Utah Code § 61-2c-204.1 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-204.1
§ 61-2c-204.1. Education providers -- Education requirements -- Examination requirements.
Status: in_force

(1) As used in this section: (a) "Approved continuing education course" means a course of continuing education that is approved by the nationwide database. (b) "Approved prelicensing education course" means a course of prelicensing education that is approved by the nationwide database or by the division. (2) (a) A person may not provide Utah-specific prelicensing education if that person is not certified by the division under this chapter. (b) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the division shall make rules establishing: (i) certification criteria and procedures to become a certified education provider; and (ii) standards of conduct for a certified education provider. (c) In accordance with the rules described in Subsection (2)(b), the division shall certify a person to provide the education described in Subsection (2)(a). (d) (i) Upon request, the division shall make available to the public a list of the names and addresses of certified education providers either directly or through a third party. (ii) A person who requests a list under this Subsection (2)(d) shall pay the costs incurred by the division to make the list available. (e) In certifying a person as a certified education provider, the division by rule may: (i) distinguish between an individual instructor and an entity that provides education; or (ii) approve Utah-specific prelicensing education. (3) (a) The division may not: (i) license an individual under this chapter as a mortgage loan originator who has not completed the prelicensing education required by this section: (A) before taking the licensing examinations required by Subsection (4); (B) in the number of hours, not to exceed 90 hours, required by rule made by the division in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and (C) that includes the prelicensing education required by federal licensing regulations; (ii) subject to Subsection (6), renew a license of an individual who has not completed the continuing education required by this section and Section 61-2c-205: (A) in the number of hours required by rule made by the division in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and (B) that includes the continuing education required by federal licensing regulations; or (iii) license an individual under this chapter as a lending manager who has not completed the prelicensing education required by Section 61-2c-206 before taking the licensing examination required by Section 61-2c-206. (b) Subject to Subsection (3)(a) and with the concurrence of the division, the commission shall determine: (i) except as provided in Subsection 61-2c-206(1)(b), the appropriate number of hours of prelicensing education required to obtain a license; (ii) the subject matters of the prelicensing education required under this section and Section 61-2c-206, including online education or distance learning options; (iii) the appropriate number of hours of continuing education required to renew a license, including additional continuing education required for a new loan originator; and (iv) the subject matter of courses the division may accept for continuing education purposes. (c) The commission may appoint a committee to make recommendations to the commission concerning approval of prelicensing education and continuing education courses, except that the commission shall appoint at least one member to the committee to represent each association that represents a significant number of individuals licensed under this chapter. (d) The division may by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, provide for the calculation of continuing education credits, except that the rules shall be consistent with 12 U.S.C. Sec. 5105. (4) (a) The division may not license an individual under this chapter unless that individual first passes the qualified written national test developed by the nationwide database that includes the uniform state test content that: (i) meets the minimum federal licensing requirements; and (ii) is administered by an approved examination provider. (b) The commission, with the concurrence of the division, shall determine the requirements for the lending manager licensing examination required under Section 61-2c-206 that tests the applicant's knowledge of: (i) fundamentals of the English language; (ii) arithmetic; (iii) provisions of this chapter; (iv) advanced residential mortgage principles and practices; and (v) other aspects of Utah law the commission, with the concurrence of the division, determines appropriate. (c) An individual who will engage in an activity as a mortgage loan originator, is not considered to have passed a licensing examination if that individual has not met the minimum competence requirements of 12 U.S.C. Sec. 5104(d)(3). (5) When reasonably practicable, the commission and the division shall make the Utah-specific education requirements described in this section available electronically through one or more distance education methods approved by the commission and division. (6) (a) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission, with the concurrence of the division, shall make rules establishing procedures under which a licensee may be exempted from a Utah-specific continuing education requirement: (i) for a period not to exceed four years; and (ii) upon a finding of reasonable cause. (b) An individual who engages in an activity as a mortgage loan originator may not under this Subsection (6) be exempted from the minimum continuing education required under federal licensing regulations for an individual who engages in an activity as a mortgage loan originator.
Utah Code § 61-2-202 — Utah Code / Title 61 / Chapter 61-2 / § 61-2-202
§ 61-2-202. Powers and duties of the director or division.
Status: in_force

(1) On or before October 1 of each year, in conjunction with the department, the director shall report to the governor and the Legislature concerning the division's work for the fiscal year immediately preceding the report. (2) In conjunction with the executive director, the director shall prepare and submit to the governor and the Legislature a budget for the fiscal year that follows the convening of the Legislature.
Utah Code § 61-6-8 — Utah Code / Title 61 / Chapter 61-6 / § 61-6-8
§ 61-6-8. Special meetings to consider voting rights -- Time limits -- Annual meetings.
Status: in_force

(1) Upon delivery of an acquiring person statement under Section 61-6-7, an acquiring person may request a special meeting of shareholders if the acquiring person gives an undertaking to pay the corporation's expenses of the special meeting within 10 days after the date of the meeting. After receiving the request, the directors of the issuing public corporation shall call a special meeting of shareholders of the issuing public corporation for the purpose of considering the voting rights to be accorded the shares acquired or to be acquired in the control share acquisition. (2) Unless the acquiring person agrees in writing to another date, the special meeting of shareholders shall be held within 50 days after receipt by the issuing public corporation of the request. (3) If no request is made, the voting rights to be accorded the shares acquired in the control share acquisition shall be presented to the next special or annual meeting of shareholders. (4) If the acquiring person so requests in writing at the time of delivery of the acquiring person statement, the special meeting may not be held sooner than 30 days after receipt by the issuing public corporation of the acquiring person statement.
Utah Code § 61-6-12 — Utah Code / Title 61 / Chapter 61-6 / § 61-6-12
§ 61-6-12. Dissenter's rights.
Status: in_force

(1) Unless otherwise provided in a corporation's articles of incorporation or bylaws before a control share acquisition has occurred, in the event control shares acquired in a control share acquisition are accorded full voting rights and the acquiring person has acquired control shares with a majority or more of all voting power, all shareholders of the issuing public corporation have dissenter's rights as provided in this chapter. (2) As soon as practicable after such events have occurred, the board of directors shall cause a notice to be sent to all shareholders of the corporation advising them of the facts and that they have dissenter's rights to receive the fair value of their shares under Sections 16-10a-1301 through 16-10a-1331. (3) As used in this section, "fair value" means a value not less than the highest price paid per share by the acquiring person in the control share acquisition.
Utah Code § 61-2c-301 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-301
§ 61-2c-301. Prohibited conduct -- Violations of the chapter.
Status: in_force

(1) As used in this section: (a) "Prescreened trigger lead information" means information derived from a consumer report that is given to a third party that is not affiliated with the consumer. (b) (i) "Solicitation" means contacting a consumer to market mortgage loan services. (ii) "Solicitation" includes: (A) accepting or offering to accept a mortgage loan application; (B) helping or offering to help process a mortgage loan application; (C) soliciting or offering to solicit a mortgage loan for a third party; or (D) negotiating or offering to negotiate the terms of a mortgage loan with a lender for a third party. (2) A person, when transacting the business of residential mortgage loans in this state, may not: (a) violate Section 8 of RESPA; (b) charge a fee in connection with a residential mortgage loan transaction: (i) that is excessive; or (ii) without providing to the loan applicant a written statement signed by the loan applicant: (A) stating whether the fee or deposit is refundable; and (B) describing the conditions, if any, under which all or a portion of the fee or deposit will be refunded to the loan applicant; (c) act incompetently in the transaction of the business of residential mortgage loans resulting in the person failing to: (i) safeguard the interests of the public; or (ii) conform to acceptable standards of the residential mortgage loan industry; (d) do any of the following as part of a residential mortgage loan transaction, regardless of whether the residential mortgage loan closes: (i) make a false statement or representation; (ii) cause false documents to be generated; or (iii) knowingly permit false information to be submitted by any party; (e) give or receive compensation or anything of value, or withhold or threaten to withhold payment of an appraiser fee, to influence the independent judgment of an appraiser in reaching a value conclusion in a residential mortgage loan transaction, except that it is not a violation of this section for a licensee to withhold payment because of a bona fide dispute regarding a failure of the appraiser to comply with the licensing law or the Uniform Standards of Professional Appraisal Practice; (f) violate or not comply with: (i) this chapter; (ii) an order of the commission or division; or (iii) a rule made by the division; (g) fail to respond within the required time period to: (i) a notice or complaint of the division; or (ii) a request for information from the division; (h) make false representations to the division, including in a licensure statement; (i) engage in the business of residential mortgage loans with respect to the transaction if the person also acts in any of the following capacities with respect to the same residential mortgage loan transaction: (i) appraiser; (ii) escrow agent; (iii) real estate agent; (iv) general contractor; or (v) title insurance producer; (j) engage in unprofessional conduct as defined by rule; (k) engage in an act or omission in transacting the business of residential mortgage loans that constitutes dishonesty, fraud, or misrepresentation; (l) engage in false or misleading advertising; (m) (i) fail to account for money received in connection with a residential mortgage loan; (ii) use money for a different purpose from the purpose for which the money is received; or (iii) except as provided in Subsection (5), retain money paid for services if the services are not performed; (n) fail to provide a prospective borrower a copy of each appraisal and any other written valuation developed in connection with an application for credit that is to be secured by a first lien on a dwelling in accordance with Subsection (6); (o) engage in an act that is performed to: (i) evade this chapter; or (ii) assist another person to evade this chapter; (p) recommend or encourage default, delinquency, or continuation of an existing default or delinquency, by a mortgage applicant on an existing indebtedness before the closing of a residential mortgage loan that will refinance all or part of the indebtedness; (q) in the case of the lending manager of an entity or a branch office of an entity, fail to exercise reasonable supervision over the activities of: (i) unlicensed staff; or (ii) a mortgage loan originator who is affiliated with the lending manager; (r) pay or offer to pay an individual who does not hold a license under this chapter for work that requires the individual to hold a license under this chapter; (s) in the case of a dual licensed title licensee as defined in Section 31A-2-402: (i) provide a title insurance product or service without the approval required by Section 31A-2-405; or (ii) knowingly provide false or misleading information in the statement required by Subsection 31A-2-405(2); (t) represent to the public that the person can or will perform any act of a mortgage loan originator if that person is not licensed under this chapter because the person is exempt under Subsection 61-2c-105(4), including through: (i) advertising; (ii) a business card; (iii) stationery; (iv) a brochure; (v) a sign; (vi) a rate list; or (vii) other promotional item; (u) (i) engage in an act of loan modification assistance without being licensed under this chapter; (ii) engage in an act of foreclosure rescue that requires licensure as a real estate agent or real estate broker under Chapter 2, Division of Real Estate, without being licensed under that chapter; (iii) engage in an act of loan modification assistance without entering into a written agreement specifying which one or more acts of loan modification assistance will be completed; (iv) request or require a person to pay a fee before obtaining: (A) a written offer for a loan modification from the person's lender or servicer; and (B) the person's written acceptance of the offer from the lender or servicer; (v) induce a person seeking a loan modification to hire the licensee to engage in an act of loan modification assistance by: (A) suggesting to the person that the licensee has a special relationship with the person's lender or loan servicer; or (B) falsely representing or advertising that the licensee is acting on behalf of: (I) a government agency; (II) the person's lender or loan servicer; or (III) a nonprofit or charitable institution; (vi) recommend or participate in a loan modification that requires a person to: (A) transfer title to real property to the licensee or to a third-party with whom the licensee has a business relationship or financial interest; (B) make a mortgage payment to a person other than the person's loan servicer; or (C) refrain from contacting the person's: (I) lender; (II) loan servicer; (III) attorney; (IV) credit counselor; or (V) housing counselor; or (vii) for an agreement for loan modification assistance entered into on or after May 11, 2010, engage in an act of loan modification assistance without offering in writing to the person entering into the agreement for loan modification assistance a right to cancel the agreement within three business days after the day on which the person enters the agreement; (v) sign or initial a document on behalf of another person, except for in a circumstance allowed by the division by rule, with the concurrence of the commission, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; (w) violate or fail to comply with a provision of Title 57, Chapter 28, Utah Reverse Mortgage Act; (x) engage in any act or practice that violates appraisal independence as defined in 15 U.S.C. Sec. 1639e or in the policies and procedures of: (i) the Federal Home Loan Mortgage Corporation; or (ii) the Federal National Mortgage Association; or (y) use prescreened trigger lead information to solicit a consumer who has applied for a mortgage loan with another financial institution, if the person: (i) fails to state in the initial solicitation that the person is not affiliated with the mortgage loan company or mortgage loan broker with which the consumer initially applied; (ii) fails in the initial solicitation to conform to state and federal law relating to solicitations using consumer reports, including the requirement to make a firm offer of credit to the consumer; or (iii) solicits a consumer with an offer of certain rates, terms, and costs with the knowledge that the person will subsequently change the rates, terms, or costs to the detriment of the consumer. (3) Regardless of whether the crime is related to the business of residential mortgage loans, it is a violation of this chapter for a licensee or a person who is a certified education provider to: (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; or (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. (4) A lending manager does not violate Subsection (2)(q) if: (a) in contravention of the lending manager's written policies and instructions, an affiliated licensee of the lending manager violates: (i) this chapter; or (ii) rules made by the division under this chapter; (b) the lending manager established and followed reasonable procedures to ensure that affiliated licensees receive adequate supervision; (c) upon learning of a violation by an affiliated licensee, the lending manager attempted to prevent or mitigate the damage; (d) the lending manager did not participate in or ratify the violation by an affiliated licensee; and (e) the lending manager did not attempt to avoid learning of the violation. (5) Notwithstanding Subsection (2)(m)(iii), a licensee may, upon compliance with Section 70D-2-305, charge a reasonable cancellation fee for work done originating a mortgage if the mortgage is not closed. (6) (a) Except as provided in Subsection (6)(b), a person transacting the business of residential mortgage loans in this state shall provide a prospective borrower a copy of each appraisal and any other written valuation developed in connection with an application for credit that is to be secured by a first lien on a dwelling on or before the earlier of: (i) as soon as reasonably possible after the appraisal or other valuation is complete; or (ii) three business days before the day of the settlement. (b) Subject to Subsection (6)(c), unless otherwise prohibited by law, a prospective borrower may waive the timing requirement described in Subsection (6)(a) and agree to receive each appraisal and any other written valuation: (i) less than three business days before the day of the settlement; or (ii) at the settlement. (c) (i) Except as provided in Subsection (6)(c)(ii), a prospective borrower shall submit a waiver described in Subsection (6)(b) at least three business days before the day of the settlement. (ii) Subsection (6)(b) does not apply if the waiver only pertains to a copy of an appraisal or other written valuation that contains only clerical changes from a previous version of the appraisal or other written valuation and the prospective borrower received a copy of the original appraisal or other written valuation at least three business days before the day of the settlement. (d) If a prospective borrower submits a waiver described in Subsection (6)(b) and the transaction never completes, the person transacting the business of residential mortgage loans shall provide a copy of each appraisal or any other written valuation to the applicant no later than 30 days after the day on which the person knows the transaction will not complete.
Utah Code § 61-2g-102 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-102
§ 61-2g-102. Definitions.
Status: in_force

