reglab/statecodes huggingface dataset:
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Section 20 - Enforcement.

Effective 7/1/2024
61-1-20.
Enforcement.
(1) Whenever it appears to the director that a person has engaged, is engaging, or is about to engage in an act or practice constituting a violation of this chapter or a rule or order under this chapter, in addition to specific powers granted in this chapter:
(a) the director may issue an order directing the person to appear before the commission and show cause why an order should not be issued directing the person to cease and desist from engaging in the act or practice, or doing an act in furtherance of the activity;
(b) the order to show cause shall state the reasons for the order and the date of the hearing;
(c) the director shall promptly serve a copy of the order to show cause upon a person named in the order;
(d) the commission shall hold a hearing on the order to show cause no sooner than 10 business days after the order is issued;
(e) after a hearing, the commission may:
(i) issue an order to cease and desist from engaging in an act or practice constituting a violation of this chapter or a rule or order under this chapter;
(ii) impose a fine in an amount determined after considering the factors set forth in Section 61-1-31;
(iii) order disgorgement;
(iv) order restitution;
(v) order rescission;
(vi) bar or suspend that person from associating with a licensed broker-dealer or investment adviser in this state; and
(vii) impose a combination of sanctions in this Subsection (1)(e).
(2)
(a) The director may bring an action in the appropriate court of this state or the appropriate court of another state to enjoin an act or practice and to enforce compliance with this chapter or a rule or order under this chapter.
(b) Upon a proper showing in an action brought under this section, the court may:
(i) issue a permanent or temporary, prohibitory or mandatory injunction;
(ii) issue a restraining order or writ of mandamus;
(iii) enter a declaratory judgment;
(iv) appoint a receiver or conservator for the defendant or the defendant's assets;
(v) order disgorgement;
(vi) order rescission;
(vii) order restitution;
(viii) impose a fine in an amount determined after considering the factors set forth in Section 61-1-31; and
(ix) enter any other relief the court considers just.
(c) The court may not require the division to post a bond in an action brought under this Subsection (2).
(3) An order issued under Subsection (1) shall be accompanied by written findings of fact and conclusions of law.
(4) When determining the severity of a sanction to be imposed under this section, the commission or court shall consider whether:
(a) the person against whom the sanction is to be imposed exercised undue influence; or
(b) the person against whom the sanction is imposed under this section knows or should know that an investor in the investment that is the grounds for the sanction is a vulnerable adult.
Amended by Chapter 401, 2023 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Section 21 - Penalties for violations.

Effective 5/10/2016
61-1-21.
Penalties for violations.
(1) A person is guilty of a third degree felony who willfully violates:
(a) a provision of this chapter except Sections 61-1-1 and 61-1-16;
(b) an order issued under this chapter; or
(c) Section 61-1-16 knowing the statement made is false or misleading in a material respect.
(2) Subject to the other provisions of this section, a person who willfully violates Section 61-1-1:
(a) is guilty of a third degree felony if, at the time the crime was committed, the property, money, or thing unlawfully obtained or sought to be obtained was worth less than $10,000; or
(b) is guilty of a second degree felony if, at the time the crime was committed, the property, money, or thing unlawfully obtained or sought to be obtained was worth $10,000 or more.
(3) A person who willfully violates Section 61-1-1 is guilty of a second degree felony if:
(a) at the time the crime was committed, the property, money, or thing unlawfully obtained or sought to be obtained was worth less than $10,000; and
(b) in connection with that violation, the violator knowingly accepted any money representing:
(i) equity in a person's primary residence;
(ii) a withdrawal from an individual retirement account;
(iii) a withdrawal from a qualified retirement plan as defined in the Internal Revenue Code;
(iv) an investment by a person over whom the violator exercises undue influence; or
(v) an investment by a person that the violator knows is a vulnerable adult.
(4) A person who willfully violates Section 61-1-1 is guilty of a second degree felony punishable by imprisonment for an indeterminate term of not less than three years or more than 15 years if:
(a) at the time the crime was committed, the property, money, or thing unlawfully obtained or sought to be obtained was worth $10,000 or more; and
(b) in connection with that violation, the violator knowingly accepted any money representing:
(i) equity in a person's primary residence;
(ii) a withdrawal from an individual retirement account;
(iii) a withdrawal from a qualified retirement plan as defined in the Internal Revenue Code;
(iv) an investment by a person over whom the violator exercises undue influence; or
(v) an investment by a person that the violator knows is a vulnerable adult.
(5) When amounts of property, money, or other things are unlawfully obtained or sought to be obtained under a series of acts or continuing course of business, whether from the same or several sources, the amounts may be aggregated in determining the level of offense.
(6) It is an affirmative defense under this section against a claim that the person violated an order issued under this chapter for the person to prove that the person had no knowledge of the order.
(7) In addition to any other penalty for a criminal violation of this chapter, the sentencing judge may impose a penalty or remedy provided for in Subsection 61-1-20(2)(b).
Amended by Chapter 401, 2016 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Section 21.1 - Limitation of prosecutions.

