets the qualifications under Section 61-2e-201. (c) The division may, upon compliance with Title 63G, Chapter 4, Administrative Procedures Act, deny the issuance of a registration to an applicant on any ground enumerated in this chapter. (d) If an entity pays a fee or costs to the division with a negotiable instrument or other method that is not honored for payment: (i) the transaction for which the payment is submitted is voidable by the division; (ii) the division may reverse the transaction if payment of the applicable fee or costs is not received in full; and (iii) the entity's registration is automatically suspended: (A) beginning the day on which the payment is due; and (B) ending the day on which payment is made in full. (2) A registration application shall include the following: (a) the name of the entity seeking registration; (b) a business address of the entity seeking registration; (c) telephone contact information of the entity seeking registration; (d) if the entity is not an entity domiciled in this state, the name and contact information for the entity's agent for service of process in this state; (e) for each individual who owns 10% or more of the entity: (i) the individual's name, address, and contact information; (ii) a statement of whether or not the individual has had a license or certificate to engage in an act related to a real estate or mortgage transaction refused, denied, canceled, or revoked in this state or in another state; and (iii) (A) fingerprint cards in a form acceptable to the division at the time the registration application is filed; and (B) consent to a criminal background check by the Utah Bureau of Criminal Identification and the Federal Bureau of Investigation regarding the application; (f) the name, address, and contact information for each controlling person; (g) for the controlling person designated as the contact as required by Section 61-2e-201: (i) a statement of whether or not the individual has 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 this state or in another state, territory, or the District of Columbia; and (ii) (A) fingerprint cards in a form acceptable to the division at the time the registration application is filed; and (B) consent to a criminal background check by the Utah Bureau of Criminal Identification and the Federal Bureau of Investigation regarding the application; (h) provide an explanation required by: (i) Section 61-2e-301, related to adding an individual to an appraiser panel; (ii) Section 61-2e-302, related to the review of the work of an appraiser; and (iii) Section 61-2e-303, related to recordkeeping; and (i) any other information required by the board. (3) An irrevocable consent for service of process required to be filed under Subsection (1) shall provide that process may be served on the entity by delivering the process to the director if: (a) the service of process is for an action: (i) in a court of this state against an entity; and (ii) arising out of an act governed by this chapter; and (b) a plaintiff cannot, in the exercise of due diligence, obtain personal service upon the entity.
Utah Code § 61-1-3 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-3
§ 61-1-3. Licensing of broker-dealers, agents, investment advisers, and investment adviser representatives.
Status: in_force

(1) It is unlawful for a person to transact business in this state as a broker-dealer or agent unless the person is licensed under this chapter. (2) (a) (i) It is unlawful for a broker-dealer or issuer to employ or engage an agent unless the agent is licensed. (ii) The license of an agent is not effective during any period when the agent is not associated with: (A) a particular broker-dealer licensed under this chapter; or (B) a particular issuer. (b) When an agent begins or terminates an association with a broker-dealer or issuer, or begins or terminates activities as an agent, the agent and the broker-dealer or issuer shall promptly notify the division. (c) An agent who terminates an association with a broker-dealer or issuer is considered to be unlicensed until the day on which the division: (i) approves the agent's association with a different broker-dealer or issuer; and (ii) notifies the agent of the division's approval of the association. (d) (i) It is unlawful for a broker-dealer or an issuer engaged, directly or indirectly, in offering, offering to purchase, purchasing, or selling a security in this state, to employ or associate with an individual to engage in an activity related to a securities transaction in this state if: (A) (I) the license of the individual is suspended or revoked; or (II) the individual is barred from employment or association with a broker-dealer, an issuer, or a state or federal covered investment adviser; and (B) the suspension, revocation, or bar described in Subsection (2)(d)(i)(A) is by an order: (I) under this chapter; (II) of the Securities and Exchange Commission; (III) of a self-regulatory organization; or (IV) of a securities administrator of a state other than Utah. (ii) A broker-dealer or issuer does not violate this Subsection (2)(d) if the broker-dealer or issuer did not know and in the exercise of reasonable care could not have known, of the suspension, revocation, or bar. (iii) An order under this chapter may modify or waive, in whole or in part, the application of Subsection (2)(d)(i) to a broker-dealer or issuer. (3) It is unlawful for a person to transact business in this state as an investment adviser or as an investment adviser representative unless: (a) the person is licensed under this chapter; (b) the person's only clients in this state are: (i) one or more of the following whether acting for itself or as a trustee with investment control: (A) an investment company as defined in the Investment Company Act of 1940; (B) another investment adviser; (C) a federal covered adviser; (D) a broker-dealer; (E) a depository institution; (F) a trust company; (G) an insurance company; (H) an employee benefit plan with assets of not less than $1,000,000; or (I) a governmental agency or instrumentality; or (ii) other institutional investors as are designated by rule or order of the director; or (c) the person: (i) (A) is licensed in another state as an investment adviser or an investment adviser representative; or (B) is exempt from licensing under Section 222(d) of the Investment Advisers Act of 1940; (ii) has no place of business in this state; and (iii) during the preceding 12-month period has had not more than five clients, other than those specified in Subsection (3)(b), who are residents of this state. (4) It is unlawful for a person to hold oneself out as a provider of investment advice or as a provider of investment advisory services or otherwise represent that the person is a financial planner, financial adviser, financial consultant, or holds any other similar title as the division may specify in rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, in any way as to imply that the person is generally engaged in an investment advisory business, unless: (a) the person is a federal covered adviser; (b) it is lawful for the person to transact business in this state as an investment adviser or as an investment adviser representative under Subsection (3); or (c) the person: (i) is not an investment adviser or an investment adviser representative; and (ii) is otherwise licensed under this chapter to transact business in the state. (5) (a) It is unlawful for: (i) a person required to be licensed as an investment adviser under this chapter to employ an investment adviser representative unless the investment adviser representative is licensed under this chapter, except that the license of an investment adviser representative is not effective during any period when the person is not employed by an investment adviser licensed under this chapter; (ii) a federal covered adviser to employ, supervise, or associate with an investment adviser representative having a place of business located in this state, unless the investment adviser representative is: (A) licensed under this chapter; or (B) exempt from licensing; or (iii) an investment adviser, directly or indirectly, to employ or associate with an individual to engage in an activity related to providing investment advice in this state if: (A) (I) the license of the individual is suspended or revoked; or (II) the individual is barred from employment or association with a state or federal covered investment adviser, broker-dealer, or issuer; and (B) the suspension, revocation, or bar is by an order: (I) under this chapter; (II) of the Securities and Exchange Commission; (III) a self-regulatory organization; or (IV) a securities administrator of a state other than Utah. (b) (i) An investment adviser does not violate Subsection (5)(a)(iii) if the investment adviser did not know, and in the exercise of reasonable care could not have known, of the suspension, revocation, or bar. (ii) An order under this chapter may waive, in whole or in part, the application of Subsection (5)(a)(iii) to an investment adviser. (c) When an investment adviser representative required to be licensed under this chapter begins or terminates employment with an investment adviser, the investment adviser shall promptly notify the division. (d) An investment adviser representative who terminates association with an investment adviser is considered unlicensed until the day on which the division: (i) approves the investment adviser representative's association with a different investment adviser; and (ii) notifies the investment adviser representative of the division's approval of the association. (6) Except with respect to an investment adviser whose only clients are those described under Subsections (3)(b) or (3)(c)(iii), it is unlawful for a federal covered adviser to conduct advisory business in this state unless the person complies with Section 61-1-4.
Utah Code § 61-6-2 — Utah Code / Title 61 / Chapter 61-6 / § 61-6-2
§ 61-6-2. "Control shares" defined.
Status: in_force

(1) As used in this chapter, "control shares" means shares that except for this chapter would have voting power with respect to shares of an issuing public corporation that, when added to all other shares of the issuing public corporation owned by a person or in respect to which that person may exercise or direct the exercise of voting power, would entitle that person, immediately after acquisition of the shares (directly or indirectly, alone or as a part of a group), to exercise or direct the exercise of the voting power, including voting power pursuant to a revocable proxy, of the issuing public corporation in the election of directors within any of the following ranges of voting power: (a) 1/5 or more but less than 1/3 of all voting power; (b) 1/3 or more but less than a majority of all voting power; or (c) a majority or more of all voting power. (2) Shares entitling a person, immediately after acquisition of the shares (directly or indirectly, including pursuant to a revocable proxy or as part of a group), to exercise or direct the exercise of less than 1/5 of all voting power of the issuing public corporation in the election of directors shall not be control shares, even if acquired in a control share acquisition. Shares cease to be control shares upon their transfer to a person who is not an affiliate of the transferor or an affiliate or member of a group with which the applicable control share acquisition was made, except to the extent the shares become control shares as a result of their acquisition by the transferee.
Utah Code § 61-1-21 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-21
§ 61-1-21. Penalties for violations.
Status: in_force

(1) A person is guilty of a third degree felony who willfully violates: (a) a provision of this chapter except Sections 61-1-1 and 61-1-16; (b) an order issued under this chapter; or (c) Section 61-1-16 knowing the statement made is false or misleading in a material respect. (2) Subject to the other provisions of this section, a person who willfully violates Section 61-1-1: (a) is guilty of a third degree felony if, at the time the crime was committed, the property, money, or thing unlawfully obtained or sought to be obtained was worth less than $10,000; or (b) is guilty of a second degree felony if, at the time the crime was committed, the property, money, or thing unlawfully obtained or sought to be obtained was worth $10,000 or more. (3) A person who willfully violates Section 61-1-1 is guilty of a second degree felony if: (a) at the time the crime was committed, the property, money, or thing unlawfully obtained or sought to be obtained was worth less than $10,000; and (b) in connection with that violation, the violator knowingly accepted any money representing: (i) equity in a person's primary residence; (ii) a withdrawal from an individual retirement account; (iii) a withdrawal from a qualified retirement plan as defined in the Internal Revenue Code; (iv) an investment by a person over whom the violator exercises undue influence; or (v) an investment by a person that the violator knows is a vulnerable adult. (4) A person who willfully violates Section 61-1-1 is guilty of a second degree felony punishable by imprisonment for an indeterminate term of not less than three years or more than 15 years if: (a) at the time the crime was committed, the property, money, or thing unlawfully obtained or sought to be obtained was worth $10,000 or more; and (b) in connection with that violation, the violator knowingly accepted any money representing: (i) equity in a person's primary residence; (ii) a withdrawal from an individual retirement account; (iii) a withdrawal from a qualified retirement plan as defined in the Internal Revenue Code; (iv) an investment by a person over whom the violator exercises undue influence; or (v) an investment by a person that the violator knows is a vulnerable adult. (5) When amounts of property, money, or other things are unlawfully obtained or sought to be obtained under a series of acts or continuing course of business, whether from the same or several sources, the amounts may be aggregated in determining the level of offense. (6) It is an affirmative defense under this section against a claim that the person violated an order issued under this chapter for the person to prove that the person had no knowledge of the order. (7) In addition to any other penalty for a criminal violation of this chapter, the sentencing judge may impose a penalty or remedy provided for in Subsection 61-1-20(2)(b).
Utah Code § 61-2f-512 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-512
§ 61-2f-512. Failure to comply with provisions constitutes a waiver.
Status: in_force

A person's failure to comply with this part constitutes a waiver of any right under this part.
Utah Code § 61-2g-201 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-201
§ 61-2g-201. Duties and powers of division in general.
Status: in_force

(1) The division shall administer and enforce this chapter. (2) The division has the following powers and duties: (a) The division shall: (i) receive an application for licensing, certification, or registration; (ii) establish appropriate administrative procedures for the processing of an application for licensure, certification, or registration; (iii) issue a license or certification to a qualified applicant pursuant to this chapter; and (iv) register an individual who applies and qualifies for registration as a trainee under this chapter. (b) The division shall hold public hearings under the direction of the board. (c) The division may: (i) solicit bids and enter into contracts with one or more educational testing services or organizations for the preparation of a bank of questions and answers; and (ii) administer or contract for the administration of licensing and certification examinations as may be required to carry out the division's responsibilities under this chapter. (d) The division shall provide administrative assistance to the board by providing to the board the facilities, equipment, supplies, and personnel that are required to enable the board to carry out the board's responsibilities under this chapter. (e) The division shall assist the board in improving the quality of the continuing education available to a person licensed, certified, or registered under this chapter. (f) The division shall assist the board with respect to the proper interpretation or explanation of the Uniform Standards of Professional Appraisal Practice as required by Section 61-2g-403 when an interpretation or explanation becomes necessary in the enforcement of this chapter. (g) The division may: (i) promote research and conduct studies relating to the profession of real estate appraising; and (ii) sponsor real estate appraisal educational activities. (h) The division shall adopt, with the concurrence of the board, rules for the administration of this chapter pursuant to Title 63G, Chapter 3, Utah Administrative Rulemaking Act, that are not inconsistent with this chapter or the constitution and laws of this state or of the United States. (i) The division shall employ an appropriate staff to investigate allegations that a person required to be licensed, certified, or registered under this chapter fails to comply with this chapter. (j) The division may employ other professional, clerical, and technical staff as may be necessary to properly administer the work of the division under this chapter. (k) (i) Upon request, the division shall make available, either directly or through a third-party, a list of the names and addresses of the persons licensed, registered, or certified by the division under this chapter. (ii) A person who requests a list under this Subsection (2)(k) shall pay the costs incurred by the division to make the list available. (3) (a) If the conditions of Subsection (3)(b) are met, the division is immune from any civil action or criminal prosecution for initiating or assisting in a lawful investigation of an act of, or participating in a disciplinary proceeding concerning a person required to be licensed, certified, or registered pursuant to this chapter. (b) This Subsection (3) applies if the division takes the action: (i) without malicious intent; and (ii) in the reasonable belief that the action is taken pursuant to the powers and duties vested in the division under this chapter.
Utah Code § 61-2f-303 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-303
§ 61-2f-303. Sale agents or associate broker -- Affiliated with principal broker as independent contractors or employees -- Presumption.
Status: in_force

(1) (a) A sales agent or associate broker may be affiliated with a principal broker either as an independent contractor or as an employee. (b) The relationship between sales agent or associate broker and principal broker is presumed to be an independent contractor relationship unless there is clear and convincing evidence that the relationship was intended by the parties to be an employer employee relationship. (2) The presumption of an independent contractor relationship extends to all of the duties and services that the sales agent or associate broker performs, including the preparation and receipt of payment for a broker price opinion.
Utah Code § 61-2f-401 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-401
§ 61-2f-401. Grounds for disciplinary action.
Status: in_force