(1) As used in this chapter: (a) (i) "Appraisal" means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of a specified interest in, or aspect of, identified real estate or identified real property. (ii) An appraisal is classified by the nature of the assignment as a valuation appraisal, an analysis assignment, or a review assignment in accordance with the following definitions: (A) "Analysis assignment" means an unbiased analysis, opinion, or conclusion that relates to the nature, quality, or utility of identified real estate or identified real property. (B) "Review assignment" means an unbiased analysis, opinion, or conclusion that forms an opinion as to the adequacy and appropriateness of a valuation appraisal or an analysis assignment. (C) "Valuation appraisal" means an unbiased analysis, opinion, or conclusion that estimates the value of an identified parcel of real estate or identified real property at a particular point in time. (b) "Appraisal Foundation" means the Appraisal Foundation that was incorporated as an Illinois not-for-profit corporation on November 30, 1987. (c) (i) "Appraisal report" means a communication, written or oral, of an appraisal. (ii) An appraisal report is classified by the nature of the assignment as a valuation report, analysis report, or review report in accordance with the definitions provided in Subsection (1)(a)(ii). (iii) The testimony of a person relating to the person's analyses, conclusions, or opinions concerning identified real estate or identified real property is considered to be an oral appraisal report. (d) "Appraisal Qualification Board" means the Appraisal Qualification Board of the Appraisal Foundation. (e) "Board" means the Real Estate Appraiser Licensing and Certification Board that is established in Section 61-2g-204. (f) "Certified appraisal report" means a written or oral appraisal report that is certified by a state-certified general appraiser or state-certified residential appraiser. (g) "Concurrence" means that the entities that are given a concurring role jointly agree to an action. (h) (i) (A) "Consultation service" means an engagement to provide a real estate valuation service analysis, opinion, conclusion, or other service that does not fall within the definition of appraisal. (B) "Consultation service" does not mean a valuation appraisal, analysis assignment, or review assignment. (ii) Regardless of the intention of the client or employer, if a person prepares an unbiased analysis, opinion, or conclusion, the analysis, opinion, or conclusion is considered to be an appraisal and not a consultation service. (i) "Contingent fee" means a fee or other form of compensation, payment of which is dependent on or conditioned by: (i) the reporting of a predetermined analysis, opinion, or conclusion by the person performing the analysis, opinion, or conclusion; or (ii) achieving a result specified by the person requesting the analysis, opinion, or conclusion. (j) "Credential" means a state-issued registration, license, or certification that allows an individual to perform any act or service that requires licensure or certification under this chapter. (k) "Division" means the Division of Real Estate of the Department of Commerce. (l) "Evaluation" means an opinion on the market value of real property or real estate that: (i) is made in accordance with the Interagency Appraisal and Evaluation Guidelines; and (ii) is provided to a financial institution for use in a real estate related transaction for which the regulations of the federal financial institutions regulatory agencies do not require an appraisal. (m) "Executive director" means the executive director of the Department of Commerce. (n) "Federal financial institutions regulatory agencies" means: (i) the Board of Governors of the Federal Reserve System; (ii) the Federal Deposit Insurance Corporation; (iii) the Office of the Comptroller of the Currency; and (iv) the National Credit Union Administration. (o) "Federally related transaction" means a real estate related transaction that is required by federal law or by federal regulation to be supported by an appraisal prepared by: (i) a state-licensed appraiser; or (ii) a state-certified appraiser. (p) "Financial institution" means an insured: (i) depository as defined in 12 U.S.C. Sec. 1813(c)(1); or (ii) credit union as defined in 12 U.S.C. Sec. 1752(7). (q) "Interagency Appraisal and Evaluation Guidelines" means the guidelines published as Interagency Appraisal and Evaluation Guidelines, 75 Fed. Reg. 77,450 (Dec. 10, 2010), and all amendments or updates thereto. (r) "Real estate" means an identified parcel or tract of land including improvements if any. (s) "Real estate appraisal activity" means the act or process of making an appraisal of real estate or real property and preparing an appraisal report. (t) "Real estate related transaction" means: (i) the sale, lease, purchase, investment in, or exchange of real property or an interest in real property, or the financing of such a transaction; (ii) the refinancing of real property or an interest in real property; or (iii) the use of real property or an interest in real property as security for a loan or investment, including mortgage-backed securities. (u) "Real property" means one or more defined interests, benefits, or rights inherent in the ownership of real estate. (v) "State-certified general appraiser" means a person who holds a current, valid certification as a state-certified general appraiser issued under this chapter. (w) "State-certified residential appraiser" means a person who holds a current, valid certification as a state-certified residential real estate appraiser issued under this chapter. (x) "State-licensed appraiser" means a person who holds a current, valid license as a state-licensed appraiser issued under this chapter. (y) "Trainee" means an individual who: (i) does not hold an appraiser license or appraiser certification issued under this chapter; (ii) works under the direct supervision of a state-certified appraiser to earn experience for licensure; and (iii) is registered as a trainee under this chapter. (z) "Unbiased analysis, opinion, or conclusion" means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of identified real estate or identified real property that is prepared by a person who is employed or retained to act, or would be perceived by third parties or the public as acting, as a disinterested third-party in rendering the analysis, opinion, or conclusion. (2) (a) If a term not defined in this section is defined by rule, the term shall have the meaning established by the division by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. (b) If a term not defined in this section is not defined by rule, the term shall have the meaning commonly accepted in the business community.
Utah Code § 61-2f-106 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-106
§ 61-2f-106. Severability.
Status: in_force

If a provision of this chapter, or the application of a provision to any person or circumstance, is held invalid, the remainder of this chapter shall be given effect without the invalid provision or application. The provisions of this chapter are severable.
Utah Code § 61-2e-301 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-301
§ 61-2e-301. Use of licensed or certified appraisers.
Status: in_force

(1) An appraisal management company required to be registered under this chapter may not enter into an agreement with an appraiser for the performance of a real estate appraisal activity unless the appraiser is licensed or certified in good standing pursuant to Chapter 2g, Real Estate Appraiser Licensing and Certification Act. (2) (a) An appraisal management company required to be registered under this chapter shall have a system to verify that an individual added to the appraiser panel of the appraisal management company holds a license or certificate in good standing in this state pursuant to Chapter 2g, Real Estate Appraiser Licensing and Certification Act. (b) As part of the registration process under Part 2, Registration, an appraisal management company shall biennially provide an explanation of the system described in Subsection (2)(a) in the form prescribed by the division. (3) The board, with the concurrence of the division, may establish, by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, requirements regarding when use of a licensed appraiser or certified appraiser is appropriate, including how an assignment is offered to an appraiser.
Utah Code § 61-6-3 — Utah Code / Title 61 / Chapter 61-6 / § 61-6-3
§ 61-6-3. Control share acquisition" defined.
Status: in_force

" (1) (a) As used in this chapter, "control share acquisition" means: (i) the acquisition, directly or indirectly, by any person of ownership of issued and outstanding control shares; or (ii) the acquisition of power to direct the exercise of voting power with respect to issued and outstanding control shares, including the acquisition of voting power pursuant to a revocable proxy except as provided in Subsection (1)(b). (b) "Control share acquisition" does not mean the acquisition of voting power pursuant to a revocable proxy if the revocable proxy is solicited by the issuing public corporation or the board of directors of the issuing public corporation in connection with shareholders' meetings or actions of the issuing public corporation. (2) For purposes of this section, shares acquired within 90 days or shares acquired pursuant to a plan to make a control share acquisition are considered to have been acquired in the same acquisition. (3) For purposes of this section, a person who acquires shares in the ordinary course of business for the benefit of others in good faith and not for the purpose of circumventing this chapter has voting power only of shares in respect of which that person would be able to exercise or direct the exercise of votes without further instruction from others. (4) The acquisition of any shares of an issuing public corporation does not constitute a control share acquisition if the acquisition is consummated in any of the following circumstances: (a) before May 29, 1987; (b) pursuant to a contract existing before May 29, 1987; (c) pursuant to the laws of descent and distribution; (d) pursuant to the satisfaction of a pledge or other security interest created in good faith and not for the purpose of circumventing this chapter; (e) pursuant to a direct issue by or transfer from the issuing public corporation of its own shares, except that shares issued or transferred upon the conversion of a convertible security or upon exercising an option, warrant, or other right to purchase shares constitutes a control share acquisition unless the convertible security, option, warrant, or other right was acquired directly from the issuing public corporation by the acquiring person; or (f) pursuant to a merger or plan of share exchange effected in compliance with Title 16, Chapter 10a, Part 11, Merger and Share Exchange, or Title 16, Chapter 10a, Part 12, Sale of Property, if the issuing public corporation is a party to the agreement of merger or plan of share exchange. (5) (a) The acquisition of shares of an issuing public corporation in good faith and not for the purpose of circumventing this chapter does not constitute a control share acquisition if the acquisition of shares is by or from: (i) any person whose voting rights had previously been authorized by shareholders in compliance with this chapter; or (ii) any person whose previous acquisition of shares of an issuing public corporation would have constituted a control share acquisition were it not for Subsection (4). (b) Subsection (5)(a) does not apply if the acquisition entitles any person (directly or indirectly, alone or as part of a group) to exercise or direct the exercise of voting power of the corporation in the election of directors in excess of the range of the voting power otherwise authorized.
Utah Code § 61-2f-203 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-203
§ 61-2f-203. Licensing requirements.
Status: in_force

(1) (a) (i) The division shall determine whether an applicant with a criminal history qualifies for licensure. (ii) If the division, acting under Subsection (1)(a)(i), denies or restricts a license or places a license on probation, the applicant may petition the commission for de novo review of the application. (b) Except as provided in Subsection (6), the commission shall determine all other qualifications and requirements of an applicant for: (i) a principal broker license; (ii) an associate broker license; (iii) a sales agent license; or (iv) on or after January 1, 2027, a property manager license. (c) The division, with the concurrence of the commission, shall require and pass upon proof necessary to determine the honesty, integrity, truthfulness, reputation, and competency of each applicant for an initial license or for renewal of an existing license. (d) (i) (A) Except as provided in Subsection (1)(d)(i)(B), the division, with the concurrence of the commission, shall require an applicant for a sales agent license to complete a division-approved educational program consisting of not less than 120 hours, as designated by rule the commission makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, with the concurrence of the division. (B) If on the day on which an applicant for a sales agent license applies for the license the applicant is licensed as a real estate sales agent in another state, the division may require the applicant to complete a division-approved, state-specific educational program consisting of the number of hours designated by rule the commission makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, with the concurrence of the division. (ii) (A) Except as provided in Subsection (1)(d)(ii)(B), the division, with the concurrence of the commission, shall require an applicant for an associate broker or a principal broker license to complete a division-approved educational program consisting of not less than 120 hours, as designated by rule the commission makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, with the concurrence of the division. (B) If on the day on which an applicant for an associate broker or a principal broker license applies for the license the applicant is licensed as a real estate broker in another state, the division may require the applicant to complete a division-approved, state-specific educational program consisting of the number of hours designated by rule the commission makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, with the concurrence of the division. (iii) (A) On or after January 1, 2027, except as provided in Subsection (1)(d)(iii)(B), the division shall require that an applicant for a property manager license complete the educational program described in Subsection (1)(d)(iv). (B) On or after January 1, 2027, if on the day on which an applicant for a property manager license applies for the license, the applicant is licensed as a property manager in another state, the division may require the applicant to complete a division-approved, state-specific educational program consisting of the number of hours designated by rule the commission makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, with the concurrence of the division. (iv) The division shall create an educational program for a property manager license that: (A) requires at least 24 hours of training; (B) covers subjects the division determines necessary for the program; and (C) establishes the proportion of hours allocated for each subject in the program. (v) An hour required by this section means 50 minutes of instruction in each 60 minutes. (vi) The maximum number of program hours available to an individual is eight hours per day. (e) (i) Except as provided in Subsection (1)(e)(ii), the division, with the concurrence of the commission, shall require an applicant to pass an examination approved by the commission covering: (A) the fundamentals of the English language; (B) the fundamentals of arithmetic; (C) the fundamentals of bookkeeping; (D) the fundamentals of real estate principles and practices; (E) this chapter; (F) the rules established by the commission with the concurrence of the division; and (G) any other aspect of Utah real estate license law considered appropriate. (ii) If on the day on which an applicant applies for a license the applicant is licensed as a real estate broker or a sales agent in another state, the division may, with the concurrence of the commission, require the applicant to pass a division-approved, state-specific examination rather than the examination required under Subsection (1)(e)(i). (iii) Subject to Subsection (1)(e)(iv), the division, with the concurrence of the commission, may modify the length and material of an examination for a property manager license under this chapter if: (A) an applicant is licensed as a property manager in another state; (B) the division determines an applicant's prior experience warrants a modification of the examination; or (C) the division determines the applicant has good cause for the modification of the examination. (iv) On or after January 1, 2027, an examination for a property manager license shall: (A) cover the topics that appear in the educational program described in Subsection (1)(d)(iv); and (B) match the proportion of questions for each topic to the proportion of hours designated by the division in accordance with Subsection (1)(d)(iv)(C). (f) (i) Three years' full-time experience as a sales agent or the equivalent is required before an applicant may apply for, and secure a principal broker or associate broker license in this state. (ii) The commission shall establish by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, subject to concurrence by the division, the criteria by which the commission will accept experience or special education in similar fields of business in lieu of the three years' experience. (2) (a) The division, with the concurrence of the commission, may require an applicant to furnish a sworn statement setting forth evidence satisfactory to the division of the applicant's reputation and competency as set forth by rule. (b) The division shall require an applicant to provide the applicant's social security number, which is a private record under Subsection 63G-2-302(1)(i). (3) (a) An individual who is not a resident of this state may be licensed in this state if the individual complies with this chapter. (b) An individual who is not a resident of this state may be licensed as an associate broker or sales agent in this state by: (i) complying with this chapter; and (ii) being employed or engaged as an independent contractor by or on behalf of a principal broker who is licensed in this state, regardless of whether the principal broker is a resident of this state. (4) The division, with the concurrence of the commission, may enter into a reciprocal licensing agreement with another jurisdiction for the licensure of a principal broker, an associate broker, or a sales agent, if the jurisdiction's requirements and standards for the license are substantially similar to those of this state. (5) (a) The division and commission shall treat an application to be relicensed of an applicant whose real estate license is revoked as an original application. (b) In the case of an applicant for a new license as a principal broker or associate broker, the applicant is not entitled to credit for experience gained before the revocation of a real estate license. (6) (a) Notwithstanding Subsection (1)(b), the commission may delegate to the division the authority to: (i) review a class or category of applications for initial or renewed licenses; (ii) determine whether an applicant meets the licensing criteria in Subsection (1); and (iii) approve or deny a license application without concurrence by the commission. (b) (i) 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 de novo review of the application. (ii) An applicant who is denied licensure in accordance with this Subsection (6) may seek agency review by the executive director only after the commission has reviewed the division's denial of the applicant's application. (7) On or after January 1, 2027, an individual with an active broker, associate broker, or sales agent license may obtain a property manager license without: (a) meeting the education requirement described in Subsection (1)(d)(iii); or (b) passing an exam required for a property manager license under Subsection (1)(e).
Utah Code § 61-2c-402.1 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-402.1
§ 61-2c-402.1. Adjudicative proceedings -- Review.
Status: in_force