Effective 5/10/2016
61-1-21.1.
Limitation of prosecutions.
(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.
Amended by Chapter 401, 2016 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Section 21.5 - Legal counsel -- Prosecutions.

61-1-21.5.
Legal counsel -- Prosecutions.
(1) The attorney general shall advise and represent the division, the commission, and the staff of the division in all civil matters, administrative or judicial, requiring legal counsel or services in:
(a) the exercise or defense of the division's or commission's power; or
(b) the performance of the division's or commission's duties.
(2) With the concurrence of the attorney general, the staff of the division may represent the division in hearings conducted during the course of adjudicative proceedings of the commission or the division.
(3)
(a) In the prosecution of all criminal actions under this chapter, the attorney general, county attorney, or district attorney of the appropriate jurisdiction, shall provide all legal services for the division, the commission, and the staff of the division.
(b) The division or commission may refer evidence that is available concerning a violation of this chapter for criminal prosecution to:
(i) the attorney general; or
(ii) the appropriate county attorney, district attorney, or United States Attorney's Office.
(4) The attorney general, a county attorney, or a district attorney of the appropriate jurisdiction may institute a criminal proceeding under this chapter, with or without referral from the division.
Amended by Chapter 351, 2009 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Section 23 - Review of orders.

61-1-23.
Review of orders.
A person aggrieved by a final order under this chapter determining all of the issues of an adjudicative proceeding may obtain review of the order by the executive director in accordance with Title 63G, Chapter 4, Administrative Procedures Act.
Amended by Chapter 351, 2009 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Section 24 - Rules, forms, and orders.

61-1-24.
Rules, forms, and orders.
(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.
Amended by Chapter 347, 2009 General Session
Amended by Chapter 351, 2009 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Section 25 - Record of registrations.

61-1-25.
Record of registrations.
(1)
(a) A document is filed when it is received by the division.
(b) If the last day prescribed for the filing of a document is a Saturday, Sunday, or legal holiday, the document is considered timely filed if it is filed on the next succeeding day that is not a Saturday, Sunday, or legal holiday.
(2)
(a) The division shall keep a register of:
(i) all applications for registration and registration statements that are or have ever been effective under this chapter; and
(ii) all denial, suspension, or revocation orders entered under this chapter.
(b) The register shall be open for public inspection.
(3) The information contained in or filed with a registration statement, application, or report may be made available to the public under the rules the division prescribes.
(4)
(a) The division shall furnish to a person a photostatic or other copy, certified under seal if requested, of an entry in the register or any document that is a matter of public record:
(i) upon request; and
(ii) at a reasonable charge prescribed by the division.
(b) In a proceeding or prosecution under this chapter, a copy certified under this Subsection (4) is prima facie evidence of the contents of the entry or document certified.
(5) The division may issue an interpretative opinion requested by an interested person if the commission concurs in the interpretative opinion.
Amended by Chapter 317, 2011 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Section 27 - Construction of chapter.