10/1/2026The following acts are unlawful and grounds for disciplinary action for a person licensed or required to be licensed under this chapter: (1) (a) making a substantial misrepresentation, including in a licensure statement; (b) making an intentional misrepresentation; (c) pursuing a continued and flagrant course of misrepresentation; (d) making a false representation or promise through an agent, sales agent, advertising, or otherwise; or (e) making a false representation or promise of a character likely to influence, persuade, or induce; (2) acting for more than one party in a transaction without the informed written consent of the parties; (3) (a) acting as an associate broker or sales agent while not affiliated with a principal broker; (b) representing or attempting to represent a principal broker other than the principal broker with whom the person is affiliated; or (c) representing as sales agent or having a contractual relationship similar to that of sales agent with a person other than a principal broker; (4) (a) failing, within a reasonable time, to account for or to remit money that belongs to another and comes into the person's possession; (b) commingling money described in Subsection (4)(a) with the person's own money; or (c) diverting money described in Subsection (4)(a) from the purpose for which the money is received; (5) paying or offering to pay valuable consideration to a person not licensed under this chapter, except that valuable consideration may be shared: (a) with a principal broker of another jurisdiction; or (b) as provided under: (i) Title 16, Chapter 10a, Utah Revised Business Corporation Act; (ii) Title 16, Chapter 11, Professional Corporation Act; or (iii) Title 48, Chapter 3a, Utah Revised Uniform Limited Liability Company Act, as appropriate pursuant to Section 16-20-1205; (6) for a principal broker, paying or offering to pay a sales agent or associate broker who is not affiliated with the principal broker at the time the sales agent or associate broker earned the compensation; (7) being incompetent to act as a principal broker, associate broker, or sales agent in such manner as to safeguard the interests of the public; (8) failing to voluntarily furnish a copy of a document to the parties before and after the execution of a document; (9) a brokerage failing to keep and make available for inspection by the division a record of each transaction, including: (a) the names of buyers and sellers or lessees and lessors; (b) the identification of real estate; (c) the sale or rental price; (d) money received in trust; (e) agreements or instructions from buyers and sellers or lessees and lessors; and (f) any other information required by rule; (10) failing to disclose, in writing, in the purchase, sale, or rental of real estate, whether the purchase, sale, or rental is made for that person or for an undisclosed principal; (11) regardless of whether the crime is related to the business of real estate: (a) be convicted of: (i) a felony; or (ii) 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; (b) plead guilty or nolo contendere to: (i) a felony; or (ii) 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; (c) enter into a plea in abeyance agreement in relation to: (i) a felony; or (ii) 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; (12) at the time of placing an advertisement: (a) advertising the availability of real estate or the services of a licensee in a false, misleading, or deceptive manner; or (b) failing to include within the advertisement the brokerage name with which a person who is licensed is affiliated or, if the advertisement is placed online or in a digital format, a link to a website or media platform that identifies the brokerage name within one click; (13) in the case of a principal broker or a branch broker, failing to exercise active and reasonable supervision, as the commission may define by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, over the activities of the principal broker's or branch broker's licensed or unlicensed staff; (14) violating or disregarding: (a) this chapter; (b) an order of the commission; or (c) the rules adopted by the commission and the division; (15) breaching a fiduciary duty owed by a licensee to the licensee's principal in a real estate transaction; (16) any other conduct which constitutes dishonest dealing; (17) having one of the following suspended, revoked, surrendered, or cancelled on the basis of misconduct in a professional capacity that relates to character, honesty, integrity, or truthfulness: (a) a real estate license, registration, or certificate issued by another jurisdiction; or (b) another license, registration, or certificate to engage in an occupation or profession issued by this state or another jurisdiction; (18) failing to respond to a request by the division in an investigation authorized under this chapter within 10 business days after the day on which the request is served, including: (a) failing to respond to a subpoena; (b) withholding evidence; or (c) failing to produce documents or records; (19) in the case of a dual licensed title licensee as defined in Section 31A-2-402: (a) providing a title insurance product or service without the approval required by Section 31A-2-405; or (b) knowingly providing false or misleading information in the statement required by Subsection 31A-2-405(2); (20) violating an independent contractor agreement between a principal broker and a sales agent or associate broker as evidenced by a final judgment of a court; (21) violating Title 57, Chapter 30, Residential Property Service Agreements; (22) (a) engaging in an act of loan modification assistance that requires licensure as a mortgage officer under Chapter 2c, Utah Residential Mortgage Practices and Licensing Act, without being licensed under that chapter; (b) engaging in an act of foreclosure rescue without entering into a written agreement specifying what one or more acts of foreclosure rescue will be completed; (c) inducing a person who is at risk of foreclosure to hire the licensee to engage in an act of foreclosure rescue by: (i) suggesting to the person that the licensee has a special relationship with the person's lender or loan servicer; or (ii) falsely representing or advertising that the licensee is acting on behalf of: (A) a government agency; (B) the person's lender or loan servicer; or (C) a nonprofit or charitable institution; or (d) recommending or participating in a foreclosure rescue that requires a person to: (i) transfer title to real estate to the licensee or to a third-party with whom the licensee has a business relationship or financial interest; (ii) make a mortgage payment to a person other than the person's loan servicer; or (iii) refrain from contacting the person's: (A) lender; (B) loan servicer; (C) attorney; (D) credit counselor; or (E) housing counselor; (23) taking or removing from the premises of a main office or a branch office, or otherwise limiting a real estate brokerage's access to or control over, a record that: (a) (i) the real estate brokerage's licensed staff, unlicensed staff, or affiliated independent contractor prepared; and (ii) is related to the business of: (A) the real estate brokerage; or (B) an associate broker, a branch broker, or a sales agent of the real estate brokerage; or (b) is related to the business administration of the real estate brokerage; (24) as a principal broker, placing a lien on real property, unless authorized by law; (25) as a sales agent or associate broker, placing a lien on real property for an unpaid commission or other compensation related to real estate brokerage services; or (26) failing to timely disclose to a buyer or seller an affiliated business arrangement, as defined in Section 31A-23a-1001, in accordance with the federal Real Estate Settlement Procedures Act, 12 U.S.C. Sec. 2601 et seq. and any rules made thereunder.10/1/2026The following acts are unlawful and grounds for disciplinary action for a person licensed or required to be licensed under this chapter: (1) (a) making a substantial misrepresentation, including in a licensure statement; (b) making an intentional misrepresentation; (c) pursuing a continued and flagrant course of misrepresentation; (d) making a false representation or promise through an agent, sales agent, advertising, or otherwise; or (e) making a false representation or promise of a character likely to influence, persuade, or induce; (2) acting for more than one party in a transaction without the informed written consent of the parties; (3) (a) acting as an associate broker or sales agent while not affiliated with a principal broker; (b) representing or attempting to represent a principal broker other than the principal broker with whom the person is affiliated; or (c) representing as sales agent or having a contractual relationship similar to that of sales agent with a person other than a principal broker; (4) (a) failing, within a reasonable time, to account for or to remit money that belongs to another and comes into the person's possession; (b) commingling money described in Subsection (4)(a) with the person's own money; or (c) diverting money described in Subsection (4)(a) from the purpose for which the money is received; (5) paying or offering to pay valuable consideration to a person not licensed under this chapter, except that valuable consideration may be shared: (a) with a principal broker of another jurisdiction; or (b) as provided under: (i) Title 16, Chapter 10a, Utah Revised Business Corporation Act; (ii) Title 16, Chapter 11, Professional Corporation Act; or (iii) Title 48, Chapter 3a, Utah Revised Uniform Limited Liability Company Act, as appropriate pursuant to Section 16-20-1205; (6) for a principal broker, paying or offering to pay a sales agent or associate broker who is not affiliated with the principal broker at the time the sales agent or associate broker earned the compensation; (7) being incompetent to act as a principal broker, associate broker, or sales agent in such manner as to safeguard the interests of the public; (8) failing to voluntarily furnish a copy of a document to the parties before and after the execution of a document; (9) a brokerage failing to keep and make available for inspection by the division a record of each transaction, including: (a) the names of buyers and sellers or lessees and lessors; (b) the identification of real estate; (c) the sale or rental price; (d) money received in trust; (e) agreements or instructions from buyers and sellers or lessees and lessors; and (f) any other information required by rule; (10) failing to disclose, in writing, in the purchase, sale, or rental of real estate, whether the purchase, sale, or rental is made for that person or for an undisclosed principal; (11) regardless of whether the crime is related to the business of real estate: (a) be convicted of: (i) a felony; or (ii) 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; (b) plead guilty or nolo contendere to: (i) a felony; or (ii) 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; (c) enter into a plea in abeyance agreement in relation to: (i) a felony; or (ii) 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; (12) at the time of placing an advertisement: (a) advertising the availability of real estate or the services of a licensee in a false, misleading, or deceptive manner; or (b) failing to include within the advertisement the brokerage name with which a person who is licensed is affiliated or, if the advertisement is placed online or in a digital format, a link to a website or media platform that identifies the brokerage name within one click; (13) in the case of a principal broker or a branch broker, failing to exercise active and reasonable supervision, as the commission may define by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, over the activities of the principal broker's or branch broker's licensed or unlicensed staff; (14) violating or disregarding: (a) this chapter; (b) an order of the commission; or (c) the rules adopted by the commission and the division; (15) breaching a fiduciary duty owed by a licensee to the licensee's principal in a real estate transaction; (16) any other conduct which constitutes dishonest dealing; (17) having one of the following suspended, revoked, surrendered, or cancelled on the basis of misconduct in a professional capacity that relates to character, honesty, integrity, or truthfulness: (a) a real estate license, registration, or certificate issued by another jurisdiction; or (b) another license, registration, or certificate to engage in an occupation or profession issued by this state or another jurisdiction; (18) failing to respond to a request by the division in an investigation authorized under this chapter within 10 business days after the day on which the request is served, including: (a) failing to respond to a subpoena; (b) withholding evidence; or (c) failing to produce documents or records; (19) in the case of a dual licensed title licensee as defined in Section 31A-2-402: (a) providing a title insurance product or service without the approval required by Section 31A-2-405; or (b) knowingly providing false or misleading information in the statement required by Subsection 31A-2-405(2); (20) violating an independent contractor agreement between a principal broker and a sales agent or associate broker as evidenced by a final judgment of a court; (21) violating Title 57, Chapter 30, Residential Property Service Agreements; (22) (a) engaging in an act of loan modification assistance that requires licensure as a mortgage officer under Chapter 2c, Utah Residential Mortgage Practices and Licensing Act, without being licensed under that chapter; (b) engaging in an act of foreclosure rescue without entering into a written agreement specifying what one or more acts of foreclosure rescue will be completed; (c) inducing a person who is at risk of foreclosure to hire the licensee to engage in an act of foreclosure rescue by: (i) suggesting to the person that the licensee has a special relationship with the person's lender or loan servicer; or (ii) falsely representing or advertising that the licensee is acting on behalf of: (A) a government agency; (B) the person's lender or loan servicer; or (C) a nonprofit or charitable institution; or (d) recommending or participating in a foreclosure rescue that requires a person to: (i) transfer title to real estate to the licensee or to a third-party with whom the licensee has a business relationship or financial interest; (ii) make a mortgage payment to a person other than the person's loan servicer; or (iii) refrain from contacting the person's: (A) lender; (B) loan servicer; (C) attorney; (D) credit counselor; or (E) housing counselor; (23) taking or removing from the premises of a main office or a branch office, or otherwise limiting a real estate brokerage's access to or control over, a record that: (a) (i) the real estate brokerage's licensed staff, unlicensed staff, or affiliated independent contractor prepared; and (ii) is related to the business of: (A) the real estate brokerage; or (B) an associate broker, a branch broker, or a sales agent of the real estate brokerage; or (b) is related to the business administration of the real estate brokerage; (24) as a principal broker, placing a lien on real property, unless authorized by law; (25) as a sales agent or associate broker, placing a lien on real property for an unpaid commission or other compensation related to real estate brokerage services; or (26) failing to timely disclose to a buyer or seller an affiliated business arrangement, as defined in Section 31A-23a-1001, in accordance with the federal Real Estate Settlement Procedures Act, 12 U.S.C. Sec. 2601 et seq. and any rules made thereunder.
Utah Code § 61-1-204 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-204
§ 61-1-204. Delaying disbursements or transactions.
Status: in_force

(1) A broker-dealer or an investment adviser may delay a disbursement or transaction from an eligible adult's account or from an account on which the eligible adult is a beneficiary, if the broker-dealer or investment adviser: (a) suspects that the disbursement or transaction may result in the financial exploitation of an eligible adult; (b) initiates an internal review of the disbursement or transaction and the suspected financial exploitation of an eligible adult; (c) after initiating the internal review, reasonably believes that the disbursement or transaction may result in the financial exploitation of an eligible adult; (d) within two business days after the day on which the disbursement or transaction is delayed, provides written notification of the delay and the reason for the delay to: (i) each party authorized to transact business on the account, unless the party is reasonably believed to have engaged in suspected or attempted financial exploitation of the eligible adult; (ii) the division; and (iii) Adult Protective Services; (e) continues the broker-dealer's or investment adviser's internal review of the suspected or attempted financial exploitation of the eligible adult, as necessary; and (f) upon request, provides a timely report on the status and results of the internal review to the division or Adult Protective Services. (2) Except as provided in Subsection (3), a delay of a disbursement or transaction under Subsection (1) expires the earlier of: (a) the day on which the broker-dealer or investment adviser determines that the disbursement or transaction will not result in the financial exploitation of an eligible adult; or (b) 15 business days after the day on which the broker-dealer or investment adviser initially delayed the disbursement or transaction. (3) If an internal review described in Subsection (1) supports a reasonable belief that a person has engaged in or attempted to engage in the financial exploitation of an eligible adult, the division or Adult Protective Services may extend the delay of the disbursement or transaction under Subsection (1) as reasonably necessary. (4) A court of competent jurisdiction may enter an order terminating or extending a delay under this section or granting other protective relief.
Utah Code § 61-2g-202 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-202
§ 61-2g-202. Division service fees -- Federal registry fees.
Status: in_force

(1) The division, with the concurrence of the board, shall establish and collect fees in accordance with Section 63J-1-504 for its services under this chapter. (2) The division shall collect the annual registry fee established by the Federal Financial Institutions Examinations Council from those certificate holders who seek to perform appraisals in federally related transactions. The division shall transmit the fees to the federal Appraisal Subcommittee at least annually. (3) If a person pays a fee or costs to the division with a negotiable instrument or any other payment method that is not honored: (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.
Utah Code § 61-2d-101 — Utah Code / Title 61 / Chapter 61-2d / § 61-2d-101
§ 61-2d-101. Title.
Status: in_force

This chapter is known as the "Utah High Cost Home Loan Act."
Utah Code § 61-1-4 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-4
§ 61-1-4. Licensing and notice filing procedure.
Status: in_force

(1) (a) A broker-dealer, agent, investment adviser, or investment adviser representative shall obtain an initial or renewal license by filing with the division or its designee an application together with a consent to service of process under Section 61-1-26. (b) (i) The application shall contain the applicant's Social Security number and whatever information the division by rule requires concerning such matters as: (A) the applicant's form and place of organization; (B) the applicant's proposed method of doing business; (C) (I) the qualifications and business history of the applicant; and (II) in the case of a broker-dealer or investment adviser, the qualifications and business history of any partner, officer, or director, any person occupying a similar status or performing similar functions, or any person directly or indirectly controlling the broker-dealer or investment adviser; (D) whether the applicant has been subject to: (I) an injunction, administrative order, or misdemeanor conviction involving a security or any aspect of the securities business; or (II) a felony conviction; and (E) the applicant's financial condition and history. (ii) An applicant's Social Security number is a private record under Subsection 63G-2-302(1)(i). (c) The division may, by rule or order, require an applicant for an initial license to publish an announcement of the application in one or more specified newspapers published in this state. (d) A license or notice filing of a broker-dealer, agent, investment adviser, or investment adviser representative expires on December 31 of each year. (e) (i) If no denial order is in effect and no proceeding is pending under Section 61-1-6, a license becomes effective at noon of the 30th day after an application is filed. (ii) The division may by rule or order specify an earlier effective date and may by order defer the effective date until noon of the 30th day after the filing of any amendment. (iii) Licensing of a broker-dealer automatically constitutes licensing of only one partner, officer, director, or a person occupying a similar status or performing similar functions as a licensed agent of the broker-dealer. (iv) Licensing of an investment adviser automatically constitutes licensing of only one partner, officer, director, or a person occupying a similar status or performing similar functions. (v) (A) For purposes of the activities of a licensee in this state, during the time period that a broker-dealer or investment adviser is licensed in this state: (I) the broker-dealer shall maintain a principal; and (II) the investment adviser shall maintain a designated official. (B) The division may by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, provide a process for a person to identify for the division: (I) a principal or designated official at the time a license is issued; and (II) a different principal or designated official if: (Aa) a broker-dealer changes its principal; or (Bb) an investment adviser changes its designated official. (C) A principal or designated official identified in Subsection (1)(e)(v)(A) is not required to be separately licensed with the division. (2) Except with respect to a federal covered adviser whose only clients are those described in Subsection 61-1-3(3)(b) or (3)(c)(iii), a federal covered adviser shall file with the division, before acting as a federal covered adviser in this state, a notice filing consisting of the documents filed with the Securities and Exchange Commission as the division by rule or order may require. (3) (a) An applicant for an initial or renewal license as a broker-dealer or agent shall pay a reasonable filing fee as determined under Section 61-1-18.4. (b) An applicant for an initial or renewal license as an investment adviser or investment adviser representative who is subject to licensing under this chapter shall pay a reasonable filing fee as determined under Section 61-1-18.4. (c) A person acting as a federal covered adviser in this state shall pay an initial and renewal notice filing fee as determined under Section 61-1-18.4. (d) If the license or renewal is not granted or the application is withdrawn, the division shall retain the fee. (4) A licensed broker-dealer or investment adviser may file an application for licensing of a successor for the unexpired portion of the year. There shall be no filing fee. (5) The division may by rule or order: (a) require a minimum capital for a licensed broker-dealer, subject to the limitations of Section 15 of the Securities Exchange Act of 1934; and (b) establish minimum financial requirements for an investment adviser: (i) subject to the limitations of Section 222 of the Investment Advisers Act of 1940; and (ii) which may include different requirements for an investment adviser who maintains custody of or has discretionary authority over client funds or securities and an investment adviser who does not. (6) (a) The division may by rule or order require a licensed broker-dealer or investment adviser who has custody of or discretionary authority over client funds or securities to post one or more bonds in amounts and under conditions as the division may prescribe, subject to the limitations of Section 15 of the Securities Exchange Act of 1934 for a broker-dealer, and Section 222 of the Investment Advisers Act of 1940 for an investment adviser. (b) An appropriate deposit of cash or securities may be accepted in lieu of a required bond. (c) A bond may not be required of a licensee whose net capital, or in the case of an investment adviser whose minimum financial requirements, which may be defined by rule, exceeds the amounts required by the division. (d) A bond shall provide for suit on the bond by a person who has a cause of action under Section 61-1-22 and, if the division by rule or order requires, by any person who has a cause of action not arising under this chapter. (e) A bond shall provide that a suit may not be maintained to enforce liability on the bond 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.
Utah Code § 61-2f-104 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-104
§ 61-2f-104. List of licensees, registrants, and certificate holders to be available.
Status: in_force

