37-51-324. Penalty for failure to comply with trust account requirements.
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37-51-324 . Penalty for failure to comply with trust account requirements.
(1)An employee of the department may issue a citation to a broker responsible for maintenance of a trust account for failure to comply with trust account maintenance requirements as provided by rule under 37-1-319 (3).
(2)The citation must include:
(a)the time and date on which the citation is issued;
(b)the name, title, mailing address, and signature of the person issuing the citation;
(c)reference to the statute or rule violated;
(d)the name, title, and mailing address of the person to whom the citation is being sent, along with information explaining the procedure for the person receiving the citation to follow to pay the fine or dispute the violation; and
(e)the amount of the applicable fine.
(3)The applicable civil fine for failure to comply with trust account maintenance requirements is $50 for each cited violation.
(4)The person who issues the citation is authorized to collect the fine and deposit the proceeds in the state special revenue account to the credit of the board.
(5)The person who is issued a citation may pay the fine or file a written dispute of the violation with the board within 5 business days of the date of issuance.
(6)A person who refuses to sign and accept a citation but who does not file a written dispute of the violation is demonstrating unprofessional conduct.