(1) (a) Before an action described in Section 61-2c-402 may be taken, the division shall: (i) give notice to the person against whom the action is brought; and (ii) commence an adjudicative proceeding. (b) If after the adjudicative proceeding is commenced under Subsection (1)(a) the presiding officer determines that a person required to be licensed under this chapter has violated this chapter, the division may take an action described in Section 61-2c-402 by written order. (2) In accordance with Title 63G, Chapter 4, Administrative Procedures Act, a person against whom action is taken under this section may seek review by the executive director of the action. (3) If a person prevails in a judicial appeal and the court finds that the state action was undertaken without substantial justification, the court may award reasonable litigation expenses to that individual or entity as provided under Title 78B, Chapter 8, Part 5, Small Business Equal Access to Justice Act. (4) (a) An order issued under this section takes effect 30 days after the service of the order unless otherwise provided in the order. (b) If an appeal of an order issued under this section is taken by a person, the division may stay enforcement of the order in accordance with Section 63G-4-405. (5) If ordered by the court of competent jurisdiction, the division shall promptly take an action described in Section 61-2c-402 against a license granted under this chapter. (6) (a) Except as provided in Subsection (6)(b), the division shall commence a disciplinary action under this chapter no later than the earlier of the following: (i) four years after the day on which the violation is reported to the division; or (ii) 10 years after the day on which the violation occurred. (b) The division may commence a disciplinary action under this chapter after the time period described in Subsection (6)(a) expires if: (i) (A) the disciplinary action is in response to a civil or criminal judgment or settlement; and (B) the division initiates the disciplinary action no later than one year after the day on which the judgment is issued or the settlement is final; or (ii) the division and the person subject to a disciplinary action enter into a written stipulation to extend the time period described in Subsection (6)(a).
Utah Code § 61-2g-304.5 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-304.5
§ 61-2g-304.5. Background checks.
Status: in_force

(1) An individual applying for licensure, certification, or registration under this chapter shall, at the time the individual files an application for licensure: (a) submit to the division, with the individual's application, a fingerprint card 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 individual's fingerprints in the Federal Bureau of Investigation Next Generation Identification System's Rap Back Service beginning January 1, 2020; (c) consent to a criminal background check by: (i) the Utah Bureau of Criminal Identification; and (ii) the Federal Bureau of Investigation; and (d) pay the fee the division establishes in accordance with Subsection (3)(b). (2) Beginning January 1, 2020, each applicant for renewal or reinstatement of a license, certification, or registration who does not have the applicant's fingerprints registered in the Federal Bureau of Investigation Next Generation Identification System's Rap Back Service shall, at the time the application for renewal or reinstatement is filed: (a) submit to the division, with the individual's application, a fingerprint card 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 individual's fingerprints in the Federal Bureau of Investigation Next Generation Identification System's Rap Back Service; (c) consent to a fingerprint background check by: (i) the Utah Bureau of Criminal Identification; and (ii) the Federal Bureau of Investigation; and (d) pay the fee the division establishes in accordance with Subsection (3)(b). (3) (a) The Bureau of Criminal Identification shall: (i) check the fingerprints an applicant submits under Subsection (1) or (2) against the applicable state, regional, and national criminal records databases, including, beginning January 1, 2020, the Federal Bureau of Investigation Next Generation Identification System; (ii) report the results of the background check to the division; (iii) maintain a separate file of fingerprints that individuals submit under this section for search by future submissions to the local and regional criminal records databases, including latent prints; (iv) request, beginning January 1, 2020, 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 (v) ensure that the division only receives notifications for an individual with whom the division maintains permission to receive notifications. (b) (i) The division shall assess an applicant who submits fingerprints under this section 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 section. (ii) The Bureau of Criminal Identification may collect from the division money for services provided under this section. (4) (a) A license, certification, registration, or renewal issued under this chapter is conditional pending completion of a criminal background check. (b) A license, certification, registration, or renewal issued under this chapter is immediately and automatically revoked if a criminal background check reveals that the applicant failed to accurately disclose a criminal history that: (i) relates to the appraisal industry; or (ii) includes a felony conviction based on fraud, misrepresentation, or deceit. (c) If a criminal background check reveals that an applicant failed to accurately disclose a criminal history other than a type described in Subsection (4)(b), 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: (i) place one or more conditions on the license, certification, or registration; (ii) place one or more restrictions on the license, certification, or registration; (iii) revoke the license, certification, or registration; or (iv) refer the application to the board for a decision. (d) An individual whose conditional license, certification, or registration is automatically revoked under Subsection (4)(b) or whose license, certification, or registration is conditioned, restricted, or revoked under Subsection (4)(c) may appeal the action in a hearing conducted by the board in accordance with Title 63G, Chapter 4, Administrative Procedures Act. (e) The board may delegate to the division or an administrative law judge the authority to conduct a hearing described in Subsection (4)(d). (f) The board, the division, or an administrative law judge may reverse an automatic revocation under Subsection (4)(b) only if: (i) the criminal history upon which the revocation was based did not occur or is the criminal history of another individual; (ii) at the time the applicant disclosed the applicant's criminal history, the applicant had a reasonable good faith belief that there was no criminal history to be disclosed; or (iii) the division failed to follow the prescribed procedure for the revocation. (5) (a) If an individual's conditional license, certification, or registration is revoked under Subsection (4) and the individual does not appeal the revocation in accordance with Subsection (4)(d), the individual may not apply for a new certification, license, or registration under this chapter for a period of 12 months after the day on which the conditional license, certification, or registration is revoked. (b) If an individual's conditional license, certification, or registration is revoked, the individual appeals that revocation in accordance with Subsection (4)(d), and the revocation is upheld, the individual may not apply for a new license, certification, or registration under this chapter for a period of 12 months after the day on which the decision from the appeal is issued. (6) The board may delegate to the division the authority to make a decision on whether relief from a revocation should be granted. (7) Money an applicant pays for the cost of the criminal background check is nonlapsing. (8) 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 section regarding criminal background checks with ongoing monitoring.
Utah Code § 61-2g-205 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-205
§ 61-2g-205. Duties of board.
Status: in_force

(1) (a) The board shall provide technical assistance to the division relating to real estate appraisal standards and real estate appraiser qualifications. (b) The board has the powers and duties listed in this section. (2) The board shall: (a) determine the experience and education requirements appropriate for a person licensed under this chapter; (b) determine the experience and education requirements appropriate for a person certified under this chapter: (i) in compliance with the minimum requirements of Financial Institutions Reform, Recovery, and Enforcement Act of 1989; and (ii) consistent with the intent of this chapter; (c) determine the appraisal related acts that may be performed by: (i) a trainee on the basis of the trainee's education and experience; (ii) clerical staff; and (iii) a person who: (A) does not hold a license or certification; and (B) assists an appraiser licensed or certified under this chapter in providing appraisal services or consultation services; (d) determine the procedures for a trainee to register and to renew a registration with the division; and (e) develop one or more programs to upgrade and improve the experience, education, and examinations as required under this chapter. (3) The experience and education requirements determined by the board for a person licensed or certified under this chapter shall meet or exceed the minimum criteria established by the Appraisal Qualification Board. (4) The board shall: (a) determine the continuing education requirements appropriate for the renewal of a license, certification, or registration issued under this chapter that meet or exceed the minimum criteria established by the Appraisal Qualification Board; (b) develop one or more programs to upgrade and improve continuing education; and (c) recommend to the division one or more available continuing education courses that meet the requirements of this chapter. (5) (a) The board shall consider the proper interpretation or explanation of the Uniform Standards of Professional Appraisal Practice as required by Section 61-2g-403 when: (i) an interpretation or explanation is necessary in the enforcement of this chapter; and (ii) the Appraisal Standards Board of the Appraisal Foundation has not issued an interpretation or explanation. (b) If the conditions of Subsection (5)(a) are met, the board shall recommend to the division the appropriate interpretation or explanation that the division should adopt as a rule under this chapter. (c) (i) The board may by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, and Section 61-2g-403, and with the concurrence of the division, provide for an exemption from a provision of the Uniform Standards of Professional Appraisal Practice for: (A) an activity engaged in on behalf of a governmental entity; or (B) the act of an individual licensed or certified in accordance with this chapter providing an evaluation. (ii) In providing an exemption as described in Subsection (5)(c)(i)(B), the board may not exempt an individual from the following provisions of the Uniform Standards of Professional Appraisal Practice: (A) the Ethics Rule; (B) the Record Keeping Rule; (C) the Competency Rule; and (D) the Scope of Work Rule. (6) (a) The board shall conduct an administrative hearing, not delegated by the board to an administrative law judge, in connection with a disciplinary proceeding under Section 61-2g-504 concerning: (i) a person required to be licensed, certified, or registered under this chapter; and (ii) the person's failure to comply with this chapter and the Uniform Standards of Professional Appraisal Practice as adopted under Section 61-2g-403. (b) The board, with the concurrence of the division, shall issue in an administrative hearing a decision that contains findings of fact and conclusions of law. (c) When a determination is made that a person required to be licensed, certified, or registered under this chapter has violated this chapter, the division shall implement disciplinary action determined through concurrence of the board and the division. (7) A member of the board is immune from a civil action or criminal prosecution for a disciplinary proceeding concerning a person required to be registered, licensed, certified, or approved as an expert under this chapter if the action is taken without malicious intent and in the reasonable belief that the action taken was taken pursuant to the powers and duties vested in a member of the board under this chapter. (8) (a) The board shall require and pass upon proof necessary to determine the honesty, competency, integrity, truthfulness, and general fitness to command the confidence of the community of an applicant for: (i) original licensure, certification, or registration; and (ii) renewal licensure, certification, or registration. (b) The board may delegate to the division the authority to: (i) review a class or category of applications for an original or renewed license, certification, or registration; (ii) determine whether an applicant meets the qualifications for licensure, certification, or registration; (iii) conduct any necessary hearing on an application for an original or renewed license, certification, or registration; and (iv) approve, approve with condition or restriction, or deny an application for an original or renewed license, certification, or registration. (c) Except as provided in Subsections (8)(d) and (e), and in accordance with Title 63G, Chapter 4, Administrative Procedures Act, an applicant who is approved with a condition or restriction or denied licensure, certification, or registration under this chapter may submit a request for agency review to the executive director of the division within 30 days after the day on which the board issues the order approving with a condition or restriction, or denying, the applicant's application. (d) If the board delegates to the division the authority to approve, approve with a condition or restriction, or deny an application without the concurrence of the board under Subsection (8)(b), and the division approves with a condition or restriction, or denies, an application for licensure, certification, or registration, the applicant may, in accordance with Title 63G, Chapter 4, Administrative Procedures Act, petition the board for a de novo review of the application within 30 days after the day on which the division issues the order approving with a condition or restriction, or denying, the applicant's application. (e) If the board approves with a condition or restriction, or denies, an applicant's application for licensure, certification, or registration after a de novo review under Subsection (8)(d), the applicant may, in accordance with Title 63G, Chapter 4, Administrative Procedures Act, petition the executive director for review of the board's approval with a condition or restriction, or denial, within 30 days after the day on which the board issues the order approving with a condition or restriction, or denying, the applicant's application.
Utah Code § 61-1-6 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-6
§ 61-1-6. Sanctions.
Status: in_force