(1) Upon request, the division shall make available a list of the names and addresses of the persons licensed, registered, or certified by it under this chapter either directly or through a third party. (2) A person who requests a list under Subsection (1) shall pay the costs incurred by the division to make the list available.
Utah Code § 61-2f-403 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-403
§ 61-2f-403. Mishandling of trust money.
Status: in_force

(1) The division may audit principal brokers' trust accounts or other accounts in which a licensee maintains trust money under this chapter. If the division's audit shows, in the opinion of the division, gross mismanagement, commingling, or misuse of money, the division, with the concurrence of the commission, may order at the division's expense a complete audit of the account by a certified public accountant, or take other action in accordance with Section 61-2f-404. (2) If the commission finds under Subsection (1) that gross mismanagement, comingling, or misuse of money occurred, the commission, with concurrence of the division, may then order the licensee to reimburse the division for the cost of the audit described in Subsection (1). (3) The licensee may obtain agency review by the executive director or judicial review of any division order. (4) (a) If it appears that a person has grossly mismanaged, commingled, or otherwise misused trust money, the division, with or without prior administrative proceedings, may bring an action in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration, to enjoin the act or practice and to enforce compliance with this chapter or any rule or order under this chapter. (b) Upon a proper showing, a court shall grant injunctive relief or a temporary restraining order, and may appoint a receiver or conservator. The division is not required to post a bond in any court proceeding.
Utah Code § 61-2f-204 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-204
§ 61-2f-204. Licensing fees and procedures -- Renewal fees and procedures.
Status: in_force

(1) (a) Upon filing an application for an examination for a license under this chapter, the applicant shall pay a nonrefundable fee established in accordance with Section 63J-1-504 for admission to the examination. (b) An applicant for a principal broker, associate broker, sales agent, or property manager license shall pay a nonrefundable fee as determined by the commission with the concurrence of the division under Section 63J-1-504 for issuance of an initial license or license renewal. (c) The division shall issue a license under this Subsection (1) for a period of not less than two years as the division determines with the concurrence of the commission. (d) (i) Each of the following applicants shall comply with this Subsection (1)(d): (A) a new sales agent applicant; (B) a principal broker applicant; (C) an associate broker applicant; and (D) on or after January 1, 2027, a property manager applicant. (ii) An applicant described in this Subsection (1)(d) shall at the time the applicant files an application: (A) submit to the division fingerprint cards in a form acceptable to the Department of Public Safety; (B) submit to the division a signed waiver in accordance with Subsection 53-10-108(4), acknowledging the registration of the applicant's fingerprints in the Federal Bureau of Investigation Next Generation Identification System's Rap Back Service; (C) consent to a criminal background check by the Utah Bureau of Criminal Identification and the Federal Bureau of Investigation; and (D) pay the fee the division establishes in accordance with Subsection (1)(d)(iv). (iii) The Bureau of Criminal Identification shall: (A) check the fingerprints an applicant submits under Subsection (1)(d)(ii) against the applicable state, regional, and national criminal records databases, including the Federal Bureau of Investigation Next Generation Identification System; (B) report the results of the background check to the division; (C) maintain a separate file of fingerprints that applicants submit under Subsection (1)(d) for search by future submissions to the local and regional criminal records databases, including latent prints; (D) request that the fingerprints be retained in the Federal Bureau of Investigation Next Generation Identification System's Rap Back Service for search by future submissions to national criminal records databases, including the Next Generation Identification System and latent prints; and (E) ensure that the division only receives notifications for an individual with whom the division maintains permission to receive notifications. (iv) (A) The division shall assess an applicant who submits fingerprints under this Subsection (1)(d) or (2)(f) a fee in an amount that the division sets in accordance with Section 63J-1-504 for services that the division and the Bureau of Criminal Identification or another authorized agency provide under this Subsection (1)(d) or (2)(f). (B) The Bureau of Criminal Identification may collect from the division money for services provided under this section. (v) Money paid to the division by an applicant for the cost of the criminal background check is nonlapsing. (vi) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, and with the concurrence of the division, the commission may make rules for the administration of this Subsection (1)(d) and Subsection (2)(f) regarding criminal background checks with ongoing monitoring. (e) (i) A license issued under Subsection (1)(d) is conditional, pending completion of the criminal background check. (ii) If a criminal background check discloses that an applicant fails to accurately disclose a criminal history, the division: (A) shall review the application; and (B) in accordance with rules made by the division in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, may: (I) place a condition on a license; (II) place a restriction on a license; (III) revoke a license; or (IV) refer the application to the commission for a decision. (iii) (A) An individual whose conditional license is conditioned, restricted, or revoked under Subsection (1)(e)(ii) may have a hearing after the action is taken to challenge the action. (B) The division shall conduct a hearing described in Subsection (1)(e)(iii)(A) in accordance with Title 63G, Chapter 4, Administrative Procedures Act. (iv) The director shall designate one of the following to act as the presiding officer in a hearing described in Subsection (1)(e)(iii)(A): (A) the division; or (B) the division with the concurrence of the commission. (v) The presiding officer shall decide whether to grant relief from an action under this Subsection (1)(e). (vi) If a license is revoked or a revocation under this Subsection (1)(e) is upheld after a hearing, the individual may not apply for a new license until at least 12 months after the day on which the license is revoked. (2) (a) (i) A license expires if the license is not renewed on or before the expiration date of the license. (ii) As a condition of renewal, an active licensee shall demonstrate competence by completing 18 hours of continuing education within a two-year renewal period subject to rules made by the commission, with the concurrence of the division. (iii) In making a rule described in Subsection (2)(c)(ii), the division and commission shall consider: (A) evaluating continuing education based on competency, rather than course time; (B) allowing completion of courses in a significant variety of topic areas that the division and commission determine are valuable in assisting an individual licensed under this chapter to increase the individual's competency; and (C) allowing completion of courses that will increase a licensee's professional competency in the area of practice of the licensee. (iv) The division may award credit to a licensee for a continuing education requirement of this Subsection (2)(a) for a reasonable time period upon a finding of reasonable cause, including: (A) military service; or (B) if an individual is elected or appointed to government service, the individual's government service during which the individual spends a substantial time addressing real estate issues subject to conditions established by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. (b) For a period of 30 days after the day on which a license expires, the division may reinstate the license: (i) if the applicant's license was inactive on the day on which the applicant's license expired, upon payment of a renewal fee and a late fee determined by the commission with the concurrence of the division under Section 63J-1-504; or (ii) if the applicant's license was active on the day on which the applicant's license expired, upon payment of a renewal fee and a late fee determined by the commission with the concurrence of the division under Section 63J-1-504, and providing proof acceptable to the division and the commission of the licensee having: (A) completed the hours of education required by Subsection (2)(a); or (B) demonstrated competence as required under Subsection (2)(a). (c) After the 30-day period described in Subsection (2)(b), and until one year after the day on which an active or inactive license expires, the division may reinstate the license if the applicant: (i) pays a renewal fee and a late fee determined by the commission with the concurrence of the division under Section 63J-1-504; and (ii) provides proof acceptable to the division and the commission of the licensee having: (A) completed the hours of education required by Subsection (2)(a); or (B) demonstrated competence as required under Subsection (2)(a). (d) The division shall relicense an individual who does not renew that individual's license within one year as prescribed for an original application. (e) Notwithstanding Subsection (2)(a), the division may extend the term of a license that would expire under Subsection (2)(a) except for the extension if: (i) (A) the individual complies with the requirements of this section to renew the license; and (B) the renewal application remains pending at the time of the extension; or (ii) at the time of the extension, there is pending a disciplinary action under this chapter. (f) Each applicant for renewal or reinstatement of a license to practice as a sales agent, principal broker, associate broker, or a property manager, who is not already subject to ongoing monitoring of the individual's criminal history shall, at the time the application for renewal or reinstatement is filed: (i) submit fingerprint cards in a form acceptable to the Department of Public Safety; (ii) submit to the division a signed waiver in accordance with Subsection 53-10-108(4), acknowledging the registration of the applicant's fingerprints in the Federal Bureau of Investigation Next Generation Identification System's Rap Back Service; (iii) consent to a fingerprint background check by the Utah Bureau of Criminal Identification and the Federal Bureau of Investigation; and (iv) pay the fee the division establishes in accordance with Subsection (1)(d)(iv). (3) (a) As a condition for the activation of an inactive license that was in an inactive status at the time of the licensee's most recent renewal, the licensee shall supply the division with proof of: (i) successful completion of the respective sales agent or principal broker licensing examination within six months before the day on which the licensee applies to activate the license; or (ii) the successful completion of the hours of continuing education that the licensee would have been required to complete under Subsection (2)(a) if the license had been on active status at the time of the licensee's most recent renewal. (b) The commission may, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, subject to concurrence by the division, establish by rule: (i) the nature or type of continuing education required for reactivation of a license; and (ii) how long before reactivation the continuing education must be completed.
Utah Code § 61-1-18.6 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-18.6
§ 61-1-18.6. Procedures -- Adjudicative proceedings.
Status: in_force

The commission and division shall comply with the procedures and requirements of Title 63G, Chapter 4, Administrative Procedures Act, in an adjudicative proceeding under this chapter.
Utah Code § 61-2d-110 — Utah Code / Title 61 / Chapter 61-2d / § 61-2d-110
§ 61-2d-110. Encouraging default prohibited.
Status: in_force

(1) A lender may not recommend or encourage default or nonpayment leading to foreclosure on an existing loan or other debt prior to and in connection with the closing or planned closing of a high-cost mortgage that refinances all or any portion of such existing loan or debt. (2) This section applies to all loans.
Utah Code § 61-2e-203 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-203
§ 61-2e-203. Criminal background check -- Conditional registration -- Changes in ownership or controlling person.
Status: in_force

(1) The division shall request the Department of Public Safety to complete a Federal Bureau of Investigation criminal background check for an individual described in Subsection 61-2e-202(2)(e) or (g) through the national criminal history system or any successor system. (2) (a) The entity filing the application under Section 61-2e-202 shall pay the cost of the criminal background check and the fingerprinting. (b) Money paid to the division by an entity for the cost of a criminal background check is nonlapsing. (3) (a) A registration issued under Section 61-2e-202 is conditional, pending completion of a criminal background check. (b) (i) A registration shall be immediately and automatically revoked if a criminal background check discloses that an individual described in Subsection 61-2e-202(2)(e) or (g) fails to accurately disclose a criminal history involving: (A) the appraisal industry; (B) the appraisal management industry; or (C) a felony conviction on the basis of an allegation of fraud, misrepresentation, or deceit. (ii) If a criminal background check discloses that an individual described in Subsection 61-2e-202(2)(e) or (g) fails to accurately disclose a criminal history other than that described in Subsection (3)(b)(i), the division shall review the application, and in accordance with rules made by the division pursuant to Title 63G, Chapter 3, Utah Administrative Rulemaking Act, may: (A) place a condition on a registration; (B) place a restriction on a registration; (C) revoke a registration; or (D) refer the application to the board for a decision. (c) An entity whose conditional registration is revoked under Subsection (3)(b)(i) or whose license is conditioned, restricted, or revoked under Subsection (3)(b)(ii) is entitled to a post-revocation hearing conducted in accordance with Title 63G, Chapter 4, Administrative Procedures Act, to challenge the revocation. (d) The board shall decide whether relief from the revocation of a registration under this Subsection (3) will be granted, except that relief from an automatic revocation under Subsection (3)(b)(i) may be granted only if: (i) the criminal history upon which the revocation is based: (A) did not occur; or (B) is the criminal history of another individual; (ii) (A) the revocation is based on a failure to accurately disclose a criminal history; and (B) the entity has a reasonable good faith belief at the time of application that there is no criminal history to be disclosed; or (iii) the division fails to follow the prescribed procedure for the revocation. (e) The board may delegate to the division the authority to conduct a post-revocation hearing under Subsection (3)(d). (f) If a registration is revoked or a revocation under this Subsection (3) is upheld after a post-revocation hearing, the entity may not apply for a new registration until at least 12 months after the day on which the registration is revoked. (4) (a) An appraisal management company shall comply with this Subsection (4) if there is a change in: (i) an individual who owns 10% or more of the entity; or (ii) the controlling person designated as the contact as required by Section 61-2e-201. (b) If there is a change in an individual described in Subsection (4)(a), within 30 days of the day on which the change occurs, the appraisal management company shall file with the division: (i) the individual's name, address, and contact information; (ii) a statement of whether or not the individual has 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 this state or in another state, territory, or the District of Columbia; and (iii) (A) fingerprint cards in a form acceptable to the division at the time the registration application is filed; and (B) consent to a criminal background check by the Utah Bureau of Criminal Identification and the Federal Bureau of Investigation regarding the application.
Utah Code § 61-2d-106 — Utah Code / Title 61 / Chapter 61-2d / § 61-2d-106
§ 61-2d-106. Arbitration clauses.
Status: in_force

To be valid, an arbitration clause in a high-cost mortgage contract must comply with the standards set forth in Title 78B, Chapter 11, Utah Uniform Arbitration Act or the Federal Arbitration Act, or any successor acts.
Utah Code § 61-1-10 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-10
§ 61-1-10. Registration by qualification.
Status: in_force