61-1-27.
Construction of chapter.
This chapter may be so construed as to effectuate its general purpose to make uniform the law of those states which enact it and to coordinate the interpretation and administration of this chapter with the related federal regulation.
Amended by Chapter 284, 1983 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Section 29 - Savings clause.

61-1-29.
Savings clause.
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.
Amended by Chapter 284, 1983 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Section 31 - Determining amount of fine.

Effective 5/12/2020
61-1-31.
Determining amount of fine.
For the purpose of determining the amount of a fine imposed under this chapter, the commission or court shall consider the following factors:
(1) the seriousness, nature, circumstances, extent, and persistence of the conduct constituting the violation;
(2) the harm to other persons resulting either directly or indirectly from the violation;
(3)
(a) the cooperation by the person in any inquiry conducted by the division concerning the violation;
(b) efforts by the person to prevent future occurrences of the violation; and
(c) efforts by the person to mitigate the harm caused by the violation, including any disgorgement or restitution made to other persons injured by the acts of the person;
(4) the history of previous violations by the person;
(5) the need to deter the person or other persons from committing the violation in the future;
(6) whether the person exercised undue influence;
(7) whether the person knew or should have known that the investor was a vulnerable adult;
(8) any direct or indirect compensation or economic benefit the person committing the violation received; and
(9) such other matters as justice may require.
Amended by Chapter 77, 2020 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Section 32 - Exemptions from licensure.

Effective 5/8/2018
61-1-32.
Exemptions from licensure.
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:
(1) 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;
(2) 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
(3) the spouse of an individual serving in the armed forces of the United States while the individual is stationed within this state, if:
(a) 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
(b) the license is current and the spouse is in good standing in the state or jurisdiction of licensure.
Enacted by Chapter 462, 2018 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Part 1 - Securities Fraud Reporting Program Act › Section 102 - Definitions.

61-1-102.
Definitions.
As used in this part:
(1) "Adverse action" means to:
(a) discharge, threaten, or directly or indirectly harass an employee; or
(b) otherwise discriminate against an employee in any manner that affects the employee's employment, including:
(i) compensation;
(ii) terms;
(iii) conditions;
(iv) location;
(v) rights;
(vi) immunities;
(vii) promotions; or
(viii) privileges.
(2) "Covered judicial or administrative action" means a judicial or administrative action brought under this chapter that results in a monetary sanction exceeding $50,000.
(3) "Employee" means an individual who performs a service for wages or other remuneration under a contract of hire, written or oral, express or implied.
(4) "Fund" means the Securities Investor Education, Training, and Enforcement Fund created in Section 61-1-18.7.
(5) "Original information" means information that is:
(a) derived from the independent knowledge or analysis of an individual;
(b) not known to the division or commission from a source other than the individual; and
(c) unless the individual is the source of the information, not exclusively derived from:
(i) an allegation made in a judicial or administrative hearing;
(ii) a government report, hearing, audit, or investigation; or
(iii) the media.
(6) "Monetary sanction" means money required to be paid under this chapter as the result of a judicial or administrative action, including a penalty or disgorgement.
(7) "Reporter" means an individual who provides original information relating to a violation in accordance with Section 61-1-103.
Enacted by Chapter 318, 2011 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Part 1 - Securities Fraud Reporting Program Act › Section 103 - Procedure for disclosure.

61-1-103.
Procedure for disclosure.
(1) To be a reporter for purposes of this part, the individual shall:
(a) provide original information to the division or commission;
(b) reasonably believe that the act that is disclosed by the original information is a violation of this chapter; and
(c) provide the original information to the division or commission:
(i) in writing; and
(ii) in accordance with the procedures established by rule made by the division in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
(2)
(a) Notwithstanding Title 63G, Chapter 2, Government Records Access and Management Act, and except as provided in Subsection (2)(b), the division, commission, or an employee of the division may not disclose information that could reasonably be expected to reveal the identity of a reporter.
(b) This Subsection (2) is not intended to limit, and may not be construed to limit, the ability of the attorney general or division to present evidence to a grand jury or to share evidence with potential witnesses or defendants in the course of an ongoing criminal investigation.
Enacted by Chapter 318, 2011 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Part 1 - Securities Fraud Reporting Program Act › Section 104 - Reporter protected from adverse action -- Exceptions.