(1) Subject to the other provisions of this section and by means of an adjudicative proceeding conducted in accordance with Title 63G, Chapter 4, Administrative Procedures Act: (a) the commission may issue an order: (i) suspending or revoking a license; (ii) barring or censuring a licensee or an officer, director, partner, or person occupying a similar status or performing similar functions for a licensee from employment with a licensed broker-dealer or investment adviser; (iii) restricting or limiting a licensee as to a function or activity of the business for which a license is required in this state; (iv) imposing a fine in an amount determined after considering the factors set forth in Section 61-1-31; (v) requiring disgorgement; (vi) requiring restitution; (vii) requiring rescission; or (viii) taking any combination of actions under this Subsection (1)(a); or (b) the director may deny a license. (2) (a) The commission may impose a sanction in accordance with Subsection (1)(a) or the director may impose a sanction in accordance with Subsection (1)(b) if the commission or director finds: (i) that it is in the public interest; and (ii) with respect to the applicant or licensee or, in the case of a broker-dealer or investment adviser, a partner, officer, or director, or a person occupying a similar status or performing similar functions, or a person directly or indirectly controlling the broker-dealer or investment adviser, that the person: (A) has filed an application for a license that, as of the effective date of the application or as of any date after filing in the case of an order denying effectiveness: (I) was incomplete in a material respect; or (II) contained a statement that was, in light of the circumstances under which it was made, false or misleading with respect to a material fact; (B) has willfully violated or willfully failed to comply with this chapter or a predecessor act or a rule or order under this chapter or a predecessor act; (C) was convicted of, or entered a plea of guilty, a plea of no contest, a plea in abeyance, or a similar plea of guilty to: (I) a misdemeanor involving: (Aa) fraud or dishonesty; or (Bb) a security or any aspect of the securities business; or (II) a felony; (D) is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing a conduct or practice involving any aspect of the securities business; (E) (I) is the subject of an order of the commission or a predecessor suspending or revoking a license as a broker-dealer, agent, investment adviser, or investment adviser representative; or (II) is the subject of an order of the director or a predecessor denying a license as a broker-dealer, agent, investment adviser, or investment adviser representative; (F) subject to Subsection (2)(b), is the subject of: (I) an adjudication or determination, within the past five years by a securities or commodities agency or administrator of another state, Canadian province or territory, or a court of competent jurisdiction that the person has willfully violated: (Aa) the Securities Act of 1933; (Bb) the Securities Exchange Act of 1934; (Cc) the Investment Advisers Act of 1940; (Dd) the Investment Company Act of 1940; (Ee) the Commodity Exchange Act; or (Ff) the securities or commodities law of another state; or (II) an order: (Aa) entered within the past five years by the securities administrator of a state or Canadian province or territory or by the Securities and Exchange Commission denying or revoking a license as a broker-dealer, agent, investment adviser, or investment adviser representative, or the substantial equivalent of those terms; (Bb) of the Securities and Exchange Commission suspending or expelling the person from a national securities exchange or national securities association registered under the Securities Exchange Act of 1934; or (Cc) that is a United States post office fraud order; (G) has engaged in dishonest or unethical practices in the securities business; (H) is insolvent, either in the sense that liabilities exceed assets or in the sense that obligations cannot be met as they mature, except that the director or commission may not enter an order against a broker-dealer or investment adviser under this Subsection (2)(a)(ii)(H) without a finding of insolvency as to the broker-dealer or investment adviser; (I) is not qualified on the basis of the lack of training, experience, and knowledge of the securities business, except as otherwise provided in Subsection (5); (J) has failed reasonably to supervise the person's: (I) agents or employees, if the person is a broker-dealer; or (II) investment adviser representatives or employees, if the person is an investment adviser; (K) has failed to pay the proper filing fee within 30 days after being notified by the division of a deficiency; (L) subject to Subsection (2)(c), is a licensee or applicant that is materially the same entity as an entity that is defunct, insolvent, statutorily disqualified, barred, or described in Subsection (2)(a)(ii)(D); or (M) has had a final judgment entered against the person in a civil action on grounds of: (I) fraud; (II) embezzlement; (III) misrepresentation; or (IV) deceit. (b) (i) The division may not commence an agency action to revoke or suspend a license under Subsection (2)(a)(ii)(F) more than one year from the day on which the order on which the division relies is entered. (ii) The commission or director may not enter an order under Subsection (2)(a)(ii)(F) on the basis of an order under another state's law unless that order is issued on the basis of facts that would constitute a ground for an agency action under this section on the day on which the notice of agency action is filed. (c) (i) For purposes of Subsection (2)(a)(ii)(L), the director or commission may consider one or more factors in determining whether an entity is materially the same as another entity including the following: (A) the entity has one or more of the same executive officers as the prior entity; (B) the entity conducts operations in the same location as the prior entity; (C) the entity employs two or more agents from the prior entity; (D) the entity solicits or serves two or more customers of the prior entity; (E) the entity has a name similar to the prior entity; or (F) another factor showing a relationship between the entity and the prior entity. (ii) In addition to imposing a sanction in accordance with Subsection (1), for an entity that is materially the same as an entity described in Subsection (2)(a)(ii)(L), the director or the commission may: (A) limit the license of the entity; or (B) require additional disclosures to the customers or employees of the entity. (3) The director may enter a denial order under Subsection (2)(a)(ii)(K), but shall vacate the order when the deficiency is corrected. (4) The division may not institute a suspension or revocation proceeding on the basis of a fact or transaction known to the division when the license became effective unless the proceeding is instituted within the 120 days after the day on which the license takes effect. (5) The following provisions govern the application of Subsection (2)(a)(ii)(I): (a) The director or commission may not enter an order against a broker-dealer on the basis of the lack of qualification of a person other than: (i) the broker-dealer if the broker-dealer is an individual; or (ii) an agent of the broker-dealer. (b) The director or commission may not enter an order against an investment adviser on the basis of the lack of qualification of a person other than: (i) the investment adviser if the investment adviser is an individual; or (ii) an investment adviser representative. (c) The director or commission may not enter an order solely on the basis of lack of experience if the applicant or licensee is qualified by training or knowledge. (d) The director or commission shall consider that: (i) an agent who will work under the supervision of a licensed broker-dealer need not have the same qualifications as a broker-dealer; and (ii) an investment adviser representative who will work under the supervision of a licensed investment adviser need not have the same qualifications as an investment adviser. (e) (i) The director or commission shall consider that an investment adviser is not necessarily qualified solely on the basis of experience as a broker-dealer or agent. (ii) When the director finds that an applicant for a license as a broker-dealer is not qualified as an investment adviser, the director may condition the applicant's license as a broker-dealer upon the applicant's not transacting business in this state as an investment adviser. (f) (i) The division may by rule provide for examinations, which may be written or oral or both, to be taken by any class of or all applicants. (ii) The division may by rule or order waive the examination requirement as to a person or class of persons if the division determines that the examination is not necessary for the protection of investors. (6) If the director finds that a licensee or applicant for a license is no longer in existence, has ceased to do business as a broker-dealer, agent, investment adviser, or investment adviser representative, or is subject to an adjudication of mental incompetence or to the control of a committee, conservator, or guardian, or cannot be located after reasonable search, the division may summarily cancel or deny the license or application according to the procedures and requirements of Title 63G, Chapter 4, Administrative Procedures Act. (7) (a) Withdrawal from license as a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective 30 days after receipt of an application to withdraw or within a shorter period of time as determined by the director, unless: (i) a revocation or suspension proceeding is pending when the application is filed; (ii) a proceeding to revoke or suspend or to impose conditions upon the withdrawal is instituted within 30 days after the application is filed; or (iii) additional information is requested by the division regarding the withdrawal application. (b) (i) If a proceeding described in Subsection (7)(a) is pending or instituted, the director shall designate by order when and under what conditions the withdrawal becomes effective. (ii) If additional information is requested, withdrawal is effective 30 days after the additional information is filed. (c) (i) If no proceeding is pending or instituted, and withdrawal automatically becomes effective, the director may initiate a revocation or suspension proceeding under this section within one year after withdrawal becomes effective. (ii) The commission shall enter an order under Subsection (2)(a)(ii)(B) as of the last date on which the license is effective.
Utah Code § 61-2c-510 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-510
§ 61-2c-510. Money accumulated -- Purpose.
Status: in_force

(1) The division may use money accumulated in the fund in excess of the amount necessary to satisfy claims to: (a) investigate violations of this chapter related to fraud; and (b) advance education and research in the field of residential mortgage loans. (2) The division may use the excess money described in Subsection (1) only in a manner consistent with Subsection (1), including for: (a) courses sponsored by the division; (b) courses offered by the division in conjunction with a university or college in Utah; (c) contracting for a research project for the state in the field of residential mortgage loans; (d) funding the salaries and training expenses of division staff members who are employed in positions related to the education of mortgage licensees; (e) funding the training expenses of division staff members who are employed in positions conducting investigations of complaints under this chapter; and (f) publishing and distributing educational materials to: (i) licensees; and (ii) applicants for licensure.
Utah Code § 61-2c-502 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-502
§ 61-2c-502. Additional license fee.
Status: in_force

(1) An individual who applies for or renews a license shall pay, in addition to any other fee required under this chapter, a reasonable annual fee: (a) determined by the division with the concurrence of the commission; and (b) not to exceed $18. (2) (a) An entity that applies for or renews an entity license shall pay, in addition to any other fee required under this chapter, a reasonable annual fee: (i) determined by the division with the concurrence of the commission; and (ii) not to exceed $25. (b) This Subsection (2) applies: (i) notwithstanding that an entity is operating under an assumed name registered with the division as required by Subsection 61-2c-201(5); and (ii) to each branch office of an entity that is licensed under this chapter. (3) Notwithstanding Section 13-1-2, the following shall be paid into the fund to be used as provided in this part: (a) a fee provided in this section; (b) a fee for certifying: (i) a school as a certified education provider; (ii) a prelicensing or continuing education course; or (iii) a prelicensing or continuing education provider as an instructor; and (c) a civil penalty imposed under this chapter. (4) If the balance in the fund that is available to satisfy a judgment against a licensee decreases to less than $100,000, the division may make an additional assessment to a licensee to maintain the balance available at $100,000 to satisfy judgments.
Utah Code § 61-2f-205 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-205
§ 61-2f-205. Form of license.
Status: in_force

The division shall issue to a licensee a license that contains: (1) the name and address of the licensee; (2) the seal of the state; and (3) any other matter prescribed by the division.
Utah Code § 61-2-203 — Utah Code / Title 61 / Chapter 61-2 / § 61-2-203
§ 61-2-203. Adjudicative proceedings -- Citation authority.
Status: in_force

(1) The division shall comply with Title 63G, Chapter 4, Administrative Procedures Act, in an adjudicative proceeding under a chapter the division administers. (2) The division may initiate an adjudicative proceeding through: (a) a notice of agency action; or (b) a notice of formal or informal proceeding. (3) The provisions of Title 63G, Chapter 4, Administrative Procedures Act, do not apply to the issuance of a citation under Subsection (4), unless a licensee or another person authorized by law to contest the validity or correctness of a citation commences an adjudicative proceeding contesting the citation. (4) The division may issue a citation to a person who, upon inspection or investigation, the division concludes to have violated: (a) Subsection 61-2c-201(1); (b) Subsection 61-2c-201(4); (c) Subsection 61-2c-205(3); (d) Subsection 61-2c-205(4); (e) Subsection 61-2c-301(2)(g); (f) Subsection 61-2c-301(2)(h); (g) Subsection 61-2c-301(2)(i); (h) Subsection 61-2c-301(2)(l); (i) Subsection 61-2c-301(2)(t); (j) Subsection 61-2c-301(2)(y); (k) Subsection 61-2c-302(5); (l) Subsection 61-2e-201(1); (m) Subsection 61-2e-203(4); (n) Subsection 61-2e-307(1)(c); (o) Subsection 61-2e-401(1)(c); (p) Subsection 61-2f-201(1); (q) Subsection 61-2f-206(1); (r) Subsection 61-2f-301(1); (s) Subsection 61-2f-401(1)(a); (t) Subsection 61-2f-401(3); (u) Subsection 61-2f-401(9); (v) Subsection 61-2f-401(12); (w) Subsection 61-2f-401(18); (x) Subsection 61-2g-301(1); (y) Subsection 61-2g-405(3); (z) Subsection 61-2g-501(2)(c); (aa) Subsection 61-2g-502(2)(f); (bb) a rule made in accordance with any subsection listed in this Subsection (4); (cc) an order of the division; or (dd) an order of the commission or board that oversees the person's profession. (5) (a) In accordance with Subsection (10), the division may assess a fine against a person for a violation of a provision listed in Subsection (4), as evidenced by: (i) an uncontested citation; (ii) a stipulated settlement; or (iii) a finding of a violation in an adjudicative proceeding. (b) The division may, in addition to or in lieu of a fine under Subsection (5)(a), order the person to cease and desist from an activity that violates a provision listed in Subsection (4). (6) Except as provided in Subsection (8)(d), the division may not use a citation to effect a license: (a) denial; (b) probation; (c) suspension; or (d) revocation. (7) (a) A citation issued by the division shall: (i) be in writing; (ii) describe with particularity the nature of the violation, including a reference to the provision of the statute, rule, or order alleged to have been violated; (iii) clearly state that the recipient must notify the division in writing within 20 calendar days after the day on which the citation is served if the recipient wishes to contest the citation at a hearing conducted under Title 63G, Chapter 4, Administrative Procedures Act; and (iv) clearly explain the consequences of failure to timely contest the citation or to make payment of a fine assessed by the citation within the time period specified in the citation. (b) The division may issue a notice in lieu of a citation. (8) (a) A citation becomes final: (i) if within 20 calendar days after the day on which the citation is served, the person to whom the citation was issued fails to request a hearing to contest the citation; or (ii) if the director or the director's designee conducts a hearing pursuant to a timely request for a hearing and issues an order finding that a violation has occurred. (b) The division may extend, for cause, the 20-day period to contest a citation. (c) A citation that becomes the final order of the division due to a person's failure to timely request a hearing is not subject to further agency review. (d) (i) The division may refuse to issue, refuse to renew, suspend, revoke, or place on probation the license of a licensee who fails to comply with a citation after the citation becomes final. (ii) The failure of a license applicant to comply with a citation after the citation becomes final is a ground for denial of the license application. (9) (a) The division may not issue a citation under this section after the expiration of one year after the day on which the violation occurs. (b) The division may issue a notice to address a violation that is outside of the one-year citation period. (10) The director or the director's designee shall assess a fine with a citation in an amount that is no more than: (a) for a first offense, $1,000; (b) for a second offense, $2,000; and (c) for each offense subsequent to a second offense, $2,000 for each day of continued offense. (11) (a) An action for a first or second offense for which the division has not issued a final order does not preclude the division from initiating a subsequent action for a second or subsequent offense while the preceding action is pending. (b) The final order on a subsequent action is considered a second or subsequent offense, respectively, provided the preceding action resulted in a first or second offense, respectively. (12) (a) If a person does not pay a penalty, the director may collect the unpaid penalty by: (i) referring the matter to a collection agency; or (ii) bringing an action in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration. (b) A county attorney or the attorney general of the state shall provide legal services to the director in an action to collect the penalty. (c) A court may award reasonable attorney fees and costs to the division in an action the division brings to enforce the provisions of this section.
Utah Code § 61-2f-404 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-404
§ 61-2f-404. Disciplinary action -- Judicial review.
Status: in_force