(1) Application may be made to register any security by qualification. (2) A registration statement under this section shall contain the following information and be accompanied by the following documents in addition to the information specified in Subsection 61-1-11(3) and the consent to service of process required by Section 61-1-26: (a) with respect to the issuer and any significant subsidiary: (i) its name, address, and form of organization; (ii) the state or foreign jurisdiction and date of its organization; (iii) the general character and location of its business; (iv) a description of its physical properties and equipment; and (v) a statement of the general competitive conditions in the industry or business in which it is or will be engaged; (b) with respect to every director and officer of the issuer or person occupying a similar status or performing similar functions: (i) his name, address, and principal occupation for the past five years; (ii) the amount of securities of the issuer held by him as of a specified date within 30 days of the filing of the registration statement; (iii) the amount of the securities covered by the registration statement to which he has indicated his intention to subscribe; and (iv) a description of any material interest in any material transaction with the issuer or any significant subsidiary affected within the past three years or proposed to be affected; (c) with respect to persons covered by Subsection (2)(b), the remuneration paid during the past 12 months and estimated to be paid during the next 12 months, directly or indirectly, by the issuer, together with all predecessors, parents, subsidiaries, and affiliates, to all those persons in the aggregate; (d) with respect to any person owning of record, or beneficially if known, 10% or more of the outstanding shares of any class of equity security of the issuer, the information specified in Subsection (2)(b) other than the person's occupation; (e) with respect to every promoter if the issuer was organized within the past three years, the information specified in Subsection (2)(b), any amount paid to the promoter within that period or intended to be paid to the promoter, and the consideration for any such payment; (f) with respect to any person on whose behalf any part of the offering is to be made in a nonissuer distribution: (i) the person's name and address; (ii) the amount of securities of the issuer held by the person as of the date of filing of the registration statement; (iii) a description of any material interest in any material transaction with the issuer or any significant subsidiary effected within the past three years or proposed to be effected; and (iv) a statement of the person's reasons for making the offering; (g) the capitalization and long-term debt, on both a current and pro forma basis, of the issuer and any significant subsidiary, including a description of each security outstanding or being registered or otherwise offered, and a statement of the amount and kind of consideration, whether in the form of cash, physical assets, services, patents, goodwill, or anything else, for which the issuer or any subsidiary has issued any of its securities within the past two years or is obligated to issue any of its securities; (h) (i) the kind and amount of securities to be offered; (ii) the proposed offering price or the method by which it is to be computed; (iii) any variation therefrom at which any proportion of the offering is to be made to any person or class of persons other than the underwriters, with a specification of any such person or class; (iv) the basis upon which the offering is to be made if otherwise than for cash; (v) the estimated aggregate underwriting and selling discounts or commissions and finders' fees, including separately cash, securities, contracts, or anything else of value to accrue to the underwriters or finders in connection with the offering, or, if the selling discounts or commissions are variable, the basis of determining them and their maximum and minimum amounts; (vi) the estimated amounts of other selling expenses, including legal, engineering, and accounting charges; (vii) the name and address of every underwriter and every recipient of a finder's fee; (viii) a copy of any underwriting or selling-group agreement under which the distribution is to be made, or the proposed form of any such agreement whose terms have not yet been determined; and (ix) a description of the plan of distribution of any securities which are to be offered otherwise than through an underwriter; (i) (i) the estimated cash proceeds to be received by the issuer from the offering; (ii) the purposes for which the proceeds are to be used by the issuer; (iii) the amount to be used for each purpose; (iv) the order or priority in which the proceeds will be used for the purposes stated; (v) the amounts of any funds to be raised from other sources to achieve the purposes stated and the sources of any such funds; and (vi) if any part of the proceeds is to be used to acquire any property, including goodwill, otherwise than in the ordinary course of business, the names and addresses of the vendors, the purchase price, the names of any persons who have received commissions in connection with the acquisition, and the amounts of any such commissions and any other expense in connection with the acquisition, including the cost of borrowing money to finance the acquisition; (j) a description of any stock options or other security options outstanding, or to be created in connection with the offering, together with the amount of any such option held or to be held by every person required to be named in Subsection (2)(b), (d), (e), (f), or (h) and by any person who holds or will hold 10% or more in the aggregate of any such options; (k) (i) the dates of, parties to, and general effect concisely stated of, every management or other material contract made or to be made otherwise than in the ordinary course of business if it is to be performed in whole or in part at or after the filing of the registration statement or was made within the past two years, together with a copy of every such contract; and (ii) a description of any pending litigation or proceeding to which the issuer is a party and which materially affects its business or assets, including any such litigation or proceeding known to be contemplated by governmental authorities; (l) a copy of any prospectus, pamphlet, circular, form letter, advertisement, or other sales literature intended as of the effective date to be used in connection with the offering; (m) (i) a specimen copy of the security being registered; (ii) a copy of the issuer's articles of incorporation, and bylaws, if any, or their substantial equivalents, as currently in effect; and (iii) a copy of any indenture or other instrument covering the security to be registered; (n) a signed or conformed copy of an opinion of counsel as to the legality of the security being registered, with an English translation if it is in a foreign language, which shall state whether the security when sold will be legally issued, fully paid, and nonassessable, and if a debt security, a binding obligation of the issuer; (o) the written consent of any accountant, engineer, appraiser, or other person whose profession gives authority to a statement made by him, if that person is named as having prepared or certified a report or valuation, other than a public and official document or statement, which is used in connection with the registration statement; (p) (i) a balance sheet of the issuer as of a date within four months prior to the filing of the registration statement; (ii) a profit and loss statement and analysis of retained earnings for each of the three fiscal years preceding the date of the balance sheet and for any period between the close of the last fiscal year and the date of the balance sheet, or for the period of the issuer's and any predecessors' existence if less than three years; and (iii) if any part of the proceeds of the offering is to be applied to the purchase of any business, the same financial statements which would be required if that business were the registrant; and (q) such additional information or verification of any statement as the division requires by rule or order. (3) A registration statement under this section becomes effective when the division so orders. (4) As a condition of registration under this section, a prospectus containing the information, but not containing copies of contracts or agreements specified in Subsections (2)(a) through (k) and (p) shall be sent or given to each person to whom an offer is made before or concurrently with: (a) the first written offer made to the person, otherwise than by means of a public advertisement, by or for the account of the issuer or any other person on whose behalf the offering is being made, or by any underwriter or broker-dealer who is offering part of an unsold allotment or subscription taken by the person as a participant in the distribution; (b) the confirmation of any sale made by or for the account of any such person; (c) payment pursuant to any such sale; or (d) delivery of the security pursuant to any such sale, whichever occurs first.
Utah Code § 61-2c-101 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-101
§ 61-2c-101. Title.
Status: in_force

This chapter is known as the "Utah Residential Mortgage Practices and Licensing Act."
Utah Code § 61-2f-511 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-511
§ 61-2f-511. Authority to take disciplinary action.
Status: in_force

(1) This part does not limit the authority of the director of the division to take disciplinary action against a real estate licensee for a violation of this chapter or of the rules of the commission and division. (2) A real estate licensee's payment of all the obligations of the real estate licensee to the fund does not nullify or modify the effect of any other disciplinary proceeding brought pursuant to this chapter or the rules of the commission.
Utah Code § 61-2f-305 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-305
§ 61-2f-305. Restrictions on commissions.
Status: in_force

(1) Except as provided in Subsection (2), an associate broker or sales agent may not accept valuable consideration for the performance of an act specified in this chapter from a person except the principal broker with whom the associate broker or sales agent is affiliated. (2) An associate broker or sales agent may receive valuable consideration for the performance of an act specified in this chapter from a person other than the principal broker with whom the associate broker or sales agent is affiliated if: (a) the valuable consideration is paid with a payment instrument prepared by a title insurance agent; and (b) the title insurance agent complies with the written instructions of the principal broker: (i) in preparing the payment instrument; and (ii) delivering the payment instrument to the associate broker or sales agent. (3) The commission, with the concurrence of the division, may make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act: (a) defining what constitutes a "payment instrument" for purposes of this section; or (b) the form and contents of the written instructions required by Subsection (2), including providing that the contents of the written instructions indicate that the payment instrument process is an assignment to the associate broker or sales agent by the principal broker of a portion of the consideration the title insurance agent is obligated to pay the principal broker.
Utah Code § 61-2g-406 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-406
§ 61-2g-406. Contingent fees.
Status: in_force

(1) A person licensed or certified under this chapter who enters into an agreement to perform an appraisal may not accept a contingent fee. (2) A person may accept payment of a fixed fee or a contingent fee when the person: (a) if the person is not licensed or certified under this chapter, presents or provides a price estimate or property tax information in accordance with Section 59-2-1017; or (b) if the person is licensed or certified under this chapter, enters into an agreement to provide consultation services. (3) A person that accepts payment of a fee under Subsection (2) shall: (a) clearly state in each oral statement the fact that the person is accepting payment of a fee under a contingent fee arrangement and whether the person is licensed or certified under this chapter; and (b) clearly state in any written consultation report or summary, letter of transmittal, certification statement, price estimate, or property tax information that the document is prepared under a contingent fee arrangement and whether the person is licensed or certified under this chapter.
Utah Code § 61-1-18.3 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-18.3
§ 61-1-18.3. Information obtained by division or commission -- Use for personal benefit prohibited -- Disclosure.
Status: in_force

(1) It is unlawful for an employee of the division or a member of the commission to use for personal benefit any non-public information that is filed with or obtained by the division or commission. (2) This chapter does not authorize the division, an employee of the division, the commission, or a member of the commission to disclose information described in Subsection (1), except among themselves or when necessary or appropriate in a proceeding or investigation under this chapter. (3) No provision of this chapter either creates or derogates from a privilege that exists at common law or otherwise when documentary or other evidence is sought under subpoena directed to: (a) the division; (b) the commission; (c) a member of the commission; or (d) an employee of the division.
Utah Code § 61-2c-205 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-205
§ 61-2c-205. Term of licensure -- Renewal -- Reporting of changes.
Status: in_force

(1) (a) A license issued under this chapter expires as follows: (i) for the calendar year the license is issued: (A) if the license is issued on or before October 31, the license expires on December 31 of the same calendar year; and (B) if the license is issued on or after November 1, the license expires on December 31 of the following calendar year; and (ii) after the December 31 on which a license expires under Subsection (1)(a)(i), a license expires annually on December 31. (b) Notwithstanding Subsection (1)(a), the time period of a license 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 license, no later than the date the license expires, a licensee shall in a manner provided by the division by rule: (a) file a renewal statement; (b) furnish the information required by Subsection 61-2c-202(1); (c) renew the licensee's registration with the nationwide database, including the payment of a fee required by the nationwide database; (d) pay a fee to the division established by the division in accordance with Section 63J-1-504; and (e) if the licensee is an individual, submit proof of having completed the continuing education required under Section 61-2c-204.1, according to the deadline the division establishes by rule in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. (3) (a) A licensee under this chapter shall notify the division in a manner provided by the division by rule within 10 days of the date on which there is a change in: (i) a name under which the licensee transacts the business of residential mortgage loans in this state; (ii) (A) if the licensee is an entity, the business location of the licensee; or (B) if the licensee is an individual, the home and business addresses of the individual; (iii) the principal lending manager of the entity; (iv) the entity with which an individual licensee is licensed to conduct the business of residential mortgage loans; or (v) any other information that is defined as material by rule made by the division. (b) Failure to notify the division of a change described in Subsection (3)(a) is separate grounds for disciplinary action against a licensee. (c) The division may charge a fee established in accordance with Section 63J-1-504 for processing a change that a licensee is required to report to the division under Subsection (3)(a). (4) (a) A licensee shall notify the division by sending the division a signed statement within 10 business days of: (i) a conviction of, or the entry of a plea in abeyance to: (A) a felony; or (B) a misdemeanor involving financial services or a financial services-related business, fraud, a false statement or omission, theft or wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion; (ii) the potential resolution of a felony or of a misdemeanor described in Subsection (4)(a)(i)(B) by a diversion agreement, or any other agreement under which a criminal charge is held in suspense for a period of time; (iii) filing a personal bankruptcy or bankruptcy of a business that transacts the business of residential mortgage loans; (iv) the suspension, revocation, surrender, cancellation, or denial of a professional license or professional registration of the licensee, whether the license or registration is issued by this state or another jurisdiction; or (v) the entry of a cease and desist order or a temporary or permanent injunction: (A) against the licensee by a court or licensing agency; and (B) based on conduct or a practice involving the business of residential mortgage loans, or conduct involving fraud, misrepresentation, or deceit. (b) The commission, with the concurrence of the division, shall enforce the reporting requirement under this Subsection (4) pursuant to Section 61-2c-402. (5) (a) A license under this chapter expires if the licensee does not apply to renew the license on or before the expiration date of the license. (b) A licensee whose license has expired may apply to reinstate the expired license, in a manner provided by the division by rule by: (i) requesting reinstatement; (ii) paying to the division a renewal fee and a late fee determined by the division under Section 63J-1-504; and (iii) reinstating the licensee's registration with the nationwide database, including the payment of a fee required by the nationwide database.
Utah Code § 61-1-13 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-13
§ 61-1-13. Definitions.
Status: in_force