61-1-104.
Reporter protected from adverse action -- Exceptions.
(1) An employer may not take adverse action against an employee who is a reporter because of a lawful act of the employee, or a person authorized to act on behalf of the employee, to:
(a) provide original information to the division or commission in accordance with Section 61-1-103;
(b) initiate, testify in, or assist in any investigation, judicial action, or administrative action based on or related to original information provided to the division or commission;
(c) disclose information required or protected under:
(i) Sarbanes-Oxley Act of 2002, 15 U.S.C. Sec. 7201 et seq.;
(ii) Securities Exchange Act of 1934, 15 U.S.C. Sec. 78a et seq.;
(iii) 18 U.S.C. Sec. 1513(e);
(iv) a regulation issued by the Securities Exchange Commission; or
(v) this chapter or a rule made under this chapter.
(2) Notwithstanding Subsection (1), an employee is not protected under this section if:
(a) the employee knowingly or recklessly makes a false, fictitious, or fraudulent statement or misrepresentation;
(b) the employee uses a false writing or document knowing that, or with reckless disregard as to whether, the writing or document contains false, fictitious, or fraudulent information;
(c) the employee knows that, or has a reckless disregard as to whether, the disclosure is of original information that is false or frivolous; or
(d) the employee is protected from adverse action as described in Section 21F of the Securities Exchange Act, 15 U.S.C. Sec. 78u-6, and regulations issued under that section.
Amended by Chapter 366, 2012 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Part 1 - Securities Fraud Reporting Program Act › Section 105 - Remedies for employee bringing action.

Superseded 7/1/2024
61-1-105.
Remedies for employee bringing action.
(1) As used in this section, "actual damages" means damages for injury or loss caused by a violation of Section 61-1-104.
(2)
(a) An employee who alleges a violation of Section 61-1-104 may bring a civil action for injunctive relief, actual damages, or both.
(b) An employee may not bring a civil action under this section more than:
(i) four years after the day on which the violation of Section 61-1-104 occurs; or
(ii) two years after the date when facts material to the right of action are known or reasonably should be known by the employee alleging a violation of Section 61-1-104.
(3) An employee may bring an action under this section in the district court for the county where:
(a) the alleged violation occurs;
(b) the employee resides; or
(c) the person against whom the civil complaint is filed resides or has a principal place of business.
(4) To prevail in an action brought under this section, an employee shall establish, by a preponderance of the evidence, that the employee has suffered an adverse action because the employee, or a person acting on the employee's behalf, engaged or intended to engage in an activity protected under Section 61-1-104.
(5) A court may award as relief for an employee prevailing in an action brought under this section:
(a) reinstatement with the same fringe benefits and seniority status that the individual would have had, but for the adverse action;
(b) two times the amount of back pay otherwise owed to the individual, with interest;
(c) compensation for litigation costs, expert witness fees, and reasonable attorney fees;
(d) actual damages; or
(e) any combination of the remedies listed in this Subsection (5).
(6)
(a) An employer may file a counter claim against an employee who files a civil action under this section seeking attorney fees and costs incurred by the employer related to the action filed by the employee and the counter claim.
(b) The court may award an employer who files a counter claim under this Subsection (6) attorney fees and costs if the court finds that:
(i) there is no reasonable basis for the civil action filed by the employee; or
(ii) the employee is not protected under Section 61-1-104 because:
(A) the employee engaged in an act described in Subsections 61-1-104(2)(a) through (c); or
(B) Subsection 61-1-104(2)(d) applies.
Enacted by Chapter 318, 2011 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Part 1 - Securities Fraud Reporting Program Act › Section 105 - Remedies for employee bringing action.