(1) (a) On the basis of a violation of this chapter, the commission with the concurrence of the director, may issue an order: (i) imposing an educational requirement; (ii) imposing a civil penalty not to exceed the greater of: (A) except as provided in Subsection (1)(a)(ii)(B), $5,000 for each violation; (B) $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 (C) the amount of any gain or economic benefit derived from each violation; (iii) taking any of the following actions related to a license, registration, or certificate: (A) revoking; (B) suspending; (C) placing on probation; (D) denying the renewal, reinstatement, or application for an original license, registration, or certificate; or (E) in the case of denial or revocation of a license, registration, or certificate, setting a waiting period for an applicant to apply for a license, registration, or certificate under this title; (iv) issuing a cease and desist order; (v) authorizing an admonition; (vi) authorizing a reprimand; (vii) authorizing surrender with discipline pending; (viii) modifying an action described in Subsections (1)(a)(i) through (vii) if the commission finds that the person complies with court ordered restitution; or (ix) doing any combination of Subsections (1)(a)(i) through (viii). (b) In determining appropriate action under Subsection (1)(a), the commission shall consider the following factors: (i) the seriousness, nature, circumstances, extent, and persistence of the conduct constituting the violation; (ii) the harm to other persons resulting either directly or indirectly from the violation; (iii) (A) the cooperation by the person in any inquiry conducted by the division concerning the violation; (B) efforts by the person to prevent future occurrences of the violation; and (C) efforts by the person to mitigate the harm caused by the violation, including any disgorgement or restitution made to the other persons harmed by the acts of the person; (iv) the history of previous violations by the person; (v) the need to deter the person or other persons from committing the violation in the future; (vi) whether the person knew or should have known that the property owner was an individual 65 years old or older, or a vulnerable adult; (vii) any direct or indirect compensation or economic benefit the person committing the violation received; and (viii) other matters as justice may require. (c) (i) If the commission with the concurrence of the director 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. (ii) If a person fails to comply by the stated deadline: (A) the person's license, registration, or certificate is automatically suspended: (I) beginning the day specified in the order as the deadline for compliance; and (II) ending the day on which the person complies in full with the order; and (B) if the person fails to pay a fine required by an order, the division may begin a collection process: (I) established by the division, with the concurrence of the commission, by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and (II) subject to Title 63A, Chapter 3, Part 5, Office of State Debt Collection. (d) In a manner determined by the division, the division shall inform a principal broker: (i) with whom a licensee is affiliated of: (A) a complaint made to the division against the licensee that requires a written response from the licensee; (B) a violation alleged against the licensee by the division; (C) the time and place of any disciplinary hearing regarding the licensee; and (D) the resolution of a violation alleged described in Subsection (1)(d)(i)(B); and (ii) upon inquiry from a principal broker regarding an affiliated licensee: (A) disciplinary actions made by the division against the licensee for the past five years; and (B) the resolution of the disciplinary actions described in Subsection (1)(d)(ii)(A). (e) A person previously licensed under this chapter remains responsible for, and is subject to disciplinary action for, an act the person committed while the person was licensed in violation of this chapter or an administrative rule in effect at the time the person committed the act, regardless of whether the person is currently licensed. (2) (a) An applicant, certificate holder, licensee, registrant, or person aggrieved, including the complainant, may obtain agency review by the executive director and judicial review of any adverse ruling, order, or decision of the division. (b) If an applicant, certificate holder, registrant, or licensee prevails in the appeal and the court finds that the state action was undertaken without substantial justification, the court may award reasonable litigation expenses to the applicant, certificate holder, registrant, or licensee as provided under Title 78B, Chapter 8, Part 5, Small Business Equal Access to Justice Act. (c) (i) An order, ruling, or decision of the division shall take effect and become operative 30 days after the service of the order, ruling, or decision unless otherwise provided in the order. (ii) If an appeal is taken by a licensee, registrant, or certificate holder, the division may stay enforcement of an order, ruling, or decision in accordance with Section 63G-4-405. (iii) An appeal is governed by the Utah Rules of Appellate Procedure. (3) The commission and the director shall comply with the procedures and requirements of Title 63G, Chapter 4, Administrative Procedures Act, in an adjudicative proceeding.
Utah Code § 61-1-29 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-29
§ 61-1-29. Savings clause.
Status: in_force

If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of the chapter which can be given effect without the invalid provision or application.
Utah Code § 61-2f-506 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-506
§ 61-2f-506. Procedure to make a claim against the fund.
Status: in_force

(1) A person may bring a claim against the fund if: (a) the person obtains a final judgment; (b) the person complies with the requirements under this part; (c) the person is not complicit in the fraud, misrepresentation, or deceit that is the basis of the claim; and (d) the final judgment that is the basis for the claim: (i) has not been discharged in bankruptcy; and (ii) when a bankruptcy proceeding is open or commenced during the pendency of the claim, the person obtains an order from the bankruptcy court declaring the final judgment and related debt to be nondischargeable. (2) (a) A person may not bring a claim against the fund for money owed under a civil judgment unless, within 10 business days of the day on which the person brings the civil action that results in the civil judgment, the person sends to the division a signed notification alleging fraud, misrepresentation, or deceit by a real estate licensee. (b) Within 30 days of the day on which the division receives a notice under Subsection (1), the division has an unconditional right to intervene in the civil action. (3) (a) After obtaining a final judgment, to file a claim against the fund, a person shall: (i) file a verified petition in the court where the final judgment is entered seeking an order directing payment from the fund of an amount equal to the uncollected actual damages owed under the final judgment that are unpaid; (ii) serve a copy of the verified petition described in Subsection (3)(a)(i) on the division; and (iii) file a copy of the affidavit of service of the verified petition with the court. (b) Recovery from the fund may not include: (i) punitive damages; (ii) attorney fees; (iii) interest; or (iv) court costs. (c) Regardless of the number of claimants or parcels of real estate involved in a real estate transaction, the liability of the fund may not exceed: (i) $15,000 for a single transaction; and (ii) $50,000 for one licensee. (4) A court shall conduct a hearing on a petition filed under Subsection (3) as scheduled by the court. (5) Subject to Subsection (6), a court may order payment from the fund under this section only if the person who files the petition shows that the person: (a) is not: (i) in the case of a civil judgment, the spouse of the judgment debtor; (ii) in the case of a criminal judgment, the spouse of the criminal defendant; or (iii) a personal representative of an individual described in Subsection (5)(a)(i) or (ii); (b) is in compliance with this chapter; (c) is owed damages under a final judgment that: (i) is issued by the court in the manner prescribed under this section; and (ii) indicates the amount of the final judgment awarded; (d) has proved the amount still owing on the final judgment on the date the petition is filed; (e) (i) (A) has had a writ of execution issued upon the final judgment; and (B) has received a return made by the officer executing the writ showing that no property subject to execution in satisfaction of the final judgment could be found; or (ii) if execution is levied against the property of the judgment debtor or criminal defendant: (A) has not realized an amount sufficient to satisfy the final judgment; and (B) is owed a specific balance remaining on the final judgment after application of the amount realized; (f) has made reasonable searches and inquiries to ascertain whether the judgment debtor or criminal defendant has any interest in property, real or personal, that may satisfy the final judgment; and (g) has exercised reasonable diligence to secure payment of the final judgment from the assets of the judgment debtor or criminal defendant. (6) If a person satisfies the court under Subsection (5) that it is not practicable for the petitioner to comply with one or more of the requirements enumerated in Subsections (5)(e) through (g), the court may waive those requirements.
Utah Code § 61-2c-302 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-302
§ 61-2c-302. Record requirements.
Status: in_force

(1) For the time period specified in Subsection (2), a licensee shall make or possess any record required for that licensee by a rule made by the division. (2) A licensee, or a person required to be licensed under this chapter, shall maintain and safeguard in the licensee's or the person's possession a record described in Subsection (1) for four years from the last to occur of the following: (a) the final entry on a residential mortgage loan is made by that licensee; (b) if the residential mortgage loan is serviced by the licensee: (i) the residential mortgage loan is paid in full; or (ii) the licensee ceases to service the residential mortgage loan; or (c) if the residential mortgage loan is not serviced by the licensee, the residential mortgage loan is closed. (3) A licensee shall, upon the division's request: (a) make available to the division for inspection and copying during normal business hours all records required to be maintained under this chapter; and (b) produce all records described in Subsection (3)(a) that are related to an investigation being conducted by the division at the division office for inspection and copying by the division. (4) A licensee who is an entity shall maintain and produce for inspection by the division a current list of all individuals whose licenses are sponsored by the entity. (5) (a) A licensed entity shall: (i) create, for each quarter of the fiscal year, a report of condition identifying all lending activities, including all loans closed by the entity's sponsored mortgage loan originators during the quarter; (ii) provide each quarterly report of condition to the nationwide database no later than 75 days after the last day of the reporting quarter; and (iii) maintain each report of condition submitted to the nationwide database as required by 12 U.S.C. Sec. 5104(e) for at least four years from the day on which the licensee submits the report of condition to the nationwide database. (b) Upon request by the division, a mortgage loan originator shall produce a report of condition for inspection by the division.
Utah Code § 61-1-21.1 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-21.1
§ 61-1-21.1. Limitation of prosecutions.
Status: in_force

(1) An indictment or information may not be returned or civil complaint filed under this chapter more than five years after the alleged violation. (2) An administrative action filed under this chapter may be commenced within 10 years after the violation occurs. (3) When a violation is based on a series of acts or continuing course of business, the conduct may be considered as one continuing offense and the period of limitation described in Subsection (1) or (2) does not begin to run until the last act in the series of acts or course of business is completed. (4) As to causes of action arising from violations of this chapter, the limitation of prosecutions provided in this section supersedes the limitation of actions provided in Section 76-1-302 and Title 78B, Chapter 2, Statutes of Limitations.
Utah Code § 61-1-11 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-11
§ 61-1-11. Provisions applicable to registration generally.
Status: in_force

(1) A registration statement may be filed by the issuer, another person on whose behalf the offering is to be made, or a licensed broker-dealer. (2) A person filing a registration statement shall pay a filing fee as determined under Section 61-1-18.4. (3) A registration statement shall specify: (a) the amount of securities to be offered in this state; (b) the states in which a registration statement or similar document in connection with the offering is or is to be filed; and (c) an adverse order, judgment, or decree entered in connection with the offering by the regulatory authorities in each state or by a court or the Securities and Exchange Commission. (4) A document filed under this chapter or a predecessor act within five years preceding the filing of a registration statement may be incorporated by reference in the registration statement to the extent that the document is currently accurate. (5) The division may permit the omission of an item of information or document from a registration statement. (6) In the case of a nonissuer distribution, information may not be required under Subsection (9) or Section 61-1-10 unless it is known to the person filing the registration statement or to the persons on whose behalf the distribution is to be made, or can be furnished by them without unreasonable effort or expense. (7) (a) The division may require as a condition of registration by qualification or coordination: (i) that security issued within the past three years or to be issued to a promoter for a consideration substantially different from the public offering price, or to a person for a consideration other than cash, be deposited in escrow; and (ii) that the proceeds from the sale of the registered security be impounded until the issuer receives a specified amount from the sale of the security either in this state or elsewhere. (b) The division may determine the conditions of an escrow or impounding required by this Subsection (7), but it may not reject a depository solely because of location in another state. (8) (a) A registration statement is effective for one year from its effective date. (b) All outstanding securities of the same class as a registered security are considered to be registered for the purpose of a nonissuer transaction: (i) so long as the registration statement is effective; and (ii) between the 30th day after the entry of a stop order suspending or revoking the effectiveness of the registration statement under Section 61-1-12, if the registration statement did not relate in whole or in part to a nonissuer distribution, and one year from the effective date of the registration statement. (c) A registration statement may not be withdrawn for one year from its effective date if a security of the same class is outstanding. (d) A registration statement may be withdrawn otherwise only in the discretion of the division. (9) So long as a registration statement is effective and the offering is not completely sold, the division may require the person who filed the registration statement to file reports, not more often than quarterly, to keep reasonably current the information contained in the registration statement and to disclose the progress of the offering. (10) (a) A registration statement may be amended after its effective date so as to increase the securities specified to be offered and sold, if the public offering price and underwriters' discounts and commissions are not changed from the respective amounts of which the division was informed. (b) The amendment becomes effective when the division so orders. (c) A person filing an amendment shall pay a registration fee as determined under Section 61-1-18.4 with respect to the additional securities proposed to be offered. (d) The amendment relates back to the date of the sale of the additional security being registered, provided that within six months of the date of the sale the amendment is filed and the additional registration fee is paid. (11) (a) A security that is a "mortgage related security" as defined in Section 3(a)(41) of the Securities Exchange Act of 1934 may not be exempt under Subsection 61-1-14(1)(a) to the same extent as an obligation issued by or guaranteed as to principal and interest by the United States or an agency or instrumentality of the United States. Accordingly, any such security shall comply with the applicable registration and qualification requirements set forth in this chapter. (b) This Subsection (11) specifically overrides the preemption of state law contained in Section 106(c) of the Secondary Mortgage Market Enhancement Act of 1984, Public Law Number 98-440.
Utah Code § 61-2f-202 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-202
§ 61-2f-202. Exempt persons and transactions.
Status: in_force