(1) As used in this chapter: (a) "Affiliate" means a person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with a person specified. (b) (i) "Agent" means an individual other than a broker-dealer who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities. (ii) "Agent" does not include an individual who represents: (A) an issuer, who receives no commission or other remuneration, directly or indirectly, for effecting or attempting to effect purchases or sales of securities in this state, and who effects transactions: (I) in securities exempted by Subsection 61-1-14(1)(a), (b), (c), or (g); (II) exempted by Subsection 61-1-14(2); (III) in a covered security as described in Sections 18(b)(3) and 18(b)(4)(F) of the Securities Act of 1933; or (IV) with existing employees, partners, officers, or directors of the issuer; or (B) a broker-dealer in effecting transactions in this state limited to those transactions described in Section 15(h)(2) of the Securities Exchange Act of 1934. (iii) A partner, officer, or director of a broker-dealer or issuer, or a person occupying a similar status or performing similar functions, is an agent only if the partner, officer, director, or person otherwise comes within the definition of "agent." (iv) "Agent" does not include a person described in Subsection (3). (c) (i) "Broker-dealer" means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. (ii) "Broker-dealer" does not include: (A) an agent; (B) an issuer; (C) a depository institution or trust company; (D) a person who has no place of business in this state if: (I) the person effects transactions in this state exclusively with or through: (Aa) the issuers of the securities involved in the transactions; (Bb) other broker-dealers; (Cc) a depository institution, whether acting for itself or as a trustee; (Dd) a trust company, whether acting for itself or as a trustee; (Ee) an insurance company, whether acting for itself or as a trustee; (Ff) an investment company, as defined in the Investment Company Act of 1940, whether acting for itself or as a trustee; (Gg) a pension or profit-sharing trust, whether acting for itself or as a trustee; or (Hh) another financial institution or institutional buyer, whether acting for itself or as a trustee; or (II) during any period of 12 consecutive months the person does not direct more than 15 offers to sell or buy into this state in any manner to persons other than those specified in Subsection (1)(c)(ii)(D)(I), whether or not the offeror or an offeree is then present in this state; (E) a general partner who organizes and effects transactions in securities of three or fewer limited partnerships, of which the person is the general partner, in any period of 12 consecutive months; (F) a person whose participation in transactions in securities is confined to those transactions made by or through a broker-dealer licensed in this state; (G) a person who is a principal broker or associate broker licensed in this state and who effects transactions 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; (H) a person effecting transactions in commodity contracts or commodity options; (I) a person described in Subsection (3); or (J) other persons as the division, by rule or order, may designate, consistent with the public interest and protection of investors, as not within the intent of this Subsection (1)(c). (d) "Buy" or "purchase" means a contract for purchase of, contract to buy, or acquisition of a security or interest in a security for value. (e) "Commission" means the Securities Commission created in Section 61-1-18.5. (f) "Commodity" means, except as otherwise specified by the division by rule: (i) an agricultural, grain, or livestock product or byproduct, except real property or a timber, agricultural, or livestock product grown or raised on real property and offered or sold by the owner or lessee of the real property; (ii) a metal or mineral, including a precious metal, except a numismatic coin whose fair market value is at least 15% greater than the value of the metal it contains; (iii) a gem or gemstone, whether characterized as precious, semi-precious, or otherwise; (iv) a fuel, whether liquid, gaseous, or otherwise; (v) a foreign currency; and (vi) all other goods, articles, products, or items of any kind, except a work of art offered or sold by art dealers, at public auction or offered or sold through a private sale by the owner of the work. (g) (i) "Commodity contract" means an account, agreement, or contract for the purchase or sale, primarily for speculation or investment purposes and not for use or consumption by the offeree or purchaser, of one or more commodities, whether for immediate or subsequent delivery or whether delivery is intended by the parties, and whether characterized as a cash contract, deferred shipment or deferred delivery contract, forward contract, futures contract, installment or margin contract, leverage contract, or otherwise. (ii) A commodity contract offered or sold shall, in the absence of evidence to the contrary, be presumed to be offered or sold for speculation or investment purposes. (iii) (A) A commodity contract may not include a contract or agreement that requires, and under which the purchaser receives, within 28 calendar days from the payment in good funds any portion of the purchase price, physical delivery of the total amount of each commodity to be purchased under the contract or agreement. (B) A purchaser is not considered to have received physical delivery of the total amount of each commodity to be purchased under the contract or agreement when the commodity or commodities are held as collateral for a loan or are subject to a lien of any person when the loan or lien arises in connection with the purchase of each commodity or commodities. (h) (i) "Commodity option" means an account, agreement, or contract giving a party to the option the right but not the obligation to purchase or sell one or more commodities or one or more commodity contracts, or both whether characterized as an option, privilege, indemnity, bid, offer, put, call, advance guaranty, decline guaranty, or otherwise. (ii) "Commodity option" does not include an option traded on a national securities exchange registered: (A) with the Securities and Exchange Commission; or (B) on a board of trade designated as a contract market by the Commodity Futures Trading Commission. (i) "Depository institution" means the same as that term is defined in Section 7-1-103. (j) "Director" means the director of the division appointed in accordance with Section 61-1-18. (k) "Division" means the Division of Securities established by Section 61-1-18. (l) "Executive director" means the executive director of the Department of Commerce. (m) "Federal covered adviser" means a person who: (i) is registered under Section 203 of the Investment Advisers Act of 1940; or (ii) is excluded from the definition of "investment adviser" under Section 202(a)(11) of the Investment Advisers Act of 1940. (n) "Federal covered security" means a security that is a covered security under Section 18(b) of the Securities Act of 1933 or rules or regulations promulgated under Section 18(b) of the Securities Act of 1933. (o) "Fraud," "deceit," and "defraud" are not limited to their common-law meanings. (p) "Guaranteed" means guaranteed as to payment of principal or interest as to debt securities, or dividends as to equity securities. (q) (i) "Investment adviser" means a person who: (A) for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities; or (B) for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. (ii) "Investment adviser" includes a financial planner or other person who: (A) as an integral component of other financially related services, provides the investment advisory services described in Subsection (1)(q)(i) to others as part of a business; (B) holds the person out as providing the investment advisory services described in Subsection (1)(q)(i) to others; or (C) holds the person out as a financial adviser, financial consultant, or any other similar title as the division may specify in rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, in any way as to imply that the person is generally engaged in an investment advisory business, including a person who does not hold a securities license and uses a title described in this Subsection (1)(q)(ii)(C) in any advertising or marketing material. (iii) "Investment adviser" does not include: (A) an investment adviser representative; (B) a depository institution or trust company; (C) a lawyer, accountant, engineer, or teacher whose performance of these services is solely incidental to the practice of the profession; (D) a broker-dealer or its agent whose performance of these services is solely incidental to the conduct of its business as a broker-dealer and who receives no special compensation for the services; (E) a publisher of a bona fide newspaper, news column, news letter, news magazine, or business or financial publication or service, of general, regular, and paid circulation, whether communicated in hard copy form, or by electronic means, or otherwise, that does not consist of the rendering of advice on the basis of the specific investment situation of each client; (F) a person who is a federal covered adviser; (G) a person described in Subsection (3); or (H) such other persons not within the intent of this Subsection (1)(q) as the division may by rule or order designate. (r) (i) "Investment adviser representative" means a partner, officer, director of, or a person occupying a similar status or performing similar functions, or other individual, except clerical or ministerial personnel, who: (A) (I) is employed by or associated with an investment adviser who is licensed or required to be licensed under this chapter; or (II) has a place of business located in this state and is employed by or associated with a federal covered adviser; and (B) does any of the following: (I) makes a recommendation or otherwise renders advice regarding securities; (II) manages accounts or portfolios of clients; (III) determines which recommendation or advice regarding securities should be given; (IV) solicits, offers, or negotiates for the sale of or sells investment advisory services; or (V) supervises employees who perform any of the acts described in this Subsection (1)(r)(i)(B). (ii) "Investment adviser representative" does not include a person described in Subsection (3). (s) "Investment contract" includes: (i) an investment in a common enterprise with the expectation of profit to be derived through the essential managerial efforts of someone other than the investor; or (ii) an investment by which: (A) an offeree furnishes initial value to an offerer; (B) a portion of the initial value is subjected to the risks of the enterprise; (C) the furnishing of the initial value is induced by the offerer's promises or representations that give rise to a reasonable understanding that a valuable benefit of some kind over and above the initial value will accrue to the offeree as a result of the operation of the enterprise; and (D) the offeree does not receive the right to exercise practical and actual control over the managerial decisions of the enterprise. (t) "Isolated transaction" means not more than a total of two transactions that occur anywhere during six consecutive months. (u) (i) "Issuer" means a person who issues or proposes to issue a security or has outstanding a security that it has issued. (ii) With respect to a preorganization certificate or subscription, "issuer" means the one or more promoters of the person to be organized. (iii) "Issuer" means the one or more persons performing the acts and assuming duties of a depositor or manager under the provisions of the trust or other agreement or instrument under which the security is issued with respect to: (A) interests in trusts, including collateral trust certificates, voting trust certificates, and certificates of deposit for securities; or (B) shares in an investment company without a board of directors. (iv) With respect to an equipment trust certificate, a conditional sales contract, or similar securities serving the same purpose, "issuer" means the person by whom the equipment or property is to be used. (v) With respect to interests in partnerships, general or limited, "issuer" means the partnership itself and not the general partner or partners. (vi) With respect to certificates of interest or participation in oil, gas, or mining titles or leases or in payment out of production under the titles or leases, "issuer" means the owner of the title or lease or right of production, whether whole or fractional, who creates fractional interests therein for the purpose of sale. (v) (i) "Life settlement interest" means the entire interest or a fractional interest in any of the following that is the subject of a life settlement: (A) a policy; or (B) the death benefit under a policy. (ii) "Life settlement interest" does not include the initial purchase from the owner by a life settlement provider. (w) "Nonissuer" means not directly or indirectly for the benefit of the issuer. (x) "Person" means: (i) an individual; (ii) a corporation; (iii) a partnership; (iv) a limited liability company; (v) an association; (vi) a joint-stock company; (vii) a joint venture; (viii) a trust where the interests of the beneficiaries are evidenced by a security; (ix) an unincorporated organization; (x) a government; or (xi) a political subdivision of a government. (y) "Precious metal" means the following, whether in coin, bullion, or other form: (i) silver; (ii) gold; (iii) platinum; (iv) palladium; (v) copper; and (vi) such other substances as the division may specify by rule. (z) "Promoter" means a person who, acting alone or in concert with one or more persons, takes initiative in founding or organizing the business or enterprise of a person. (aa) (i) Except as provided in Subsection (1)(aa)(ii), "record" means information that is: (A) inscribed in a tangible medium; or (B) (I) stored in an electronic or other medium; and (II) retrievable in perceivable form. (ii) This Subsection (1)(aa) does not apply when the context requires otherwise, including when "record" is used in the following phrases: (A) "of record"; (B) "official record"; or (C) "public record." (bb) (i) "Sale" or "sell" includes a contract for sale of, contract to sell, or disposition of, a security or interest in a security for value. (ii) "Offer" or "offer to sell" includes an attempt or offer to dispose of, or solicitation of an offer to buy, a security or interest in a security for value. (iii) The following are examples of the definitions in Subsection (1)(bb)(i) or (ii): (A) a security given or delivered with or as a bonus on account of a purchase of a security or any other thing, is part of the subject of the purchase, and is offered and sold for value; (B) a purported gift of assessable stock is an offer or sale as is each assessment levied on the stock; (C) an offer or sale of a security that is convertible into, or entitles its holder to acquire or subscribe to another security of the same or another issuer is an offer or sale of that security, and also an offer of the other security, whether the right to convert or acquire is exercisable immediately or in the future; (D) a conversion or exchange of one security for another constitutes an offer or sale of the security received in a conversion or exchange, and the offer to buy or the purchase of the security converted or exchanged; (E) securities distributed as a dividend wherein the person receiving the dividend surrenders the right, or the alternative right, to receive a cash or property dividend is an offer or sale; (F) a dividend of a security of another issuer is an offer or sale; or (G) the issuance of a security under a merger, consolidation, reorganization, recapitalization, reclassification, or acquisition of assets constitutes the offer or sale of the security issued as well as the offer to buy or the purchase of a security surrendered in connection therewith, unless the sole purpose of the transaction is to change the issuer's domicile. (iv) The terms defined in Subsections (1)(bb)(i) and (ii) do not include: (A) a good faith gift; (B) a transfer by death; (C) a transfer by termination of a trust or of a beneficial interest in a trust; (D) a security dividend not within Subsection (1)(bb)(iii)(E) or (F); or (E) a securities split or reverse split. (cc) "Securities Act of 1933," "Securities Exchange Act of 1934," and "Investment Company Act of 1940" mean the federal statutes of those names as amended before or after the effective date of this chapter. (dd) "Securities Exchange Commission" means the United States Securities Exchange Commission created by the Securities Exchange Act of 1934. (ee) (i) "Security" means a: (A) note; (B) stock; (C) treasury stock; (D) bond; (E) debenture; (F) evidence of indebtedness; (G) certificate of interest or participation in a profit-sharing agreement; (H) collateral-trust certificate; (I) preorganization certificate or subscription; (J) transferable share; (K) investment contract; (L) burial certificate or burial contract; (M) voting-trust certificate; (N) certificate of deposit for a security; (O) certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease; (P) commodity contract or commodity option; (Q) interest in a limited liability company; (R) life settlement interest; or (S) in general, an interest or instrument commonly known as a "security," or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase an item listed in Subsections (1)(ee)(i)(A) through (R). (ii) "Security" does not include: (A) an insurance or endowment policy or annuity contract under which an insurance company promises to pay money in a lump sum or periodically for life or some other specified period; (B) an interest in a limited liability company in which the limited liability company is formed as part of an estate plan where all of the members are related by blood or marriage, or the person claiming this exception can prove that all of the members are actively engaged in the management of the limited liability company; or (C) (I) a whole long-term estate in real property; (II) an undivided fractionalized long-term estate in real property that consists of 10 or fewer owners; or (III) an undivided fractionalized long-term estate in real property that consists of more than 10 owners if, when the real property estate is subject to a management agreement: (Aa) the management agreement permits a simple majority of owners of the real property estate to not renew or to terminate the management agreement at the earlier of the end of the management agreement's current term, or 180 days after the day on which the owners give notice of termination to the manager; and (Bb) the management agreement prohibits, directly or indirectly, the lending of the proceeds earned from the real property estate or the use or pledge of its assets to a person or entity affiliated with or under common control of the manager. (iii) For purposes of Subsection (1)(ee)(ii)(B), evidence that members vote or have the right to vote, or the right to information concerning the business and affairs of the limited liability company, or the right to participate in management, may not establish, without more, that all members are actively engaged in the management of the limited liability company. (ff) "State" means a state, territory, or possession of the United States, the District of Columbia, and Puerto Rico. (gg) (i) "Undivided fractionalized long-term estate" means the same as that term is defined in Section 57-29-102. (ii) "Undivided fractionalized long-term estate" does not include a joint tenancy. (hh) "Undue influence" means that a person uses a relationship or position of authority, trust, or confidence: (i) that is unrelated to a relationship created: (A) in the ordinary course of making investments regulated under this chapter; or (B) by a licensee providing services under this chapter; (ii) that results in: (A) an investor perceiving the person as having heightened credibility, personal trustworthiness, or dependability; or (B) the person having special access to or control of an investor's financial resources, information, or circumstances; and (iii) to: (A) exploit the trust, dependence, or fear of the investor; (B) knowingly assist or cause another to exploit the trust, dependence, or fear of the investor; or (C) gain control deceptively over the decision making of the investor. (ii) "Vulnerable adult" means the same as that term is defined in Section 26B-6-201. (jj) "Whole long-term estate" means a person owns or persons through joint tenancy own real property through a fee estate. (kk) "Working days" means 8 a.m. to 5 p.m., Monday through Friday, exclusive of legal holidays listed in Section 63G-1-301. (2) A term not defined in this section shall have the meaning as established by division rule. The meaning of a term neither defined in this section nor by rule of the division shall be the meaning commonly accepted in the business community. (3) (a) This Subsection (3) applies to the offer or sale of a real property estate exempted from the definition of security under Subsection (1)(ee)(ii)(C). (b) A person who, directly or indirectly receives compensation in connection with the offer or sale as provided in this Subsection (3) of a real property estate is not an agent, broker-dealer, investment adviser, or investment adviser representative under this chapter if that person is licensed under Chapter 2f, Real Estate Licensing and Practices Act, as: (i) a principal broker; (ii) an associate broker; or (iii) a sales agent.
Utah Code § 61-2e-302 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-302
§ 61-2e-302. Adherence to standards.
Status: in_force

(1) An appraisal management company required to be registered under this chapter shall have a system in place to: (a) ensure that the appraisal management company only selects for a real estate appraisal activity an appraiser who: (i) is independent of the transaction; and (ii) has the requisite education, expertise, and experience necessary to competently complete the real estate appraisal activity for the particular market and property type; (b) review the work of an appraiser who performs a real estate appraisal activity for the appraisal management company on a periodic basis to ensure that a real estate appraisal activity is conducted in accordance with applicable appraisal standards; and (c) ensure that the appraisal management company conducts appraisal management services in accordance with the requirements of the Truth in Lending Act, 15 U.S.C. Sec. 1639e(a)-(i), and the regulations thereunder. (2) As part of the registration process under Part 2, Registration, an appraisal management company shall biennially provide an explanation of each system described in Subsection (1) in the form prescribed by the division.
Utah Code § 61-2c-402 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-402
§ 61-2c-402. Disciplinary action.
Status: in_force

(1) Subject to the requirements of Section 61-2c-402.1, the commission, with the concurrence of the division, may impose a sanction described in Subsection (2) against a person if the person: (a) (i) is a licensee or a person required to be licensed under this chapter; and (ii) violates this chapter; or (b) (i) is not registered under this chapter; and (ii) violated a provision of this chapter during a period in which: (A) the provision of this chapter was in effect; and (B) the person was registered or required to be registered under this chapter; or (c) (i) is a certified education provider or person required to be certified to provide prelicensing or continuing education under this chapter; and (ii) violates this chapter. (2) The commission, with the concurrence of the director, may against a person described in Subsection (1): (a) impose an educational requirement; (b) impose a civil penalty against the individual or entity in an amount not to exceed the greater of: (i) except as provided in Subsection (2)(b)(ii), $5,000 for each violation; (ii) $10,000 for each violation, if the person knew or should have known that the property owner was an individual 65 years old or older, or a vulnerable adult; or (iii) the amount equal to any gain or economic benefit derived from each violation; (c) deny an application for an original license; (d) do any of the following to a license under this chapter: (i) suspend; (ii) revoke; (iii) place on probation; (iv) reduce a lending manager license to a loan originator license; (v) deny renewal; (vi) deny reinstatement; or (vii) in the case of a denial of a license or a suspension that extends to the expiration date of a license, set a waiting period for a person to apply for a license under this chapter; (e) issue a cease and desist order; (f) require the reimbursement of the division of costs incurred by the division related to the recovery, storage, or destruction of a record that the person disposes of in a manner that violates this chapter or a rule made under this chapter; (g) modify a sanction described in Subsections (2)(a) through (f) if the commission finds that the person complies with court ordered restitution; or (h) impose any combination of sanctions described in this Subsection (2). (3) (a) If the commission, with the concurrence of the division, issues an order that orders a fine or educational requirements as part of a disciplinary action against a person, including a stipulation and order, the commission shall state in the order the deadline by which the person shall comply with the fine or educational requirements. (b) If a person fails to comply with a stated deadline: (i) the person's license or certificate is automatically suspended: (A) beginning the day specified in the order as the deadline for compliance; and (B) ending the day on which the person complies in full with the order; and (ii) if the person fails to pay a fine required by an order, the division may begin a collection process: (A) established by the division by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and (B) subject to Title 63A, Chapter 3, Part 5, Office of State Debt Collection. (4) (a) A person whose license was revoked under this chapter before May 11, 2010, may request that the revocation be converted to a suspension under this Subsection (4): (i) if the revocation was not as a result of a felony conviction involving fraud, misrepresentation, deceit, dishonesty, breach of trust, or money laundering; and (ii) by filing a written request with the division. (b) Upon receipt of a request to convert a revocation under this Subsection (4), the commission, with the concurrence of the director, shall determine whether to convert the revocation. (c) The commission may delegate to the division the authority to decide whether to convert a revocation. (d) If the division, acting under Subsection (4)(c), denies a request to convert a revocation, the person who requests the conversion may appeal the decision in a hearing conducted by the commission: (i) after the division denies the request to convert the revocation; and (ii) in accordance with Title 63G, Chapter 4, Administrative Procedures Act. (e) The commission may delegate to the division or an administrative law judge the authority to conduct a hearing described in Subsection (4)(d). (5) (a) A person whose license the commission revokes in accordance with this section may file a written request with the division for the vacation of the license revocation, if the person: (i) has not held a license under this chapter for at least eight years before the day on which the person files the request; and (ii) has not been convicted of a felony involving: (A) fraud; (B) misrepresentation; (C) deceit; (D) dishonesty; (E) breach of trust; or (F) money laundering. (b) After receiving a written request a person makes in accordance with Subsection (5)(a), the commission may vacate the revocation of the person's license: (i) after a hearing; and (ii) with the concurrence of the division. (c) A person whose license revocation is vacated in accordance with this Subsection (5) may apply for licensure in accordance with this chapter.
Utah Code § 61-2c-501 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-501
§ 61-2c-501. Fund created.
Status: in_force