Effective 7/1/2024
61-1-105.
Remedies for employee bringing action.
(1) As used in this section, "actual damages" means damages for injury or loss caused by a violation of Section 61-1-104.
(2)
(a) An employee who alleges a violation of Section 61-1-104 may bring an action for injunctive relief, actual damages, or both, in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration.
(b) An employee may not bring an action under this section more than:
(i) four years after the day on which the violation of Section 61-1-104 occurs; or
(ii) two years after the date when facts material to the right of action are known or reasonably should be known by the employee alleging a violation of Section 61-1-104.
(3) To prevail in an action brought under this section, an employee shall establish, by a preponderance of the evidence, that the employee has suffered an adverse action because the employee, or a person acting on the employee's behalf, engaged or intended to engage in an activity protected under Section 61-1-104.
(4) A court may award as relief for an employee prevailing in an action brought under this section:
(a) reinstatement with the same fringe benefits and seniority status that the individual would have had, but for the adverse action;
(b) two times the amount of back pay otherwise owed to the individual, with interest;
(c) compensation for litigation costs, expert witness fees, and reasonable attorney fees;
(d) actual damages; or
(e) any combination of the remedies listed in this Subsection (4).
(5)
(a) An employer may file a counter claim against an employee who files a civil action under this section seeking attorney fees and costs incurred by the employer related to the action filed by the employee and the counter claim.
(b) The court may award an employer who files a counter claim under this Subsection (5) attorney fees and costs if the court finds that:
(i) there is no reasonable basis for the civil action filed by the employee; or
(ii) the employee is not protected under Section 61-1-104 because:
(A) the employee engaged in an act described in Subsections 61-1-104(2)(a) through (c); or
(B) Subsection 61-1-104(2)(d) applies.
Amended by Chapter 401, 2023 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Part 1 - Securities Fraud Reporting Program Act › Section 107 - Procedures related to an award to a reporter.

61-1-107.
Procedures related to an award to a reporter.
(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.
Enacted by Chapter 318, 2011 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Part 1 - Securities Fraud Reporting Program Act › Section 108 - Notice of contents of this part -- May not waive -- Nonexclusive.

61-1-108.
Notice of contents of this part -- May not waive -- Nonexclusive.
(1) An employer who is licensed under this chapter shall post a notice and use other appropriate means to inform an employee of rights, protections, and obligations under this part.
(2) An individual may not waive a right or protection provided by this part by agreement, policy form, or condition of employment, including by a predispute arbitration agreement.
(3) This part may not be considered to diminish the rights, privileges, or remedies of a reporter under federal or state law, or under any collective bargaining agreement.
Enacted by Chapter 318, 2011 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Part 2 - Protection of Vulnerable Adults from Financial Exploitation Act › Section 201 - Definitions.

Effective 5/3/2023
61-1-201.
Definitions.
As used in this part:
(1) "Adult Protective Services" means the same as that term is defined in Section 26B-6-201.
(2) "Eligible adult" means:
(a) an individual who is 65 years old or older; or
(b) a vulnerable adult as defined in Section 26B-6-201.
(3) "Financial exploitation of an eligible adult" means:
(a) the wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or other property of an eligible adult; or
(b) an act or omission, including through a power of attorney, guardianship, or conservatorship of an eligible adult, to:
(i) obtain control, through deception, intimidation, or undue influence, over an eligible adult's money, assets, or other property to deprive the eligible adult of the ownership, use, benefit, or possession of the eligible adult's money, assets, or other property; or
(ii) convert an eligible adult's money, assets, or other property to deprive the eligible adult of the ownership, use, benefit, or possession of the eligible adult's money, assets, or other property.
(4) "Law enforcement agency" means the same as that term is defined in Section 53-1-102.
(5) "Qualified individual" means:
(a) an agent;
(b) an investment adviser representative; or
(c) an individual who serves in a supervisory, compliance, or legal capacity for a broker-dealer or an investment adviser.
Amended by Chapter 329, 2023 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Part 2 - Protection of Vulnerable Adults from Financial Exploitation Act › Section 202 - Governmental and third party disclosures.