(1) As used in this section, "owner" does not include: (a) a person that holds an option to purchase real property; (b) a mortgagee; (c) a beneficiary under a deed of trust; (d) a trustee under a deed of trust; or (e) a person that owns or holds a claim that encumbers any real property or an improvement to the real property. (2) (a) Except as provided in Subsection (2)(b), a license under this chapter is not required for: (i) a person who as owner or lessor performs an act described in Subsection 61-2f-102(30) with reference to real estate owned or leased by that person; (ii) a regular salaried employee of the owner or lessor of real estate who, with reference to nonresidential real estate owned or leased by the employer, performs an act described in Subsection 61-2f-102(30)(b)(ii) or (iii); (iii) a regular salaried employee of the owner of real estate who performs property management services with reference to real estate owned by the employer, except that the employee may only manage real estate for one employer; (iv) an individual who performs property management services for the apartments at which that individual resides in exchange for free or reduced rent on that individual's apartment; (v) a regular salaried employee of a common interest association who manages real estate subject to the declaration of covenants, conditions, and restrictions that established the common interest association; (vi) a regular salaried employee of a licensed property management company or real estate brokerage who performs support services, as prescribed by rule, for the property management company or real estate brokerage; or (vii) in the event a principal broker dies, is incapacitated, or is unable to perform the duties of a principal broker, an individual qualified and designated as the commission determines by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, with the concurrence of the division, as an acting principal broker: (A) in relation to each transaction pending on the day on which the principal broker dies, becomes incapacitated, or becomes unable to perform the duties of a principal broker, including the distribution of compensation for each transaction; and (B) until the day on which each transaction described in Subsection (2)(a)(vii)(A) is completed. (b) Subsection (2)(a) does not exempt from licensing: (i) an employee engaged in the sale of real estate regulated under: (A) Title 57, Chapter 11, Utah Uniform Land Sales Practices Act; or (B) Title 57, Chapter 19, Timeshare and Camp Resort Act; (ii) an employee engaged in the sale of cooperative interests regulated under Title 57, Chapter 23, Real Estate Cooperative Marketing Act; or (iii) an individual whose interest as an owner or lessor is obtained by that individual or transferred to that individual for the purpose of evading the application of this chapter, and not for another legitimate business reason. (3) A license under this chapter is not required for: (a) an isolated transaction or service by an individual holding an unsolicited, duly executed power of attorney from a property owner; (b) subject to Subsection 61-2f-401(5), services rendered by an attorney admitted to practice law in this state in performing the attorney's duties as an attorney; (c) a receiver, trustee in bankruptcy, administrator, executor, or an individual acting under order of a court; (d) a trustee or employee of a trustee under a deed of trust or a will; (e) a public utility, officer of a public utility, or regular salaried employee of a public utility, unless performance of an act described in Subsection 61-2f-102(30) is in connection with the sale, purchase, lease, or other disposition of real estate or investment in real estate unrelated to the principal business activity of that public utility; (f) a regular salaried employee or authorized agent working under the oversight of the Department of Transportation when performing an act on behalf of the Department of Transportation in connection with one or more of the following: (i) the acquisition of real estate in accordance with Section 72-5-103; (ii) the disposal of real estate in accordance with Section 72-5-111; (iii) services that constitute property management; or (iv) the leasing of real estate; and (g) a regular salaried employee of a county, city, or town when performing an act on behalf of the county, city, or town: (i) in accordance with: (A) if a regular salaried employee of a city or town: (I) Title 10, Utah Municipal Code; or (II) Title 11, Cities, Counties, and Local Taxing Units; and (B) if a regular salaried employee of a county: (I) Title 11, Cities, Counties, and Local Taxing Units; and (II) Title 17, Counties; and (ii) in connection with one or more of the following: (A) the acquisition of real estate, including by eminent domain; (B) the disposal of real estate; (C) services that constitute property management; or (D) the leasing of real estate. (4) A license under this chapter is not required for an individual registered to act as a broker-dealer, agent, or investment adviser under the Utah and federal securities laws in the sale or the offer for sale of real estate if: (a) (i) the real estate is a necessary element of a "security" as that term is defined by the Securities Act of 1933 and the Securities Exchange Act of 1934; and (ii) the security is registered for sale in accordance with: (A) the Securities Act of 1933; or (B) Title 61, Chapter 1, Utah Uniform Securities Act; or (b) (i) the sale or offer for sale of real estate is a transaction in a security for which a Form D, described in 17 C.F.R. Sec. 239.500, has been filed with the Securities and Exchange Commission in accordance with Regulation D, Rule 506, 17 C.F.R. Sec. 230.506; and (ii) the selling agent and the purchaser are not residents of this state. (5) Except as otherwise provided by statute or rule, the following individuals may engage in the practice of an occupation or profession regulated by this chapter, subject to the stated circumstances and limitations, without being licensed under this chapter: (a) an individual licensed under the laws of this state, other than under this chapter, to practice or engage in an occupation or profession, while engaged in the lawful, professional, and competent practice of that occupation or profession; (b) an individual serving in the armed forces of the United States, the United States Public Health Service, the United States Department of Veterans Affairs, or any other federal agency while engaged in activities regulated under this title as a part of employment with that federal agency if the individual holds a valid license to practice the regulated occupation or profession issued by any other state or jurisdiction recognized by the department; and (c) the spouse of an individual serving in the armed forces of the United States or the spouse of a DOD civilian while the individual or DOD civilian is stationed within this state, if: (i) the spouse holds a valid license to practice the regulated occupation or profession issued by any other state or jurisdiction recognized by the department; and (ii) the license is current and the spouse is in good standing in the state or jurisdiction of licensure. (6) The commission, with the concurrence of the division, may provide, by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the circumstances under which a person or transaction qualifies for an exemption that is described in this section.
Utah Code § 61-2f-202.5 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-202.5
§ 61-2f-202.5. Exempt individuals and transactions involving property management.
Status: in_force

A license under this chapter is not required for: (1) an individual who, as an owner or lessor, performs an act described in Subsection 61-2f-102(31)(a) in connection to real estate owned or leased by that individual; (2) an individual who is part of a property owner's immediate family, if the individual performs an act described in Subsection 61-2f-102(31)(a) in connection to real estate that the property owner owns; (3) an unlicensed or remote assistant of a property manager; (4) an individual who exclusively performs the following tasks: (a) maintenance and repairs on real property; or (b) bookkeeping and accounting; or (5) a regional manager or a corporate official of a rental agency who does not engage in an act described in Subsection 61-2f-102(31)(a).
Utah Code § 61-2c-203 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-203
§ 61-2c-203. General qualifications for licensure.
Status: in_force

(1) To qualify for licensure under this chapter, a person shall demonstrate through procedures established by rule made by the division in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act: (a) financial responsibility; (b) honesty, integrity, and truthfulness; and (c) the competence to transact the business of residential mortgage loans, including general fitness such as to command the confidence of the community and to warrant a determination that the person will operate honestly, fairly, and efficiently within the purposes of this chapter. (2) If an applicant is an entity, the applicant may not have a control person who fails to meet the requirements of Subsection (1) for an individual applicant. (3) (a) The division shall determine whether an applicant with a criminal history qualifies for licensure. (b) If the division, acting under Subsection (3)(a), denies or restricts a license or places a license on probation, the applicant may petition the commission for de novo review of the application.
Utah Code § 61-2f-102 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-102
§ 61-2f-102. Definitions.
Status: in_force

As used in this chapter: (1) "Admonition" means a public discipline that declares the conduct of a person as improper and does not identify the person. (2) (a) "Advertisement" means a notice or announcement meant to: (i) promote the availability of real estate, an option on real estate, or a business opportunity for sale, exchange, auction, or lease; (ii) offer specific types of brokerage services; or (iii) specifically solicit the public to contact that licensee for more information. (b) "Advertisement" does not include a social media post that generally identifies the person as being engaged in the profession of real estate if the social media post does not: (i) promote the availability of real estate, an option on real estate, or a business opportunity for sale, exchange, auction, or lease; (ii) offer specific types of brokerage services; or (iii) specifically solicit the public to contact that licensee for more information. (3) "Advertising" or "advertise" means placing or directing the placement of an advertisement. (4) "Associate broker" means an individual who is: (a) employed or engaged as an independent contractor by or on behalf of a principal broker to perform an act described in Subsection (30) for valuable consideration; and (b) licensed or is required to be licensed under this chapter as an associate broker. (5) "Branch broker" means an associate broker who manages a principal broker's branch office under the supervision of the principal broker. (6) "Branch office" means a principal broker's real estate brokerage office that is not the principal broker's main office. (7) "Brokerage" means an entity registered or required to be registered with the division in accordance with Section 61-2f-206. (8) "Brokerage name" means: (a) the name of the brokerage as shown on division records; (b) the name of a branch office of the brokerage; or (c) a D.B.A. of the brokerage. (9) "Business day" means a day other than: (a) a Saturday; (b) a Sunday; or (c) a federal or state holiday. (10) "Business opportunity" means the sale, lease, or exchange of any business that includes an interest in real estate. (11) "Commission" means the Real Estate Commission established under this chapter. (12) "Common interest association" means the same as that term is defined in Section 57-1-46. (13) "Concurrence" means the entities given a concurring role shall jointly agree for action to be taken. (14) (a) "Condominium hotel" means one or more condominium units that are operated as a hotel. (b) "Condominium hotel" does not mean a hotel consisting of condominium units, all of which are owned by a single entity. (15) "Condominium unit" means the same as that term is defined in Section 57-8-3. (16) "Director" means the director of the Division of Real Estate. (17) "Division" means the Division of Real Estate. (18) "D.B.A." means a name that is registered with the Division of Corporations and Commercial Code that allows a business to operate under a name different from the business's legal name. (19) "DOD civilian" means the same as that term is defined in Section 53H-11-202. (20) "Dual broker" means a principal broker who functions as the principal property manager of a property management company that is a separate entity from a brokerage. (21) "Entity" means: (a) a corporation; (b) a partnership; (c) a limited liability company; (d) a company; (e) an association; (f) a joint venture; (g) a business trust; (h) a trust; or (i) any organization similar to an entity described in Subsections (21)(a) through (h). (22) "Executive director" means the director of the Department of Commerce. (23) "Factory built housing" means a manufactured home or mobile home. (24) "Foreclosure rescue" means, for compensation or with the expectation of receiving valuable consideration: (a) an act that: (i) the person represents will assist a borrower in preventing a foreclosure; and (ii) relates to a transaction involving the transfer of title to residential real property; or (b) as an employee or agent of another person: (i) a solicitation or an offer that the other person will engage in an act described in Subsection (24)(a); or (ii) negotiation of the terms in relationship to an act described in Subsection (24)(a). (25) "Loan modification assistance" means, for compensation or with the expectation of receiving valuable consideration: (a) an act, or an offer to act, on behalf of a person to: (i) obtain a loan term of a residential mortgage loan that is different from an existing loan term including: (A) an increase or decrease in an interest rate; (B) a change to the type of interest rate; (C) an increase or decrease in the principal amount of the residential mortgage loan; (D) a change in the number of required period payments; (E) an addition of collateral; (F) a change to, or addition of, a prepayment penalty; (G) an addition of a cosigner; or (H) a change in persons obligated under the existing residential mortgage loan; or (ii) a substitute of a new residential mortgage loan for an existing residential mortgage loan; or (b) as an employee or agent of another person: (i) a solicitation or an offer that the other person will engage in an act described in Subsection (25)(a); or (ii) negotiation of the terms in relationship to an act described in Subsection (25)(a). (26) "Main office" means the address that a principal broker designates with the division as the principal broker's primary brokerage office. (27) "Manufactured home" means the same as that term is defined in Section 15A-1-302. (28) "Mobile home" means the same as that term is defined in Section 15A-1-302. (29) "Person" means an individual or entity. (30) "Principal broker" means an individual who: (a) is licensed or required to be licensed as a principal broker under this chapter; and (b) (i) sells or lists for sale real estate, including real estate being sold as part of a foreclosure rescue, a business opportunity, or, unless licensed with the Division of Professional Licensing as a dealer under Title 58, Chapter 56, Building Inspector and Factory Built Housing Licensing Act, factory built housing, with the expectation of receiving valuable consideration; (ii) buys, exchanges, or auctions real estate, an option on real estate, a business opportunity, or, unless licensed with the Division of Professional Licensing as a dealer under Title 58, Chapter 56, Building Inspector and Factory Built Housing Licensing Act, factory built housing, with the expectation of receiving valuable consideration; (iii) advertises, offers, attempts, or otherwise holds the individual out to be engaged in the business described in Subsection (30)(b)(i) or (b)(ii); (iv) is employed by or on behalf of the owner of real estate or by a prospective purchaser of real estate and performs an act described in Subsection (30)(b)(i), whether the individual's compensation is at a stated salary, a commission basis, upon a salary and commission basis, or otherwise; (v) with the expectation of receiving valuable consideration, manages property owned by another person; (vi) advertises or otherwise holds the individual out to be engaged in property management; (vii) with the expectation of receiving valuable consideration, assists or directs in the procurement of prospects for or the negotiation of a transaction listed in Subsections (30)(b)(i) and (b)(v); (viii) except for a mortgage lender, title insurance producer, or an employee of a mortgage lender or title insurance producer, assists or directs in the closing of a real estate transaction with the expectation of receiving valuable consideration; (ix) engages in foreclosure rescue; or (x) advertises, offers, attempts, or otherwise holds the person out as being engaged in foreclosure rescue. (31) "Principal property manager" means an individual who: (a) is the primary contact for a property management company; and (b) holds a valid, active license under this chapter as: (i) a property manager; or (ii) a principal broker. (32) (a) "Property management" means the management of real estate owned by another person, with the expectation of receiving valuable consideration, or advertising or otherwise claiming to be engaged in the management of real estate owned by another person, by: (i) advertising for, arranging, negotiating, offering, or otherwise attempting or participating in a transaction calculated to secure the rental or leasing of real estate; (ii) collecting, agreeing, offering, or otherwise attempting to collect rent for the real estate; or (iii) signing a lease agreement or an addendum with a tenant. (b) "Property management" does not include: (i) hotel or motel management; (ii) rental of tourist accommodations, including hotels, motels, tourist homes, condominiums, condominium hotels, mobile home park accommodations, campgrounds, or similar public accommodations for a period of less than 30 consecutive days, and the management activities associated with these rentals; or (iii) the leasing or management of surface or subsurface minerals or oil and gas interests, if the leasing or management is separate from a sale or lease of the surface estate. (33) "Property management company" means an entity: (a) that engages solely in property management; (b) that is required to register with the division under this chapter; and (c) is supervised by: (i) a dual broker; (ii) a principal broker; or (iii) a principal property manager. (34) "Property manager" means an individual who: (a) is licensed or required to be licensed as a property manager under this chapter; and (b) (i) engages in property management; or (ii) advertises or otherwise holds the individual out to be engaged in property management. (35) "Real estate" includes leaseholds and business opportunities involving real property. (36) (a) "Regular salaried employee" means an individual: (i) who performs a service for wages or other remuneration; and (ii) whose employer withholds federal employment taxes under a contract of hire, written or oral, express or implied. (b) "Regular salaried employee" does not include an individual who performs services on a project-by-project basis or on a commission basis. (37) "Reinstatement" means the restoration of a license that has expired or has been suspended. (38) "Reissuance" means the process by which an individual may obtain a license following revocation of the license. (39) "Renewal" means the extension of a license for an additional licensing period on or before the day on which the license expires. (40) "Reprimand" means a public discipline that declares the conduct of a person as improper and includes the name of the person. (41) "Residential rental unit" means the same as that term is defined in Section 57-22-2. (42) "Sales agent" means an individual who is: (a) affiliated with a principal broker, either as an independent contractor or an employee as provided in Section 61-2f-303, to perform for valuable consideration an act described in Subsection (30); and (b) licensed, or required to be licensed, under this chapter as a sales agent. (43) "Transaction" means, whether complete or incomplete: (a) a purchase of real estate; (b) a sale of real estate; (c) an exchange of real estate; (d) a lease of real estate; (e) an auction of real estate; (f) management of real estate; (g) an option on real estate; or (h) a business opportunity. (44) "Vulnerable adult" means the same as that term is defined in Section 26B-6-201.
Utah Code § 61-2e-305 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-305
§ 61-2e-305. Employee requirements.
Status: in_force