(1) There is created an expendable special revenue fund known as the "Residential Mortgage Loan Education, Research, and Recovery Fund." (2) The interest earned on the fund shall be deposited into the fund. (3) 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 § 61-1-15 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-15
§ 61-1-15. Filing of sales literature.
Status: in_force

The division may by rule or order require the filing of any prospectus, pamphlet, circular, form letter, advertisement, or other sales literature or advertising communication addressed or intended for distribution to prospective investors, including clients or prospective clients of an investment adviser unless the security or transaction is exempted by Section 61-1-14 or is a federal covered security.
Utah Code § 61-2f-407 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-407
§ 61-2f-407. Remedies and action for violations.
Status: in_force

(1) (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 (1)(b), a cease and desist order shall remain in effect. (d) If a request for a hearing is made, the division shall follow the procedures and requirements of Title 63G, Chapter 4, Administrative Procedures Act. (2) (a) After a hearing requested under Subsection (1), if the commission and the director agree that an act of the person violates this chapter, the director: (i) shall issue an order making the order issued under Subsection (1) permanent; and (ii) may impose another disciplinary action under Section 61-2f-404. (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 the Division of Real Estate to enjoin and restrain the person from violating this chapter if: (i) (A) a hearing is not requested under Subsection (1); and (B) the person fails to cease the act described in Subsection (1); or (ii) after discontinuing the act described in Subsection (1), the person again commences the act. (c) Upon a proper showing in an action brought under this section or upon a conviction under Section 76-6-1203, 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) impose a civil penalty not to exceed the greater of: (A) $5,000 for each violation; or (B) the amount of any gain or economic benefit derived from a violation; and (viii) enter any other relief the court considers just. (d) The court may not require the division to post a bond in an action brought under this Subsection (2). (3) A license, certificate, or registration issued by the division to any person convicted of a violation of Section 76-6-1203 is automatically revoked. (4) 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.
Utah Code § 61-2f-301 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-301
§ 61-2f-301. Reporting requirements.
Status: in_force

(1) A licensee shall notify the division of the following by sending the division a signed statement within 10 business days after the day on which: (a) a personal or brokerage bankruptcy is filed, if the licensee is a principal broker; (b) a license or registration of the licensee that is necessary to engage in an occupation or profession is suspended, revoked, surrendered, canceled, or denied, regardless of whether the license or registration is issued by this state or another jurisdiction; or (c) a cease and desist order or a temporary or permanent injunction is issued: (i) against the licensee by a court or administrative agency; and (ii) on the basis of: (A) conduct or a practice involving the business of real estate; or (B) conduct involving fraud, misrepresentation, or deceit. (2) The commission, with the concurrence of the director, shall enforce the reporting requirement under this section pursuant to Section 61-2f-404.
Utah Code § 61-2g-305 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-305
§ 61-2g-305. Expiration of license, certification, or registration.
Status: in_force

(1) An initial license, certification, or registration issued under this chapter expires on the expiration date indicated on the license, certificate, or registration. (2) A renewal license, certification, or registration issued under this chapter expires two years from the date of issuance. (3) (a) The scheduled expiration date of a license, certification, or registration shall appear on the license, certification, or registration document. (b) (i) The division shall, at the division's discretion, mail or email a holder of a license, certification, or registration notice of its expiration to the last mailing or email address stated on the division's records as the holder's current mailing or email address. (ii) To be mailed or emailed a notice under this Subsection (3)(b), a holder of a license, certification, or registration shall provide to the division in writing the holder's current mailing or email address. (iii) A holder's license, certification, or registration expires if not renewed by the holder notwithstanding whether the holder receives a notice of its expiration by the division under this Subsection (3)(b).
Utah Code § 61-2g-315 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-315
§ 61-2g-315. Licensing, certification, and registration documents -- Assigned number to be used on contracts -- Surrender of documents upon suspension.
Status: in_force

(1) The division shall issue to a person licensed, certified, or registered under this chapter a document: (a) stating that the person is licensed, certified, or registered under this chapter; and (b) specifying the expiration date of a license or certification. (2) (a) A license, a certification, or a registration document issued under this chapter shall bear a license, certification, or registration number assigned by the division. (b) An assigned number shall be used in a statement of qualification, a contract, or another instrument used by the holder of the license, certificate, or registration when reference is made to the holder's status as being licensed, certified, or registered under this chapter. (3) (a) A license, certification, or registration document is the property of the state. (b) Upon a suspension or revocation of a license, certification, or registration under this chapter, the individual holding the applicable document shall immediately return the document to the division.
Utah Code § 61-1-103 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-103
§ 61-1-103. Procedure for disclosure.
Status: in_force

(1) To be a reporter for purposes of this part, the individual shall: (a) provide original information to the division or commission; (b) reasonably believe that the act that is disclosed by the original information is a violation of this chapter; and (c) provide the original information to the division or commission: (i) in writing; and (ii) in accordance with the procedures established by rule made by the division in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. (2) (a) Notwithstanding Title 63G, Chapter 2, Government Records Access and Management Act, and except as provided in Subsection (2)(b), the division, commission, or an employee of the division may not disclose information that could reasonably be expected to reveal the identity of a reporter. (b) This Subsection (2) is not intended to limit, and may not be construed to limit, the ability of the attorney general or division to present evidence to a grand jury or to share evidence with potential witnesses or defendants in the course of an ongoing criminal investigation.
Utah Code § 61-2f-207 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-207
§ 61-2f-207. Change of information -- Failure to notify.
Status: in_force

(1) An applicant, licensee, registrant, or certificate holder shall send the division a signed statement in the form required by the division notifying the division within 10 business days of any change of: (a) principal broker; (b) principal business location; (c) mailing address; (d) home street address; (e) an individual's name; or (f) business name. (2) (a) When providing the division a business location or home street address, a physical location or street address must be provided. (b) When providing a mailing address, an applicant, licensee, registrant, or certificate holder may provide a post office box or other mail drop location. (3) Failure to notify the division of a change described in Subsection (1) is separate grounds for disciplinary action against an applicant, licensee, registrant, or certificate holder. (4) An applicant, licensee, registrant, or certificate holder is considered to have received any notification that has been sent to the last address furnished to the division by the applicant, licensee, registrant, or certificate holder.
Utah Code § 61-2e-304 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-304
§ 61-2e-304. Required disclosure -- Customary and reasonable compensation.
Status: in_force

(1) Before an appraisal management company may receive money from a client for a real estate appraisal activity requested by the client, the appraisal management company shall disclose to the client the total compensation that the appraisal management company pays to the appraiser who performs the real estate appraisal activity. (2) An appraisal management company shall compensate an appraiser for an appraisal at a rate that is: (a) customary and reasonable for an appraisal in the geographic market area of the property being appraised; and (b) consistent with a presumption of compliance under the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, and implementing federal regulations. (3) The board may, with the concurrence of the division, define by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act: (a) the disclosures required to be made by the appraisal management company to the appraiser; (b) the disclosures required to be made by the appraiser in the appraisal report; (c) the form and content of the disclosure required by Subsection (1); and (d) the customary and reasonable compensation required to be paid to appraisers by appraisal management companies.
Utah Code § 61-1-101 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-101
§ 61-1-101. Title.
Status: in_force

This part is known as the "Securities Fraud Reporting Program Act."
Utah Code § 61-2c-105 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-105
§ 61-2c-105. Scope of chapter -- Exemptions.
Status: in_force

(1) (a) Except as to an individual who will engage in an activity as a mortgage loan originator, this chapter applies to a closed-end residential mortgage loan secured by a first lien or equivalent security interest on a dwelling. (b) This chapter does not apply to a transaction covered by Title 70C, Utah Consumer Credit Code. (2) The following are exempt from this chapter: (a) the federal government; (b) a state; (c) a political subdivision of a state; (d) an agency of or entity created by a governmental entity described in Subsections (2)(a) through (c) including: (i) the Utah Housing Corporation created in Section 63H-8-201; (ii) the Federal National Mortgage Corporation; (iii) the Federal Home Loan Mortgage Corporation; (iv) the Federal Deposit Insurance Corporation; (v) the Resolution Trust Corporation; (vi) the Government National Mortgage Association; (vii) the Federal Housing Administration; (viii) the National Credit Union Administration; (ix) the Farmers Home Administration; and (x) the United States Department of Veterans Affairs; (e) a depository institution; (f) an entity that controls, is controlled by, or is under common control with a depository institution; (g) an employee or agent of an entity described in Subsections (2)(a) through (f): (i) when that person acts on behalf of the entity described in Subsections (2)(a) through (f); and (ii) including an employee of: (A) a depository institution; (B) a subsidiary of a depository institution that is: (I) owned and controlled by the depository institution; and (II) regulated by a federal banking agency, as defined in 12 U.S.C. Sec. 5102; or (C) an institution regulated by the Farm Credit Administration; (h) except as provided in Subsection (3), a person who: (i) makes a loan: (A) secured by an interest in real property; (B) with the person's own money; and (C) for the person's own investment; and (ii) that does not engage in the business of making loans secured by an interest in real property; (i) except as provided in Subsection (3), a person who receives a mortgage, deed of trust, or consensual security interest on real property if the individual or entity: (i) is the seller of real property; and (ii) receives the mortgage, deed of trust, or consensual security interest on real property as security for a separate money obligation; (j) a person who receives a mortgage, deed of trust, or consensual security interest on real property if: (i) the person receives the mortgage, deed of trust, or consensual security interest as security for an obligation payable on an installment or deferred payment basis; (ii) the obligation described in Subsection (2)(j)(i) arises from a person providing materials or services used in the improvement of the real property that is the subject of the mortgage, deed of trust, or consensual security interest; and (iii) the mortgage, deed of trust, or consensual security interest is created without the consent of the owner of the real property that is the subject of the mortgage, deed of trust, or consensual security interest; (k) a nonprofit corporation that: (i) (A) is exempt from paying federal income taxes; (B) is certified by the United States Small Business Administration as a small business investment company; (C) is organized to promote economic development in this state; and (D) has as the nonprofit corporation's primary activity providing financing for business expansion; (ii) is a community development financial institution; or (iii) (A) is exempt from paying federal income taxes; (B) has as the nonprofit corporation's primary purpose serving the public by helping low-income individuals and families build, repair, or purchase housing; (C) does not require, under the terms of a mortgage, a balloon payment; and (D) to perform loan originator activities, uses only unpaid volunteers or employees whose compensation is not based on the number or size of the mortgage transactions that the employees originate; (l) an employee or volunteer for a nonprofit corporation described in Subsection (2)(k)(ii) or (iii), working within the scope of the nonprofit corporation's business; (m) except as provided in Subsection (3), a court appointed fiduciary; or (n) except as provided in Subsection (6), and subject to Subsection (5)(a), an attorney admitted to practice law in this state: (i) if the attorney is not principally engaged in the business of negotiating residential mortgage loans when considering the attorney's ordinary practice as a whole for all the attorney's clients; and (ii) when the attorney engages in loan modification assistance in the course of the attorney's practice as an attorney. (3) An individual who will engage in an activity as a mortgage loan originator is exempt from this chapter only if the individual is an employee or agent exempt under Subsection (2)(g). (4) (a) A loan processor or loan underwriter who is not a mortgage loan originator is not required to obtain a license under this chapter when the loan processor or loan underwriter is: (i) employed by, and acting on behalf of, a person or entity licensed under this chapter; and (ii) under the direction of and subject to the supervision of a person licensed under this chapter. (b) A loan processor or loan underwriter who is an independent contractor is not exempt under Subsection (4)(a). (5) (a) An attorney who is exempt from this chapter may not engage in conduct described in Section 61-2c-301 when transacting business of residential mortgage loans. (b) If an attorney exempt from this chapter violates Subsection (5)(a), the attorney: (i) is not subject to enforcement by the division under Part 4, Enforcement; and (ii) may be subject to disciplinary action generally applicable to an attorney admitted to practice law in this state. (c) If the division receives a complaint alleging an attorney exempt from this chapter is in violation of Subsection (5)(a) or that an attorney subject to this chapter has violated this chapter, the division shall forward the complaint to the Utah State Bar for disciplinary action. (6) (a) An individual who is exempt under Subsection (2), (3), or (4) may voluntarily obtain a license under this chapter by complying with Part 2, Licensure. (b) An individual who voluntarily obtains a license under this Subsection (6) shall comply with all the provisions of this chapter. (c) Notwithstanding Subsection (6)(b), an attorney who voluntarily obtains a license under this chapter is not subject to the provisions of this chapter when the attorney is acting within the scope of the attorney's role as an attorney, including when acting as an attorney for an individual or entity regulated under this chapter.
Utah Code § 61-2g-314 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-314
§ 61-2g-314. State-certified general appraiser -- Application -- Qualifications.
Status: in_force

(1) An applicant for certification as a general 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.
Utah Code § 61-2f-306 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-306
§ 61-2f-306. Rights and privileges of real estate licensees to fill out forms or documents.
Status: in_force

(1) Except as provided in Subsection (2), a real estate licensee may fill out only those legal forms approved by the commission and the attorney general, and those forms provided by statute. (2) (a) (i) A principal broker may fill out any documents associated with the closing of a real estate transaction. (ii) A branch broker or associate broker may fill out any documents associated with the closing of a real estate transaction if designated to fill out the documents by the principal broker with whom the branch broker or associate broker is affiliated. (b) A real estate licensee may fill out real estate forms prepared by legal counsel of the buyer, seller, lessor, or lessee. (c) If the commission and the attorney general have not approved a specific form for the transaction, a principal broker, associate broker, or sales agent may fill out real estate forms prepared by any legal counsel, including legal counsel retained by the brokerage to develop these forms. (3) The commission may, by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, subject to concurrence by the division, provide a process for the approval of a legal form under this section by the commission and the attorney general.
Utah Code § 61-2g-407 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-407
§ 61-2g-407. Consultation reports -- Restrictions on use of terms.
Status: in_force

A person who presents or provides a price estimate or property tax information in accordance with Section 59-2-1017, or prepares a written or oral consultation report, may not refer to the price estimate, property tax information, or consultation report as an appraisal, an appraisal report, or in any manner that may be interpreted as referring to an appraisal or an appraisal report.
Utah Code § 61-2c-405 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-405
§ 61-2c-405. Penalty for violating this chapter -- Automatic revocation.
Status: in_force

(1) In addition to being subject to a disciplinary action by the commission, a person required to be licensed or certified under this chapter who violates this chapter: (a) is guilty of a class A misdemeanor upon 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 or certification issued by the division to a person convicted of a violation of Section 76-6-1203 is automatically revoked.
Utah Code § 61-1-203 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-203
§ 61-1-203. Immunity for governmental and third party disclosures.
Status: in_force