Effective 5/8/2018
61-1-202.
Governmental and third party disclosures.
(1) If a broker-dealer, an investment adviser, or a qualified individual reasonably believes that a person has engaged in or attempted to engage in the financial exploitation of an eligible adult, the broker-dealer, investment adviser, or qualified individual:
(a) shall promptly notify the division and Adult Protective Services; and
(b) subject to Subsection (2), may notify a person previously designated by the eligible adult, a person allowed to receive notification under applicable law or any customer agreement, or an individual reasonably associated with the eligible adult.
(2) A broker-dealer, an investment adviser, or a qualified individual may not notify a third party under Subsection (1)(b) if the third party is suspected of engaging in the financial exploitation of the eligible adult or other abuse of the eligible adult.
Enacted by Chapter 159, 2018 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Part 2 - Protection of Vulnerable Adults from Financial Exploitation Act › Section 203 - Immunity for governmental and third party disclosures.

Effective 5/8/2018
61-1-203.
Immunity for governmental and third party disclosures.
A broker-dealer, an investment adviser, or a qualified individual who, in good faith and exercising reasonable care, notifies the division, Adult Protective Services, or a third party, in accordance with Section 61-1-202, is immune from administrative or civil liability that might otherwise arise from the notification.
Enacted by Chapter 159, 2018 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Part 2 - Protection of Vulnerable Adults from Financial Exploitation Act › Section 204 - Delaying disbursements or transactions.

Effective 5/8/2018
61-1-204.
Delaying disbursements or transactions.
(1) A broker-dealer or an investment adviser may delay a disbursement or transaction from an eligible adult's account or from an account on which the eligible adult is a beneficiary, if the broker-dealer or investment adviser:
(a) suspects that the disbursement or transaction may result in the financial exploitation of an eligible adult;
(b) initiates an internal review of the disbursement or transaction and the suspected financial exploitation of an eligible adult;
(c) after initiating the internal review, reasonably believes that the disbursement or transaction may result in the financial exploitation of an eligible adult;
(d) within two business days after the day on which the disbursement or transaction is delayed, provides written notification of the delay and the reason for the delay to:
(i) each party authorized to transact business on the account, unless the party is reasonably believed to have engaged in suspected or attempted financial exploitation of the eligible adult;
(ii) the division; and
(iii) Adult Protective Services;
(e) continues the broker-dealer's or investment adviser's internal review of the suspected or attempted financial exploitation of the eligible adult, as necessary; and
(f) upon request, provides a timely report on the status and results of the internal review to the division or Adult Protective Services.
(2) Except as provided in Subsection (3), a delay of a disbursement or transaction under Subsection (1) expires the earlier of:
(a) the day on which the broker-dealer or investment adviser determines that the disbursement or transaction will not result in the financial exploitation of an eligible adult; or
(b) 15 business days after the day on which the broker-dealer or investment adviser initially delayed the disbursement or transaction.
(3) If an internal review described in Subsection (1) supports a reasonable belief that a person has engaged in or attempted to engage in the financial exploitation of an eligible adult, the division or Adult Protective Services may extend the delay of the disbursement or transaction under Subsection (1) as reasonably necessary.
(4) A court of competent jurisdiction may enter an order terminating or extending a delay under this section or granting other protective relief.
Enacted by Chapter 159, 2018 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Part 2 - Protection of Vulnerable Adults from Financial Exploitation Act › Section 205 - Immunity for delaying disbursements or transactions.

Effective 5/8/2018
61-1-205.
Immunity for delaying disbursements or transactions.
A broker-dealer or investment adviser who, in good faith and exercising reasonable care, delays a disbursement or transaction in accordance with Section 61-1-204 is immune from administrative or civil liability that might otherwise arise from the delay.
Enacted by Chapter 159, 2018 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 1 - Utah Uniform Securities Act › Part 2 - Protection of Vulnerable Adults from Financial Exploitation Act › Section 206 - Records.