(1) Subsection (2) applies to an individual who: (a) (i) is an employee of an appraisal management company; or (ii) works on behalf of an appraisal management company; and (b) (i) selects an appraiser for the performance of a real estate appraisal activity for the appraisal management company; or (ii) reviews a completed appraisal. (2) (a) An individual described in Subsection (1) is required to be appropriately trained and qualified in the performance of an appraisal, as determined by rule made by the board, with the concurrence of the division, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. (b) For purposes of an individual described in Subsection (1) who reviews the work of an appraiser, to comply with this Subsection (2), the individual shall demonstrate knowledge of the applicable appraisal standards, as determined by rule made by the board, with the concurrence of the division, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
Utah Code § 61-2f-405 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-405
§ 61-2f-405. Other penalties for violation of chapter.
Status: in_force

(1) An officer or agent of a corporation, a member or agent of a partnership or association, or an individual in a similar position of another type of entity who personally participates in or is an accessory to any violation of this chapter by the entity is subject to the penalties prescribed for an individual. (2) If a person receives money or its equivalent, as commission, compensation, or profit by or in consequence of a violation of this chapter, that person is liable for an additional penalty of not less than the amount of the money received and not more than three times the amount of money received, as may be determined by the court. This penalty may be sued for in any court of competent jurisdiction, and recovered by any person aggrieved for the person's own use and benefit. (3) A fine imposed by the commission and the director under this chapter shall, notwithstanding Section 13-1-2, be deposited into the Real Estate Education, Research, and Recovery Fund to be used in a manner consistent with the requirements of Part 5, Real Estate Education, Research, and Recovery Fund Act.
Utah Code § 61-2c-103 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-103
§ 61-2c-103. Powers and duties of the division.
Status: in_force

(1) The division shall administer this chapter. (2) In addition to a power or duty expressly provided in this chapter, the division may: (a) receive and act on a complaint including: (i) taking action designed to obtain voluntary compliance with this chapter; or (ii) commencing an administrative or judicial proceeding on the division's own initiative; (b) establish one or more programs for the education of consumers with respect to residential mortgage loans; (c) (i) make one or more studies appropriate to effectuate the purposes and policies of this chapter; and (ii) make the results of the studies described in Subsection (2)(c)(i) available to the public; (d) visit and investigate a person licensed under this chapter, regardless of whether the person is located in Utah; (e) employ one or more necessary hearing examiners, investigators, clerks, and other employees and agents; and (f) establish fees under Section 63J-1-504 for: (i) processing an application for licensing or certification; and (ii) any other function required or permitted by this chapter. (3) The division shall make rules for the administration of this chapter in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, including: (a) licensure procedures for: (i) a person required by this chapter to obtain a license with the division; and (ii) the establishment of a branch office by an entity; (b) proper handling of money received by a licensee; (c) record-keeping requirements by a licensee, including proper disposal of a record; (d) certification procedures for certifying an education provider; and (e) standards of conduct for a licensee or certified education provider. (4) The division may by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, require as a condition of maintaining a license or certification under this chapter that a person comply with a requirement of the nationwide database if: (a) required for uniformity amongst states; and (b) not inconsistent with this chapter. (5) The division shall by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, provide a process under which an individual may challenge information contained in the nationwide database. (6) The division may enter into a relationship or contract with the nationwide database or another entity designated by the nationwide database to do the following related to a licensee or other person subject to this chapter: (a) collect or maintain a record; and (b) process a transaction fee or other fee. (7) The division shall regularly report the following to the nationwide database: (a) a violation of this chapter; (b) licensing or disciplinary action under this chapter; and (c) other information relevant to this chapter. (8) If a person pays a fee or costs to the division with a negotiable instrument or any other method that is not honored for payment: (a) the transaction for which the payment is submitted is voidable by the division; (b) the division may reverse the transaction if payment of the applicable fee or costs is not received in full; and (c) the person's license, certification, or registration is automatically suspended: (i) beginning the day on which the payment is due; and (ii) ending the day on which payment is made in full.
Utah Code § 61-2-101 — Utah Code / Title 61 / Chapter 61-2 / § 61-2-101
§ 61-2-101. Title.
Status: in_force

This chapter is known as the "Division of Real Estate."
Utah Code § 61-2e-103 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-103
§ 61-2e-103. Rulemaking.
Status: in_force

In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the board may make rules, with the concurrence of the division, that are: (1) consistent with this chapter; and (2) necessary to implement this chapter.
Utah Code § 61-2c-104 — Utah Code / Title 61 / Chapter 61-2c / § 61-2c-104
§ 61-2c-104. Residential Mortgage Regulatory Commission.
Status: in_force

(1) (a) There is created within the division the "Residential Mortgage Regulatory Commission" consisting of the following members appointed by the executive director with the approval of the governor: (i) four members who: (A) have at least three years of experience in transacting the business of residential mortgage loans; and (B) are licensed under this chapter at the time of and during appointment; and (ii) one member from the general public. (b) (i) The executive director with the approval of the governor may appoint an alternate member to the board. (ii) The alternate member shall: (A) at the time of the appointment, have at least three years of experience in transacting the business of residential mortgage loans; and (B) be licensed under this chapter at the time of and during appointment. (2) (a) Except as required by Subsection (2)(b), the executive director shall appoint a new member or reappointed member subject to appointment by the executive director to a four-year term ending June 30. (b) Notwithstanding the requirements of Subsection (2)(a), the executive director shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of commission members are staggered so that approximately half of the commission is appointed every two years. (c) If a vacancy occurs in the membership of the commission for any reason, the executive director shall appoint a replacement for the unexpired term. (d) A member shall remain on the commission until the member's successor is appointed and qualified. (3) Members of the commission shall annually select one member to serve as chair. (4) (a) The commission shall meet at least quarterly. (b) The director may call a meeting in addition to the meetings required by Subsection (4)(a): (i) at the discretion of the director; (ii) at the request of the chair of the commission; or (iii) at the written request of three or more commission members. (5) (a) Three members of the commission constitute a quorum for the transaction of business. (b) If a quorum of members is unavailable for any meeting and an alternate member is appointed to the commission by the executive director with the approval of the governor, the alternate member shall serve as a regular member of the commission for that meeting if with the presence of the alternate member there is a quorum present at the meeting. (c) The action of a majority of a quorum present is an action of the commission. (6) 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. (7) In addition to a duty or power expressly provided for elsewhere in this chapter, the commission shall: (a) except as provided in Subsection 61-2c-202(3), concur in the licensure or denial of licensure of a person under this chapter in accordance with Part 2, Licensure; (b) take disciplinary action with the concurrence of the director in accordance with Part 4, Enforcement; and (c) advise the division concerning matters related to the administration and enforcement of this chapter.
Utah Code § 61-2f-510 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-510
§ 61-2f-510. Division subrogated to claimant -- Authority to revoke license.
Status: in_force

(1) (a) If the division pays a claim against the fund in accordance with this chapter, the division is subrogated to the rights of the person who is paid the claim for the amounts paid out of the fund. (b) The division shall deposit in the fund any amount and interest recovered by the division under this part. (2) (a) The license of a real estate licensee for whom payment from the fund is made under this chapter shall be automatically revoked. (b) A person whose real estate license is revoked under Subsection (2)(a) may not apply for a new license under this chapter until the person pays in full: (i) the amount paid by the fund for a claim that is based on a final judgment against the person; and (ii) interest at a rate determined by the division with the concurrence of the commission.
Utah Code § 61-1-24 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-24
§ 61-1-24. Rules, forms, and orders.
Status: in_force

(1) (a) Subject to Subsection (1)(c), the division may make, amend, or rescind a rule, form, or order when necessary to carry out this chapter. (b) For the purpose of a rule or form, the division may: (i) classify securities, persons, and matters within the jurisdiction of the commission or division; and (ii) prescribe different requirements for different classes. (c) The division shall make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, except that the division may not make, amend, or rescind a rule or form under this chapter without the concurrence of the commission. (d) In prescribing a rule or form, the division may cooperate with the securities administrators of the other states and the Securities and Exchange Commission to achieve maximum uniformity in the form and content of registration statements, applications, and reports wherever practicable. (2) (a) The division may prescribe: (i) the form and content of a financial statement required under this chapter; (ii) the circumstances under which a consolidated financial statement shall be filed; and (iii) whether or not a required financial statement shall be certified by an independent public accountant. (b) A financial statement under this chapter shall be prepared in accordance with generally accepted accounting principles. (3) A provision of this chapter that imposes liability does not apply to an act done or omitted in good faith in conformity with a rule, form, or order of the division or an order of the commission, notwithstanding that the rule, form, or order may later be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
Utah Code § 61-2f-307 — Utah Code / Title 61 / Chapter 61-2f / § 61-2f-307
§ 61-2f-307. Rights and privileges of a property manager to fill out a form or document.
Status: in_force

A property manager may fill out any form, contract, or lease agreement associated with the renting and management of real property.
Utah Code § 61-2e-402 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-402
§ 61-2e-402. Enforcement -- Immunity for board.
Status: in_force

(1) (a) The board may order disciplinary action, with the concurrence of the division, against: (i) an entity registered under this chapter; (ii) an entity required to be registered under this chapter; or (iii) a controlling person of an entity described in this Subsection (1)(a). (b) The board may order disciplinary action, with the concurrence of the division, against an entity, or controlling person of an entity, who is not registered under this chapter, if the entity violated a provision of this chapter or rule made under this chapter: (i) within four years before the day on which the division commences disciplinary action; and (ii) during a period in which: (A) the provision or rule was in effect; and (B) the entity was registered or required to be registered under this chapter. (c) If the board, with the concurrence of the division, makes a finding described in Subsection (2) pursuant to an adjudicative proceeding conducted in accordance with Title 63G, Chapter 4, Administrative Procedures Act, the board, with the concurrence of the division, may: (i) revoke, suspend, or place an entity's registration on probation; (ii) deny an entity's original registration; (iii) deny an entity's renewal registration; (iv) in the case of denial or revocation of a registration, set a waiting period for an applicant to apply for a registration under this chapter; (v) order remedial education; (vi) impose a civil penalty upon a person not to exceed the greater of: (A) $5,000 for each violation; or (B) the amount of any gain or economic benefit from a violation; (vii) issue a cease and desist order; or (viii) do a combination of Subsections (1)(c)(i) through (vii). (2) Subsection (1) applies if the board finds, with the concurrence of the division, that a person has engaged in, is attempting to, or has attempted to engage in: (a) an act that violates this chapter; (b) an act that violates a rule made under this chapter; (c) procuring a registration for the person or another person by fraud, misrepresentation, or deceit; (d) paying money or attempting to pay money other than a fee provided for by this chapter to an employee of the division to procure a registration under this chapter; (e) an act or omission in the business of an appraisal management company that constitutes dishonesty, fraud, or misrepresentation; (f) unprofessional conduct as defined by statute or rule; or (g) other conduct that constitutes dishonest dealing. (3) (a) If the board, with the concurrence of the director, issues an order that orders a fine or remedial education as part of a disciplinary action against a person, including a stipulation and order, the board shall state in the order the deadline by which the person shall comply with the fine or remedial education requirements. (b) If a person fails to comply by the stated deadline, the person's registration shall be immediately and automatically suspended: (i) beginning the day specified in the order as the deadline for compliance; and (ii) ending the day on which the person complies in full with the order. (c) If a person fails to pay a fine required by an order, the division shall begin a collection process: (i) established by the division by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and (ii) subject to Title 63A, Chapter 3, Part 5, Office of State Debt Collection. (4) To the extent permitted by federal law, the board, with the concurrence of the division, may bring a disciplinary proceeding under this chapter for a violation of 15 U.S.C. Sec. 1639e(i). (5) A member of the board is immune from a civil action or criminal prosecution for a disciplinary proceeding under this chapter if: (a) the action is taken without malicious intent; and (b) in the reasonable belief that the action taken was taken pursuant to the powers and duties vested in a member of the board under this chapter.
Utah Code § 61-1-15.5 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-15.5
§ 61-1-15.5. Federal covered securities.
Status: in_force

(1) The division by rule or order may require the filing of any of the following documents with respect to a covered security under Section 18(b)(2) of the Securities Act of 1933: (a) before the initial offer of federal covered security in this state, a notice form as prescribed by the division or all documents that are part of a federal registration statement filed with the Securities and Exchange Commission under the Securities Act of 1933, together with a consent to service of process signed by the issuer and a filing fee as determined under Section 61-1-18.4; (b) after the initial offer of such federal covered security in this state, all documents that are part of an amendment to a federal registration statement filed with the U.S. Securities and Exchange Commission under the Securities Act of 1933, which shall be filed concurrently with the division; (c) a report of the value of federal covered securities offered or sold in this state, together with a filing fee as determined under Section 61-1-18.4; and (d) a notice filing under this section shall be effective for one year and shall be renewed annually in order to continue to offer or sell the federal covered securities for which the notice was filed. (2) (a) With respect to a security that is a covered security under Section 18(b)(4)(F) of the Securities Act of 1933, the division by rule or order may require the issuer to file a notice on SEC Form D and a consent to service of process signed by the issuer no later than 15 days after the day on which the issuer sells the covered security in this state, together with a filing fee as determined under Section 61-1-18.4. (b) The division shall waive the filing fee described in Subsection (2)(a) if: (i) the filing is timely; and (ii) the total offering amount listed on SEC Form D does not exceed $500,000. (3) The division by rule or order may require the filing of a document filed with the Securities and Exchange Commission under the Securities Act of 1933, with respect to a covered security under Securities Act of 1933, Section 18(b)(3) or (4), together with a filing fee as determined under Section 61-1-18.4. (4) With the concurrence of the commission, the director, by means of an adjudicative proceeding conducted in accordance with Title 63G, Chapter 4, Administrative Procedures Act, may issue a stop order suspending the offer and sale of a federal covered security, except a covered security under Section 18(b)(1) of the Securities Act of 1933, if the director finds that the order is in the public interest and there is a failure to comply with any condition established under this section. (5) The division by rule or order may waive any or all of the provisions of this section.
Utah Code § 61-1-107 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-107
§ 61-1-107. Procedures related to an award to a reporter.
Status: in_force