A broker-dealer, an investment adviser, or a qualified individual who, in good faith and exercising reasonable care, notifies the division, Adult Protective Services, or a third party, in accordance with Section 61-1-202, is immune from administrative or civil liability that might otherwise arise from the notification.
Utah Code § 61-2c-210 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-210
§ 61-2c-210. Surrender of license.
Status: in_force

(1) The division may, by written agreement, accept the voluntary surrender of a license issued under this chapter. (2) Tender and acceptance of a voluntary surrender of a license under Subsection (1): (a) does not prevent the division from pursuing additional action, including disciplinary action, that relates to the surrendered license and is authorized by this chapter or by rules made under this chapter; and (b) terminates all rights and privileges associated with the license. (3) A person may restore the rights and privileges described in Subsection (2)(b) only if the person reapplies for, and is granted, licensure in accordance with the requirements described in this chapter. (4) Any documentation relating to the tender and acceptance of a voluntary surrender is a public record.
Utah Code § 61-1-18.4 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-18.4
§ 61-1-18.4. Fees collected by division.
Status: in_force

The Division of Securities shall establish, charge, and collect fees pursuant to Section 63J-1-504, except when it can be demonstrated that the fee amount should be based on factors other than cost, for the following: (1) the fair and reasonable cost of any examination, audit, or investigation authorized or required by this chapter or other state law; (2) certificate of serving and mailing process served upon the division in any action or proceeding commenced or prosecuted in this state against any person who has appointed the division its agent as provided in Subsection 61-1-26(7); and (3) copies and authentication of all papers, publications, data, and other records available to the public or issued under the division's authority.
Utah Code § 61-2c-501.5 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-501.5
§ 61-2c-501.5. Definitions.
Status: in_force

7/1/2026As used in this part: (1) "Civil judgment" means a judgment in a civil action that: (a) is awarded in an action brought against a person licensed under this chapter on the basis of fraud, misrepresentation, or deceit in a residential mortgage loan 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 person licensed under this chapter for a criminal offense involving fraud, misrepresentation, or deceit in a residential mortgage loan 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 Residential Mortgage Loan Education, Research, and Recovery Fund created in Section 61-2c-501.
Utah Code § 61-1-2 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-2
§ 61-1-2. Investment adviser -- Unlawful acts.
Status: in_force

(1) It is unlawful for any person who receives any consideration from another person primarily for advising the other person as to the value of securities or their purchase or sale, whether through the issuance of analyses or reports or otherwise to: (a) employ any device, scheme, or artifice to defraud the other person; (b) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the other person; or (c) divide or otherwise split any consideration with any person not licensed under this chapter as an investment adviser or investment adviser representative. (2) (a) Except as may be permitted by rule of the division, it is unlawful for any investment adviser to enter into, extend, or renew any investment advisory contract unless it provides in writing that: (i) the investment adviser shall not be compensated on the basis of a share of capital gains upon or capital appreciation of the funds or any portion of the funds of the client; (ii) no assignment of the contract may be made by the investment adviser without the consent of the other party to the contract; and (iii) the investment adviser, if a partnership, shall notify the other party to the contract of any change in the membership of the partnership within a reasonable time after the change. (b) Subsection 61-1-2(2)(a)(i) does not prohibit an investment advisory contract which provides for compensation based upon the total value of a fund averaged over a definite period, or as of definite dates or taken as of a definite date. (c) "Assignment," as used in Subsection 61-1-2(2)(a)(ii), includes any direct or indirect transfer or hypothecation of an investment advisory contract by the assignor or of a controlling block of the assignor's outstanding voting securities by a security holder of the assignor. (d) If the investment adviser is a partnership, no assignment of an investment advisory contract is considered to result from the death or withdrawal of a minority of the members of the investment adviser having only a minority interest in the business of the investment adviser, or from the admission to the investment adviser of one or more members who, after admission, will be only a minority of the members and will have only a minority interest in the business. (3) It is unlawful for any investment adviser to take or have custody of any securities or funds of any client if: (a) the division by rule prohibits custody; or (b) in the absence of a rule, the investment adviser fails to notify the division that he has or may have custody. (4) The division may by rule adopt exemptions from Subsections 61-1-2(2)(a)(i), (ii), and (iii) where such exemptions are consistent with the public interest and within the purposes fairly intended by the policy and provisions of this chapter.
Utah Code § 61-1-12 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-12
§ 61-1-12. Denial, suspension, and revocation of registration.
Status: in_force

(1) 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 issue a stop order that denies effectiveness to, or suspends or revokes the effectiveness of, any securities registration statement and may impose a fine if the director finds that the order is in the public interest and that: (a) the registration statement, as of its effective date or as of any earlier date in the case of an order denying effectiveness, or an amendment under Subsection 61-1-11(10) as of its effective date, or a report under Subsection 61-1-11(9), is incomplete in a material respect, or contains a statement that was, in the light of the circumstances under which it was made, false or misleading with respect to a material fact; (b) this chapter, or a rule, order, or condition lawfully imposed under this chapter, is willfully violated, in connection with the offering, by: (i) the person filing the registration statement; (ii) 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 registration statement is directly or indirectly controlled by or acting for the issuer; or (iii) an underwriter; (c) subject to Subsection (5), the security registered or sought to be registered is the subject of an administrative stop order or similar order, or a permanent or temporary injunction of a court of competent jurisdiction entered under another federal or state act applicable to the offering; (d) the issuer's enterprise or method of business includes or would include activities that are illegal where performed; (e) the offering has worked or tended to work a fraud upon purchasers or would so operate; (f) the offering is or would be 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; (g) when a security is sought to be registered by coordination, there is a failure to comply with the undertaking required by Subsection 61-1-9(2)(d); or (h) the applicant or registrant has failed to pay the proper filing fee. (2) The director may enter an order under this section but may vacate the order if the director finds that the conditions that prompted its entry have changed or that it is otherwise in the public interest to do so. (3) The director may not issue a stop order against an effective registration statement on the basis of a fact or transaction known to the division when the registration statement became effective unless the proceeding is instituted within the 120 days after the day on which the registration statement becomes effective. (4) A person may not be considered to have violated Section 61-1-7 or 61-1-15 by reason of an order or sale effected after the entry of an order under this section if that person proves by a preponderance of the evidence that the person did not know, and in the exercise of reasonable care could not have known, of the order. (5) (a) The director may not commence agency action against an effective registration statement under Subsection (1)(c) 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 (1)(c) on the basis of an order or injunction entered under the securities act of another state 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 commences the agency action.
Utah Code § 61-2f-208 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-208
§ 61-2f-208. Surrender of license.
Status: in_force

(1) The division may, by written agreement, accept the voluntary surrender of a license issued under this chapter. (2) Tender and acceptance of a voluntary surrender of a license under Subsection (1): (a) does not prevent the division from pursuing additional action, including disciplinary action, that relates to the surrendered license and is authorized by this chapter or by rules made under this chapter; and (b) terminates all rights and privileges associated with the license. (3) A person may restore the rights and privileges described in Subsection (2)(b) only if the person reapplies for, and is granted, licensure in accordance with the requirements described in this chapter. (4) Any documentation relating to the tender and acceptance of a voluntary surrender is a public record.
Utah Code § 61-2c-202 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-202
§ 61-2c-202. Licensure procedures.
Status: in_force

(1) To apply for licensure under this chapter an applicant shall in a manner provided by the division by rule: (a) if the applicant is an entity, submit: (i) through the nationwide database, a licensure statement that: (A) lists any name under which the entity will transact business in this state; (B) lists the address of the principal business location of the entity; (C) identifies each control person for the entity; (D) identifies each jurisdiction in which the entity is registered, licensed, or otherwise regulated in the business of residential mortgage loans; (E) discloses any adverse administrative action taken by an administrative agency against the entity or a control person for the entity; and (F) discloses any history of criminal proceedings that involves a control person of the entity; and (ii) a notarized letter to the division that: (A) is on the entity's letterhead; (B) is signed by the entity's owner, director, or president; (C) authorizes the principal lending manager to do business under the entity's name and under each of the entity's licensed trade names, if any; and (D) includes any information required by the division by rule; (b) if the applicant is an individual: (i) submit a licensure statement that identifies the entity with which the applicant is sponsored; (ii) authorize periodic criminal background checks through the nationwide database, at times provided by rule that the division makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, accessing the Federal Bureau of Investigation; (iii) submit evidence using a method approved by the division by rule of having successfully completed approved prelicensing education in accordance with Section 61-2c-204.1; (iv) submit evidence using a method approved by the division by rule of having successfully passed any required licensing examination in accordance with Section 61-2c-204.1; (v) submit evidence using a method approved by the division by rule of having successfully registered in the nationwide database, including paying a fee required by the nationwide database; and (vi) authorize the division to obtain independent credit reports: (A) through a consumer reporting agency described in Section 603(p) of the Fair Credit Reporting Act, 15 U.S.C. Sec. 1681a; and (B) at times provided by rule that the division makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and (c) pay to the division an application fee established by the division in accordance with Section 63J-1-504. (2) (a) Upon receiving an application, the division, with the concurrence of the commission, shall determine whether the applicant: (i) meets the qualifications for licensure; and (ii) complies with this section. (b) If the division, with the concurrence of the commission, determines that an applicant meets the qualifications for licensure and complies with this section, the division shall issue the applicant a license. (c) If the division, with the concurrence of the commission, determines that the division requires more information to make a determination under Subsection (2)(a), the division may: (i) hold the application pending further information about an applicant's criminal background or history related to adverse administrative action in any jurisdiction; or (ii) issue a conditional license: (A) pending the completion of a criminal background check; and (B) subject to probation, suspension, or revocation if the criminal background check reveals that the applicant did not truthfully or accurately disclose on the licensing application a criminal history or other history related to adverse administrative action. (3) (a) The commission may delegate to the division the authority to: (i) review a class or category of application for an initial or renewed license; (ii) determine whether an applicant meets the qualifications for licensure; (iii) conduct a necessary hearing on an application; and (iv) approve or deny a license application without concurrence by the commission. (b) If the commission delegates to the division the authority to approve or deny an application without concurrence by the commission and the division denies an application for licensure, the applicant who is denied licensure may petition the commission for a de novo review of the application. (c) An applicant who is denied licensure under Subsection (3)(b) may seek agency review by the executive director only after the commission reviews the division's denial of the applicant's application. (d) Subject to Subsection (3)(c) and in accordance with Title 63G, Chapter 4, Administrative Procedures Act, an applicant who is denied licensure under this chapter may submit a request for agency review to the executive director within 30 days following the day on which the commission order denying the licensure is issued.
Utah Code § 61-6-6 — Utah Code / Title 61 / Chapter 61-6 / § 61-6-6
§ 61-6-6. Optional exemption from this chapter.
Status: in_force

A corporation's articles of incorporation or bylaws may provide that this chapter does not apply to control share acquisitions of shares of the corporation. To be effective, any such provision must have been adopted prior to the control share acquisition. Absent such a provision, control shares of an issuing public corporation acquired in a control share acquisition have only such voting rights as are conferred by Section 61-6-10.
Utah Code § 61-1-18.7 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-18.7
§ 61-1-18.7. Funding of securities investor education, training, and enforcement.
Status: in_force

(1) (a) There is created an expendable special revenue fund known as the "Securities Investor Education, Training, and Enforcement Fund" to provide revenue for the purposes stated in this section. (b) As used in this section, "fund" means the Securities Investor Education, Training, and Enforcement Fund. (2) The state shall deposit money received by the state by reason of civil penalties ordered and administrative fines collected in accordance with this chapter into the fund, and is subject to the requirements of Title 51, Chapter 5, Funds Consolidation Act. (3) The division shall deposit a fine collected by the division after July 1, 1989, in accordance with a voluntary settlement or administrative order into the fund. (4) (a) The fund shall earn interest. (b) The division shall deposit interest earned on fund money into the fund. (5) Notwithstanding Title 63J, Chapter 1, Budgetary Procedures Act, the director may use money in the fund, upon concurrence of the commission and the executive director of the Department of Commerce, in a manner consistent with the duties of the division and commission under this chapter and only for any or all of the following and the expense of providing the following: (a) education and training of Utah residents in matters concerning securities laws and investment decisions, by publications or presentations; (b) education of registrants and licensees under this chapter, by: (i) publication of this chapter and rules and policy statements and opinion letters issued under this chapter; and (ii) sponsorship of seminars or meetings to educate registrants and licensees as to the requirements of this chapter; (c) investigation and litigation; and (d) to pay an award to a reporter as provided in Part 1, Securities Fraud Reporting Program Act. (6) If the balance in the fund exceeds $1,000,000 at the close of any fiscal year, the division shall transfer the excess to the General Fund.
Utah Code § 61-1-7 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-7
§ 61-1-7. Registration before sale.
Status: in_force

It is unlawful for any person to offer or sell any security in this state unless it is registered under this chapter, the security or transaction is exempted under Section 61-1-14, or the security is a federal covered security for which a notice filing has been made pursuant to the provisions of Section 61-1-15.5.
Utah Code § 61-2d-111 — Utah Code / Title 61 / Chapter 61-2d / § 61-2d-111
§ 61-2d-111. Mortgage forms.
Status: in_force

All lines, figures, forms, and blanks that regulate, govern, control, and authorize a mortgage must be filled in before the documents are signed.
Utah Code § 61-1-102 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-102
§ 61-1-102. Definitions.
Status: in_force

As used in this part: (1) "Adverse action" means to: (a) discharge, threaten, or directly or indirectly harass an employee; or (b) otherwise discriminate against an employee in any manner that affects the employee's employment, including: (i) compensation; (ii) terms; (iii) conditions; (iv) location; (v) rights; (vi) immunities; (vii) promotions; or (viii) privileges. (2) "Covered judicial or administrative action" means a judicial or administrative action brought under this chapter that results in a monetary sanction exceeding $50,000. (3) "Employee" means an individual who performs a service for wages or other remuneration under a contract of hire, written or oral, express or implied. (4) "Fund" means the Securities Investor Education, Training, and Enforcement Fund created in Section 61-1-18.7. (5) "Original information" means information that is: (a) derived from the independent knowledge or analysis of an individual; (b) not known to the division or commission from a source other than the individual; and (c) unless the individual is the source of the information, not exclusively derived from: (i) an allegation made in a judicial or administrative hearing; (ii) a government report, hearing, audit, or investigation; or (iii) the media. (6) "Monetary sanction" means money required to be paid under this chapter as the result of a judicial or administrative action, including a penalty or disgorgement. (7) "Reporter" means an individual who provides original information relating to a violation in accordance with Section 61-1-103.
Utah Code § 61-2c-201 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-201
§ 61-2c-201. Licensure required of person engaged in the business of residential mortgage loans.
Status: in_force