Effective 5/8/2018
61-1-206.
Records.
(1) Upon request, a broker-dealer or investment adviser shall provide access to or a copy of any record, including a historical record, that is relevant to the suspected or attempted financial exploitation of an eligible adult to Adult Protective Services or a law enforcement agency.
(2) For purposes of Title 63G, Chapter 2, Government Records Access and Management Act, a record made available to Adult Protective Services or a law enforcement agency under this section is a protected record as defined in Section 63G-2-103.
(3) Nothing in this section affects the authority of the division to access or examine the books or records of a broker-dealer or investment adviser as otherwise provided by law.
Enacted by Chapter 159, 2018 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 2 - Division of Real Estate › Part 1 - General Provisions › Section 102 - Definitions.

61-2-102.
Definitions.
As used in this chapter:
(1) "Department" means the Department of Commerce.
(2) "Director" means the director of the division appointed under Section 61-2-201.
(3) "Division" means the Division of Real Estate created in Section 61-2-201.
(4) "Executive director" means the executive director of the department appointed under Section 13-1-3.
Enacted by Chapter 379, 2010 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 2 - Division of Real Estate › Part 2 - Organization › Section 201 - Division of Real Estate created -- Director appointed -- Personnel.

Effective 7/1/2021
61-2-201.
Division of Real Estate created -- Director appointed -- Personnel.
(1) There is created within the department a Division of Real Estate. The division is responsible for the administration and enforcement of:
(a) this chapter;
(b)Title 57, Chapter 11, Utah Uniform Land Sales Practices Act;
(c)Title 57, Chapter 19, Timeshare and Camp Resort Act;
(d)Title 57, Chapter 23, Real Estate Cooperative Marketing Act;
(e)Title 57, Chapter 29, Undivided Fractionalized Long-term Estate Sales Practices Act;
(f)Chapter 2c, Utah Residential Mortgage Practices and Licensing Act;
(g)Chapter 2e, Appraisal Management Company Registration and Regulation Act;
(h)Chapter 2f, Real Estate Licensing and Practices Act; and
(i)Chapter 2g, Real Estate Appraiser Licensing and Certification Act.
(2) The division is under the direction and control of a director appointed by the executive director of the department with the approval of the governor. The director holds the office of director at the pleasure of the governor.
(3) The director, with the approval of the executive director, may employ personnel necessary to discharge the duties of the division at salaries to be fixed by the director according to standards established by the Division of Human Resource Management.
Amended by Chapter 344, 2021 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 2 - Division of Real Estate › Part 2 - Organization › Section 202 - Powers and duties of the director or division.

61-2-202.
Powers and duties of the director or division.
(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.
Enacted by Chapter 379, 2010 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 2 - Division of Real Estate › Part 2 - Organization › Section 204 - Utah Housing Opportunity Restricted Account.

Affected by 63I-2-261 on 7/1/2024
61-2-204.
Utah Housing Opportunity Restricted Account.
(1) For purposes of this section, "account" means the Utah Housing Opportunity Restricted Account created by this section.
(2) There is created in the General Fund a restricted account known as the "Utah Housing Opportunity Restricted Account."
(3) The account shall be funded by:
(a) contributions deposited into the account in accordance with Section 41-1a-422;
(b) private contributions; and
(c) donations or grants from public or private entities.
(4)
(a) The state treasurer shall invest money in the account according to Title 51, Chapter 7, State Money Management Act.
(b) The Division of Finance shall deposit interest or other earnings derived from investment of account money into the General Fund.
(5) The Legislature shall appropriate money in the account to the division.
(6) The division shall distribute the money in the account to one or more charitable organizations that:
(a) are tax exempt under Section 501(c)(3), Internal Revenue Code; and
(b) have as a primary part of their mission to provide support to organizations that create affordable housing for those in severe need.
(7) The division may consider a proposal only if it is:
(a) proposed by an organization described in Subsection (6); and
(b) designed to provide support to organizations that create affordable housing for those in severe need.
(8)
(a) An organization described in Subsection (6) may apply to the division to receive a distribution in accordance with Subsection (6).
(b) An organization that receives a distribution from the division in accordance with Subsection (6) shall expend the distribution only to provide support to organizations that create affordable housing for those in severe need.
(9) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the division shall make rules providing procedures for an organization to apply to receive money under this section.
Amended by Chapter 303, 2011 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 2 - Division of Real Estate › Part 2 - Organization › Section 205 - Concurrence.