(1) If the commission determines to make an award under Section 61-1-106, the commission shall make the award in accordance with a procedure adopted by the division by rule. (2) A contract with the commission is not necessary for a reporter to receive an award under Section 61-1-106, unless otherwise required by the division by rule made under Subsection (1). (3) A reporter who makes a claim for an award under this section may hire an attorney to represent the reporter. (4) (a) The commission has discretion when making a determination under this section or Section 61-1-106, including whether, to whom, or in what amount to make an award. (b) In accordance with Title 63G, Chapter 4, Administrative Procedures Act, a person aggrieved by a determination of the commission, except for a determination of the amount of the award, may appeal the determination in the same manner as a formal adjudicative proceeding. (5) This part may not be construed to require the division or commission to compensate a reporter for participation in an investigation, hearing, or inquiry held under this chapter. (6) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the division shall make the rules described in Subsection (1) and Subsection 61-1-106(3) consistent with this part.
Utah Code § 61-2g-402 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-402
§ 61-2g-402. Principal place of business -- Display of documents -- Notify of changes -- Nonresidents.
Status: in_force

(1) A person licensed or certified under this chapter shall: (a) designate and maintain a principal place of business; and (b) conspicuously display the person's license or certification. (2) Upon a change of a person's principal business location or home address, a person licensed or certified under this chapter shall promptly send the division a signed statement notifying the division of the change within 10 business days of the change. (3) A nonresident licensee or certificate holder is not required to maintain a place of business in this state if the nonresident maintains an active place of business in the nonresident's state of domicile.
Utah Code § 61-2d-113 — Utah Code / Title 61 / Chapter 61-2d / § 61-2d-113
§ 61-2d-113. Effect of failure to comply.
Status: in_force

Failure to provide the notices or information described in Subsection 61-2d-105(1) and Sections 61-2d-111 and 61-2d-112 does not affect the enforceability of the loan or any of its terms.
Utah Code § 61-1-106 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-106
§ 61-1-106. Award for reporter.
Status: in_force

(1) Subject to Section 61-1-108 and the other provisions of this section, the commission may award an award to one or more reporters who voluntarily provide original information to the commission or division that leads to the successful enforcement of a covered judicial or administrative action. (2) The division shall pay an award under this section from the fund. (3) (a) Subject to the other provisions of this section, the commission may determine the amount of award paid under this section, except that in determining the amount the commission shall consider: (i) the significance of the original information provided by the reporter to the success of the covered judicial or administrative action; (ii) the degree of assistance provided by the reporter in relation to the covered judicial or administrative action; (iii) any costs of legal representation for the reporter in relation to the covered judicial or administrative action; (iv) the programmatic interest of the commission in deterring a violation of this chapter by making an award to a reporter who provides original information that leads to the successful enforcement of this chapter; (v) whether, and the extent to which, the reporter or a legal representative of the reporter participated in internal compliance systems, including: (A) whether, and the extent to which, the reporter reported the possible securities violation through internal reporting, legal, or compliance procedures before, or at the same time as reporting the securities violation to the division or commission; and (B) whether, and the extent to which, the reporter assisted an internal investigation or inquiry concerning the reported securities violation; and (vi) any other relevant factor that the division may establish by rule. (b) The aggregate amount of awards that the commission may award for a specific covered judicial or administrative action may not exceed: (i) the balance in the fund as of the date the awards are determined; or (ii) 30%, in total, of what is collected of the monetary sanction imposed in the judicial or administrative action. (4) The commission may not award a reporter under this section if the reporter: (a) is convicted of a criminal violation related to the covered judicial or administrative action for which the reporter otherwise could receive an award; (b) gains the original information through the performance of an audit of financial statements required under securities laws and for whom providing the original information would violate 15 U.S.C. Sec. 78j-1; (c) fails to provide the original information to the commission or division in accordance with Section 61-1-103; (d) knowingly or recklessly makes a false, fictitious, or fraudulent statement or misrepresentation; (e) uses a false writing or document knowing that, or with reckless disregard as to whether, the writing or document contains false, fictitious, or fraudulent information; (f) knows that, or has a reckless disregard as to whether, the disclosure is of original information that is false or frivolous; (g) has a legal duty to report the original information to the commission or division; or (h) qualifies for an award as described in Section 21F of the Securities Exchange Act, 15 U.S.C. Sec. 78u-6, and regulations issued under that section.
Utah Code § 61-1-26 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-26
§ 61-1-26. Scope of the act -- Service of process.
Status: in_force

(1) Section 61-1-1, Subsection 61-1-3(1), Sections 61-1-7, 61-1-15.5, 61-1-17, and 61-1-22 apply to persons who sell or offer to sell when: (a) an offer to sell is made in this state; or (b) an offer to buy is made and accepted in this state. (2) Section 61-1-1, Subsection 61-1-3(1), and Section 61-1-17 apply to persons who buy or offer to buy when: (a) an offer to buy is made in this state; or (b) an offer to sell is made and accepted in this state. (3) For the purposes of this section, an offer to sell or to buy is made in this state whether or not either party is then present in this state, when the offer: (a) originates from this state; or (b) is directed by the offeror to this state and received at the place to which it is directed, or at any post office in this state in the case of a mailed offer. (4) For the purposes of this section, an offer to sell or to buy is accepted in this state when acceptance: (a) is communicated to the offeror in this state; and (b) has not previously been communicated to the offeror, orally or in writing, outside this state, and acceptance is communicated to the offeror in this state, whether or not either party is then present in this state, when the offeree directs it to the offeror in this state reasonably believing the offeror to be in this state and it is received at the place to which it is directed or at any post office in this state in the case of a mailed acceptance. (5) An offer to sell or to buy is not made in this state when: (a) the publisher circulates or there is circulated on his behalf in this state any bona fide newspaper or other publication of general, regular, and paid circulation which is not published in this state, or which is published in this state but has had more than 2/3 of its circulation outside this state during the past 12 months; or (b) a radio or television program originating outside this state is received in this state. (6) Section 61-1-2 and Subsection 61-1-3(3), as well as Section 61-1-17 so far as investment advisers are concerned, apply when any act instrumental in effecting prohibited conduct is done in this state, whether or not either party is then present in this state. (7) (a) Every application for registration under this chapter and every issuer which proposes to offer a security in this state through any person acting on an agency basis in the common-law sense shall file with the division, in such form as it prescribes by rule, an irrevocable consent appointing the division or the director to be his attorney to receive service of any lawful process in any noncriminal suit, action, or proceeding against him or his successor, executor, or administrator which arises under this chapter or any rule or order hereunder after the consent has been filed, with the same force and validity as if served personally on the person filing the consent. (b) A person who has filed such a consent in connection with a previous registration or notice filing need not file another. (c) Service may be made by leaving a copy of the process in the office of the division, but it is not effective unless the plaintiff, who may be the division in a suit, action, or proceeding instituted by it, sends notice of the service and a copy of the process by registered mail to the defendant or respondent at his last address on file with the division, and the plaintiff's affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within such further time as the court allows. (8) (a) When any person, including any nonresident of this state, engages in conduct prohibited or made actionable by this chapter or any rule or order hereunder, and he has not filed a consent to service of process under Subsection (7) and personal jurisdiction over him cannot otherwise be obtained in this state, that conduct shall be considered equivalent to his appointment of the division or the director to be his attorney to receive service of any lawful process in any noncriminal suit, action, or proceeding against him or his successor executor or administrator which grows out of that conduct and which is brought under this chapter or any rule or order hereunder, with the same force and validity as if served on him personally. (b) Service may be made by leaving a copy of the process in the office of the division, but it is not effective unless the plaintiff, who may be the division in a suit, action, or proceeding instituted by it, sends notice of the service and a copy of the process by registered mail to the defendant or respondent at his last-known address or takes other steps which are reasonably calculated to give actual notice, and the plaintiff's affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within such further time as the court allows. (9) When process is served under this section, the court, or the director shall order such continuance as may be necessary to afford the defendant or respondent reasonable opportunity to defend.
Utah Code § 61-2g-301 — Utah Code / Title 61 / Chapter 61-2g / § 61-2g-301
§ 61-2g-301. License or certification required.
Status: in_force

(1) Except as provided in Subsection (2), it is unlawful for a person to prepare, for valuable consideration, an appraisal, an appraisal report, a certified appraisal report, or perform a consultation service relating to real estate or real property in this state without first being licensed or certified in accordance with this chapter. (2) This section does not apply to: (a) a principal broker, associate broker, or sales agent as defined by Section 61-2f-102 licensed by this state who, in the ordinary course of the broker's or sales agent's business, gives an opinion regarding the value of real estate: (i) to a potential seller or third-party recommending a listing price of real estate; or (ii) to a potential buyer or third-party recommending a purchase price of real estate; (b) an employee of a company who states an opinion of value or prepares a report containing value conclusions relating to real estate or real property solely for the company's use; (c) an official or employee of a government agency while acting solely within the scope of the official's or employee's duties, unless otherwise required by Utah law; (d) an auditor or accountant who states an opinion of value or prepares a report containing value conclusions relating to real estate or real property while performing an audit; (e) an individual, except an individual who is required to be licensed or certified under this chapter, who states an opinion about the value of property in which the individual has an ownership interest; (f) an individual who states an opinion of value if no consideration is paid or agreed to be paid for the opinion and no other party is reasonably expected to rely on the individual's appraisal expertise; (g) an individual, such as a researcher or a secretary, who does not render significant professional assistance, as defined by the board, in arriving at a real estate appraisal analysis, opinion, or conclusion; (h) an attorney authorized to practice law in any state who, in the course of the attorney's practice or tax appeal services, uses an appraisal report governed by this chapter or who states an opinion of the value of real estate; or (i) an individual who is not an appraiser who presents or provides a price estimate, evidence, or property tax information solely for a property tax appeal in accordance with Section 59-2-1017. (3) An opinion of value or report containing value conclusions exempt under Subsection (2) may not be referred to as an appraisal. (4) Except as provided in Subsection (2), to prepare or cause to be prepared in this state an appraisal, an appraisal report, or a certified appraisal report, an individual shall: (a) apply in writing for licensure or certification as provided in this chapter in the form the division may prescribe; and (b) become licensed or certified under this chapter. (5) Subject to rules made in accordance with Section 61-2g-205, a person licensed or certified under this chapter may provide an evaluation.
Utah Code § 61-2e-104 — Utah Code / Title 61 / Chapter 61-2e / § 61-2e-104
§ 61-2e-104. Exemption.
Status: in_force

This chapter does not apply to: (1) an entity that: (a) exclusively employs an individual on an employer-employee basis for the performance of a real estate appraisal activity in the normal course of the entity's business; (b) is responsible for ensuring that the real estate appraisal activity being performed by an employee is performed in accordance with applicable appraisal standards; and (c) is a federally regulated appraisal management company; (2) an individual who: (a) is an appraiser; and (b) in the normal course of business enters into an agreement, whether written or otherwise, with another appraiser for the performance of a real estate appraisal activity that the individual cannot complete for any reason, including: (i) competency; (ii) work load; (iii) schedule; or (iv) geographic location; or (3) an individual who: (a) in the normal course of business enters into an agreement, whether written or otherwise, with an appraiser for the performance of a real estate appraisal activity; and (b) under the agreement, cosigns the report of the appraiser performing the real estate appraisal activity upon the completion of the real estate appraisal activity.
Utah Code § 61-1-9 — Utah Code / Title 61 / Chapter 61-1 / § 61-1-9
§ 61-1-9. Registration by coordination.
Status: in_force

(1) A security for which a registration statement is filed under the Securities Act of 1933 in connection with the same offering may be registered by coordination. (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) one copy of the disclosure statement together with all its amendments filed under the Securities Act of 1933; (b) if the division by rule or otherwise requires: (i) a copy of the articles of incorporation and bylaws or their substantial equivalents currently in effect; (ii) a copy of any agreements with or among underwriters; (iii) a copy of any indenture or other instrument governing the issuance of the security to be registered; and (iv) a specimen or copy of the security; (c) if the division requests, any other information, or copies of any other documents, filed under the Securities Act of 1933; and (d) an undertaking to forward all future amendments to the disclosure statement promptly and in any event not later than the first working day after the day they are forwarded to or filed with the Securities and Exchange Commission, whichever first occurs. (3) A registration statement under this section automatically becomes effective at the moment the disclosure statement becomes effective if all the following conditions are satisfied: (a) no stop order is in effect and no proceeding is pending under Section 61-1-12; (b) the disclosure statement is on file with the division for at least 20 working days; and (c) a statement of the maximum and minimum proposed offering prices and the maximum underwriting discounts and commissions is on file for two full working days or such shorter period as the division permits by rule or otherwise and the offering is made within those limitations. (4) (a) A registrant shall promptly: (i) notify the division in a record of the date and time when the disclosure statement became effective and the content of the price amendment, if any; and (ii) file a posteffective amendment containing the information and documents in the price amendment. (b) "Price amendment" means the final federal amendment that includes a statement of the: (i) offering price; (ii) underwriting and selling discounts or commissions; (iii) amount of proceeds; (iv) conversion rates; (v) call prices; and (vi) other matters dependent upon the offering price. (5) (a) Upon failure to receive the required notification and posteffective amendment with respect to the price amendment, the division may enter a stop order, without notice or hearing, retroactively denying effectiveness to the registration statement or suspending its effectiveness until compliance with Subsection (4), if the division promptly notifies the registrant in a record of the issuance of the order. (b) If the registrant proves compliance with the requirements of Subsection (4) as to notice and posteffective amendment, the stop order is void as of the time of its entry. (6) The division may by rule or otherwise waive either or both of the conditions specified in Subsections (3)(b) and (3)(c). (7) If the disclosure statement becomes effective before all the conditions in Subsections (3)(b) and (3)(c) are satisfied and they are not waived, the disclosure statement automatically becomes effective as soon as all the conditions are satisfied. (8) If the registrant advises the division of the date when the disclosure statement is expected to become effective, the division shall promptly advise the registrant in a record, at the registrant's expense, whether all the conditions are satisfied and whether it then contemplates the institution of proceedings under Section 61-1-12, but this advice by the division does not preclude the institution of such a proceeding at any time. (9) The division may by rule or order permit registration by coordination of a security for which a notification or similar document is filed under the Securities Act of 1933 in connection with the same offering.