10/1/2026 (1) (a) Except as provided in Subsection (1)(b), a person may not transact the business of residential mortgage loans without first obtaining a license under this chapter. (b) A person may transact the business of residential mortgage loans without first obtaining a license under this chapter if the person: (i) is exempt from this chapter under Section 61-2c-105; or (ii) qualifies for temporary authority to act as a mortgage loan originator under Section 61-2c-201.2. (2) For purposes of this chapter, a person transacts the business of residential mortgage loans in this state if: (a) (i) the person engages in an act that constitutes the business of residential mortgage loans; (ii) the act described in Subsection (2)(a)(i) is directed to or received in this state; and (iii) the real property that is the subject of the act described in Subsection (2)(a)(i) is located in this state; or (b) the person makes a representation that the person transacts the business of residential mortgage loans in this state. (3) An individual who has an ownership interest in an entity required to be licensed under this chapter is not required to obtain an individual license under this chapter unless the individual transacts the business of residential mortgage loans. (4) Unless otherwise exempted under this chapter, licensure under this chapter is required of both: (a) the individual who directly transacts the business of residential mortgage loans; and (b) if the individual transacts business as an employee or agent of an entity or individual, the entity or individual for whom the employee or agent transacts the business of residential mortgage loans. (5) (a) If an entity that is licensed to transact the business of residential mortgage loans transacts the business of residential mortgage loans under an assumed business name, the entity shall in accordance with rules made by the division: (i) register the assumed name under this chapter; and (ii) furnish proof that the assumed business name is filed with the Division of Corporations and Commercial Code pursuant to Title 42, Chapter 2, Conducting Business as a D.B.A. (b) The division may charge a fee established in accordance with Section 63J-1-504 for registering an assumed name as described in this Subsection (5).10/1/2026 (1) (a) Except as provided in Subsection (1)(b), a person may not transact the business of residential mortgage loans without first obtaining a license under this chapter. (b) A person may transact the business of residential mortgage loans without first obtaining a license under this chapter if the person: (i) is exempt from this chapter under Section 61-2c-105; or (ii) qualifies for temporary authority to act as a mortgage loan originator under Section 61-2c-201.2. (2) For purposes of this chapter, a person transacts the business of residential mortgage loans in this state if: (a) (i) the person engages in an act that constitutes the business of residential mortgage loans; (ii) the act described in Subsection (2)(a)(i) is directed to or received in this state; and (iii) the real property that is the subject of the act described in Subsection (2)(a)(i) is located in this state; or (b) the person makes a representation that the person transacts the business of residential mortgage loans in this state. (3) An individual who has an ownership interest in an entity required to be licensed under this chapter is not required to obtain an individual license under this chapter unless the individual transacts the business of residential mortgage loans. (4) Unless otherwise exempted under this chapter, licensure under this chapter is required of both: (a) the individual who directly transacts the business of residential mortgage loans; and (b) if the individual transacts business as an employee or agent of an entity or individual, the entity or individual for whom the employee or agent transacts the business of residential mortgage loans. (5) (a) If an entity that is licensed to transact the business of residential mortgage loans transacts the business of residential mortgage loans under an assumed business name, the entity shall in accordance with rules made by the division: (i) register the assumed name under this chapter; and (ii) furnish proof that the assumed business name is filed with the Division of Corporations and Commercial Code pursuant to Title 42, Chapter 2, Conducting Business as a D.B.A. (b) The division may charge a fee established in accordance with Section 63J-1-504 for registering an assumed name as described in this Subsection (5).
Utah Code § 61-2c-505 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-505
§ 61-2c-505. Court determination and order.
Status: in_force

If the court determines that a claim should be levied against the portion of the fund allocated to carry out this chapter, the court shall enter an order requiring the division to pay from the fund the portion of a final judgment that is payable from the fund under Section 61-2c-503.
Utah Code § 61-2c-201.2 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-201.2
§ 61-2c-201.2. Temporary authorization to act as a mortgage loan originator.
Status: in_force

(1) In accordance with the provisions of this section, an individual is temporarily authorized to act as a mortgage loan originator if: (a) an entity licensed to transact the business of residential mortgage loans employs the individual; (b) the individual submits an application for licensure as a mortgage loan originator in accordance with Section 61-2c-202; (c) the individual demonstrates that the individual: (i) (A) is registered as a mortgage loan originator with a depository institution; and (B) was registered in the nationwide database as a mortgage loan originator during the one-year period before the day on which the individual submitted the application described in Subsection (1)(b); or (ii) was licensed as a mortgage loan originator in another state during the 30-day period before the day on which the individual submitted the application described in Subsection (1)(b); and (d) the individual has not in any governmental jurisdiction: (i) had an application for licensure as a mortgage loan originator denied; (ii) had a mortgage loan originator license revoked or suspended; (iii) been subject to, or served with, a cease and desist order in connection with a residential mortgage loan transaction; or (iv) been convicted of, pled guilty to, pled no contest to, or resolved by a plea in abeyance agreement, a crime that would preclude the individual from licensure as a residential mortgage loan originator, as provided by rule the division makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. (2) Temporary authorization for an individual who meets the requirements described in Subsection (1) to act as a mortgage loan originator: (a) begins the day on which the individual submits an application in accordance with Section 61-2c-202; and (b) ends the day on which any of the following occurs: (i) the individual withdraws the application described in Subsection (2)(a); (ii) the division denies the application described in Subsection (2)(a); (iii) the division grants the application described in Subsection (2)(a); or (iv) 120 days pass after the day on which the individual submits an application for registration in the nationwide database. (3) A person employing an individual with temporary authorization under this section is subject to the requirements of this chapter to the same extent as if the individual was licensed in this state as a mortgage loan originator. (4) An individual with temporary authorization under this section is subject to the requirements of this chapter to the same extent as an individual licensed in this state as a mortgage loan originator. (5) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the division may make rules regulating the temporary authority of an individual to act as a mortgage loan originator in accordance with this section.
Utah Code § 61-2d-112 — Utah Code / Title 61 / Chapter 61-2d / § 61-2d-112
§ 61-2d-112. Notice of information available to borrowers.
Status: in_force

(1) In addition to any other notice or disclosure a lender or title company may provide to a borrower seeking, obtaining, or inquiring about a high-cost mortgage, the lender shall provide the borrower any brochure or other document information prepared by a federal or state authority in a form intended to inform consumers about home loans or consumer credit on financing or educational resources on financing. (2) The requirement set forth in Subsection (1) may include: (a) the posting, in a public area of the office, notice indicating that educational resources are available; (b) a list of educational opportunities or programs offered in the surrounding area including the program name and phone number; (c) a printed brochure or booklet on responsible lending and borrowing available to the borrower at no charge; or (d) information from the Department of Financial Institutions on its responsible consumer financial educational program.
Utah Code § 61-2g-403 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-403
§ 61-2g-403. Professional conduct -- Uniform standards.
Status: in_force

(1) (a) A person licensed, certified, or registered under this chapter shall comply with: (i) generally accepted standards of professional appraisal practice; and (ii) generally accepted ethical rules to be observed by a real estate appraiser. (b) Subject to the other provisions of this Subsection (1), generally accepted standards of professional appraisal practice are evidenced by the Uniform Standards of Professional Appraisal Practice promulgated by the Appraisal Foundation. (c) After a public hearing held in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the board, with the concurrence of the division: (i) shall adopt and may make modifications of or additions to the Uniform Standards of Professional Appraisal Practice as the board considers appropriate to comply with the Financial Institutions Reform, Recovery, and Enforcement Act of 1989; or (ii) may by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, exempt a person licensed, certified, or registered from complying with a provision of the Uniform Standards of Professional Appraisal Practice for an activity that the person engages in on behalf of a governmental entity. (d) When an individual is a state-licensed appraiser or state-certified appraiser and also holds a license issued under Chapter 2f, Real Estate Licensing and Practices Act, the individual may provide an opinion of price of real estate without complying with the Uniform Standards of Professional Appraisal Practice if the individual provides the opinion of price as a licensee under Chapter 2f, Real Estate Licensing and Practices Act. (e) A state-licensed or state-certified appraiser who also holds a license issued under Chapter 2c, Utah Residential Mortgage Practices and Licensing Act, or Chapter 2f, Real Estate Licensing and Practices Act, may not act under more than one license in a single transaction. (2) When instructed by the board, the division shall schedule a public hearing pursuant to Title 63G, Chapter 3, Utah Administrative Rulemaking Act, for the purpose of deciding whether or not the board should require a modified or supplemental standard or the ethical rule to be observed by a person licensed, certified, or registered under this chapter if the Appraisal Standards Board of the Appraisal Foundation: (a) (i) modifies the Uniform Standards of Professional Appraisal Practice; (ii) issues a supplemental appraisal standard which it considers appropriate for: (A) a residential real estate appraiser; or (B) a general real estate appraiser; or (iii) issues an ethical rule to be observed by a real estate appraiser; and (b) requests the board to consider the adoption of the modified or supplemental standard or ethical rule. (3) If, after the notice and public hearing described in Subsection (2), the board finds that a modified or supplemental standard or the ethical rule issued by the Appraisal Standards Board of the Appraisal Foundation is appropriate for a person licensed, certified, or registered under this chapter, the board shall recommend a rule requiring a person licensed, certified, or registered under this chapter to observe the modified or supplemental standard or the ethical rule.
Utah Code § 61-2-102 — Utah Code / Title 61 / Chapter 61-2 / § 61-2-102
§ 61-2-102. Definitions.
Status: in_force

As used in this chapter: (1) "Department" means the Department of Commerce. (2) "Director" means the director of the division appointed under Section 61-2-201. (3) "Division" means the Division of Real Estate created in Section 61-2-201. (4) "Executive director" means the executive director of the department appointed under Section 13-1-3.
Utah Code § 61-1-11.1 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-11.1
§ 61-1-11.1. Hearings for certain exchanges of securities.
Status: in_force

(1) An application may be made to the division for approval to issue securities or to deliver other consideration in exchange for: (a) one or more outstanding securities, claims, or property interests; or (b) partly in exchange for one or more outstanding securities, claims, or property interests, and partly for cash. (2) The director may: (a) hold a hearing upon the fairness of the terms and conditions of an exchange described in Subsection (1); and (b) approve or disapprove the terms and conditions of an exchange described in Subsection (1). (3) After conducting a hearing under this section, if the director finds that the terms and conditions of an exchange described in Subsection (1) are fair to those to whom the securities will be issued, the director may: (a) approve the fairness of the terms and conditions of the exchange described in Subsection (1); and (b) approve the exchange described in Subsection (1). (4) In a hearing under this section, all persons to whom it is proposed to issue securities or to deliver other consideration in an exchange under Subsection (1) may appear. (5) An application under Subsection (1) shall contain the information and be accompanied by the documents required by rule or order of the division. (6) A person filing an application under Subsection (1) shall pay a filing fee as determined under Section 61-1-18.4. (7) An applicant under this section shall provide adequate notice of any hearing under this section to all persons that have a right to appear, under Subsection (4), at the hearing. (8) An application may be made under this section regardless of whether the security or transaction being issued is: (a) exempt from registration; or (b) not required to be registered. (9) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the division may establish rules to govern the conduct of a hearing permitted by this section in accordance with Sections 61-1-18.5 and 61-1-24. (10) This section is intended to provide for a fairness hearing that satisfies the requirements of Securities Act of 1933, Section 3(a)(10), 15 U.S.C. Section 77c(a)(10), or any comparable section that may subsequently be enacted.
Utah Code § 61-2f-402 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-402
§ 61-2f-402. Investigations -- Disciplinary actions.
Status: in_force

(1) (a) The division may conduct a public or private investigation within or outside of this state as the division considers necessary to determine whether a person has violated, is violating, or is about to violate this chapter or any rule or order under this chapter. (b) If a person makes a report that the person suspects or knows that a person has violated, is violating, or will violate this chapter or a rule or order issued in accordance with this chapter, the person shall make a report only to the division in a form the division approves. (c) Except for an action initiated in a court with jurisdiction, the division has exclusive jurisdiction to investigate and enforce a violation or an alleged violation of this chapter. (2) To aid in the enforcement of this chapter or in the prescribing of rules and forms under this chapter, the division may require or permit a person to file a statement in writing, under oath or otherwise as to the facts and circumstances concerning the matter to be investigated. (3) (a) For the purpose of the investigation described in Subsection (1), the division or an employee that the division designates 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; (iv) require the production of a book, paper, contract, record, other document, or information relevant to the investigation; and (v) serve a subpoena by certified mail. (b) The division may not require the production of evidence, book, paper, contract, record, other document, or information required to be kept by a brokerage, or licensee in accordance with Section 61-2f-309 after the expiration of the time in which the brokerage is required to maintain and safeguard the record as described in Section 61-2f-309. (4) (a) A court with jurisdiction shall enforce, according to the practice and procedure of the court, a subpoena that the division issues. (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. (5) (a) Except as provided in Subsections (5)(b) and (c), the division shall commence an adjudicative proceeding under this chapter no later than the earlier of the following: (i) two years after the day on which the violation is reported to the division; or (ii) the day on which the brokerage is no longer required to keep and maintain the records as provided in Section 61-2f-309. (b) The division may commence an adjudicative proceeding under this chapter after the time period described in Subsection (5)(a) expires if: (i) (A) the adjudicative proceeding is in response to a civil or criminal judgment or settlement; and (B) the division commences an adjudicative proceeding 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 person subject to an adjudicative proceeding enter into a written stipulation to extend the time period described in Subsection (5)(a). (c) The time period described in Subsection (5)(a) is tolled during the division's enforcement of a subpoena under Subsection (4), including any resulting appeals. (6) (a) The division may publish notices of admonition, reprimand, suspension, revocation, and surrender with discipline pending in the division newsletter. (b) Nothing in this Subsection (6) restricts the division's publication of information, including orders, irrespective of the information's style or format, on the division's website. (c) Nothing in this Subsection (6) restricts the division's publication of information as required by Title 52, Chapter 4, Open and Public Meetings Act.
Utah Code § 61-1-1 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-1
§ 61-1-1. Fraud unlawful.
Status: in_force

It is unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly to: (1) employ any device, scheme, or artifice to defraud; (2) make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or (3) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.
Utah Code § 61-2g-204 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-204
§ 61-2g-204. Real Estate Appraiser Licensing and Certification Board.
Status: in_force

(1) (a) There is established a Real Estate Appraiser Licensing and Certification Board that consists of seven regular members as follows: (i) one state-licensed or state-certified appraiser who may be either a residential or general licensee or certificate holder; (ii) one state-certified residential appraiser; (iii) one state-certified general appraiser; (iv) one member who is certified as either a state-certified residential appraiser or a state-certified general appraiser; (v) one member who represents an appraisal management company registered in accordance with Chapter 2e, Appraisal Management Company Registration and Regulation Act; (vi) one member: (A) who is licensed or represents a person licensed under Chapter 2c, Utah Residential Mortgage Practices and Licensing Act; or (B) who represents a mortgage lender, as defined in Section 70D-2-102, operating in the state in accordance with Title 70D, Chapter 2, Mortgage Lending and Servicing Act; and (vii) one member of the general public. (b) A state-licensed or state-certified appraiser may be appointed as an alternate member of the board. (c) The governor shall appoint all members of the board with the advice and consent of the Senate in accordance with Title 63G, Chapter 24, Part 2, Vacancies. (2) (a) Except as required by Subsection (2)(b), as terms of current board members expire, the governor shall appoint each new member or reappointed member to a four-year term beginning on July 1. (b) Notwithstanding the requirements of Subsection (2)(a), the governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of board members are staggered so that approximately half of the board is appointed every two years. (c) Upon the expiration of a member's term, a member of the board shall continue to hold office until the appointment and qualification of the member's successor. (d) A person may not serve as a member of the board for more than two consecutive terms. (3) (a) When a vacancy occurs in the membership for any reason, the replacement shall be appointed for the unexpired term. (b) The governor may remove a member for cause. (4) When the governor makes a new appointment or reappointment under Subsection (2)(a), or a vacancy appointment under Subsection (3)(a), the governor's new appointment, reappointment, or vacancy appointment shall be made with the advice and consent of the Senate in accordance with Title 63G, Chapter 24, Part 2, Vacancies. (5) The public member of the board may not be licensed or certified under this chapter. (6) The board shall meet at least quarterly to conduct its business. The division shall give public notice of a board meeting. (7) The members of the board shall elect a chair annually from among the members to preside at board meetings. (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) Four members of the board shall constitute a quorum for the transaction of business. (b) If a quorum of members is unavailable for any meeting, the alternate member of the board, if any, shall serve as a regular member of the board for that meeting if with the presence of the alternate member a quorum is present at the meeting. (c) A member of the board shall comply with the conflict of interest provisions described in Title 63G, Chapter 24, Part 3, Conflicts of Interest.
Utah Code § 61-1-19 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-19
§ 61-1-19. Investigations authorized.
Status: in_force

(1) (a) The division may make any public or private investigations within or without this state as the division considers necessary to determine whether a person has violated, is violating, or is about to violate this chapter or a rule or order issued under this chapter. (b) To aid in the enforcement of this chapter or in the prescribing of rules and forms issued under this chapter, the division may require or permit a person to file a statement in writing, under oath or otherwise as to all the facts and circumstances concerning the matter to be investigated. (c) The division may publish information concerning a violation of this chapter or the violation of a rule or order issued under this chapter. (2) For the purpose of an investigation or proceeding under this chapter, the division, the commission, or an employee designated by the division may: (a) administer an oath or affirmation; (b) subpoena a witness and compel the attendance of the witness; (c) take evidence; and (d) require the production of any books, papers, correspondence, memoranda, agreements, or other documents or records relevant or material to the investigation.