Effective 5/10/2016
61-2-205.
Concurrence.
(1) If a provision under this title requires concurrence between the director or division and a commission or board created under this title and no concurrence can be reached, the director or division has final authority.
(2) When this title requires concurrence between the director or division and a commission or board:
(a) the director or division shall report to and update the commission or board on a regular basis related to matters requiring concurrence; and
(b) the commission or board shall review the report submitted by the director or division under this Subsection (2) and concur with the report, or:
(i) provide a reason for not concurring with the report; and
(ii) provide recommendations to the director or division.
Enacted by Chapter 25, 2016 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 2c - Utah Residential Mortgage Practices and Licensing Act › Part 1 - General Provisions › Section 106 - Addresses provided the division.

61-2c-106.
Addresses provided the division.
(1)
(a) A person shall provide a physical location or street address when the person provides the nationwide database an address required by the division.
(b) The following when provided to and maintained within the division under this chapter is public information:
(i) a business address; or
(ii) a mailing address other than a home address, unless the person provides no other address.
(2) A licensee is considered to have received a notification that is mailed to the last mailing address furnished to the nationwide database by:
(a) the individual, if the licensee is an individual; or
(b) the lending manager who is designated within the nationwide database to act as the principal lending manager for the entity, if the licensee is an entity.
Amended by Chapter 292, 2013 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 2c - Utah Residential Mortgage Practices and Licensing Act › Part 2 - Licensure › Section 201 - Licensure required of person engaged in the business of residential mortgage loans.

Effective 5/14/2019
61-2c-201.
Licensure required of person engaged in the business of residential mortgage loans.
(1)
(a) Except as provided in Subsection (1)(b), a person may not transact the business of residential mortgage loans without first obtaining a license under this chapter.
(b) A person may transact the business of residential mortgage loans without first obtaining a license under this chapter if the person:
(i) is exempt from this chapter under Section 61-2c-105; or
(ii) qualifies for temporary authority to act as a mortgage loan originator under Section 61-2c-201.2.
(2) For purposes of this chapter, a person transacts the business of residential mortgage loans in this state if:
(a)
(i) the person engages in an act that constitutes the business of residential mortgage loans;
(ii) the act described in Subsection (2)(a)(i) is directed to or received in this state; and
(iii) the real property that is the subject of the act described in Subsection (2)(a)(i) is located in this state; or
(b) the person makes a representation that the person transacts the business of residential mortgage loans in this state.
(3) An individual who has an ownership interest in an entity required to be licensed under this chapter is not required to obtain an individual license under this chapter unless the individual transacts the business of residential mortgage loans.
(4) Unless otherwise exempted under this chapter, licensure under this chapter is required of both:
(a) the individual who directly transacts the business of residential mortgage loans; and
(b) if the individual transacts business as an employee or agent of an entity or individual, the entity or individual for whom the employee or agent transacts the business of residential mortgage loans.
(5)
(a) If an entity that is licensed to transact the business of residential mortgage loans transacts the business of residential mortgage loans under an assumed business name, the entity shall in accordance with rules made by the division:
(i) register the assumed name under this chapter; and
(ii) furnish proof that the assumed business name is filed with the Division of Corporations and Commercial Code pursuant to Title 42, Chapter 2, Conducting Business Under Assumed Name.
(b) The division may charge a fee established in accordance with Section 63J-1-504 for registering an assumed name as described in this Subsection (5).
Amended by Chapter 337, 2019 General Session
2023 Utah Code › Title 61 - Securities Division - Real Estate Division › Chapter 2c - Utah Residential Mortgage Practices and Licensing Act › Part 2 - Licensure › Section 203 - General qualifications for licensure.

Effective 5/4/2022
61-2c-203.
General qualifications for licensure.
(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.
Amended by Chapter 204, 2022 General Session