32-2-931. Persons previously convicted -- rulemaking.
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32-2-931 . Persons previously convicted -- rulemaking.
(1)Unless the commissioner provides written consent:
(a)a person who has been convicted of a criminal offense involving dishonesty or a breach of trust or money laundering or who has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such an offense may not:
(i)become or continue as an institution-affiliated party with respect to any mutual association;
(ii)own or control, directly or indirectly, any mutual association; or
(iii)otherwise participate, directly or indirectly, in the conduct of the affairs of any mutual association; and
(b)a mutual association may not permit any person referred to in subsection (1)(a) to engage in any conduct or continue any relationship prohibited under subsection (1)(a).
(2)A person who knowingly violates subsection (1)(a) is subject to the penalties in 32-2-607 (5).
(3)The commissioner may adopt rules to implement this section.