53D-1-701. Petition for review of director or office decision or action -- Hearing examiner -- Decision -- Judicial review.
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Effective 7/1/2014
53D-1-701. Petition for review of director or office decision or action -- Hearing examiner -- Decision -- Judicial review.
(a)Subject to Subsection (1)(b) , a person aggrieved by a decision or action of the director or office may, in accordance with rules adopted by the board under Section 53D-1-702 , petition the board for an administrative review of the decision or action.
(b)A person may not petition for review of:
(i)a decision whether to buy, sell, hold, or exchange a specific investment; or
(ii)an action to buy, sell, hold, or exchange a specific investment.
(a)The board may appoint a qualified hearing examiner to take evidence and make a recommendation for board action on the petition.
(b)If the board appoints a hearing examiner under Subsection (2)(a) , the board shall, in conducting its review and making its decision on the petition, consider the hearing examiner's recommendation.
(3)In making its decision on the petition, the board shall:
(a)make findings and conclusions and base its decision on the findings and conclusions;
(b)uphold the decision or action of the director or office unless the board finds, by a preponderance of the evidence, that the decision or action violated applicable law, policy, or rule; and
(c)inform the person who filed the petition of the person's right to judicial review of the board's decision.
(4)A person aggrieved by a final decision of the board on a petition filed under this section may seek judicial review of that decision as provided in Sections 63G-4-402 and 63G-4-403 .
Enacted by Chapter 426 , 2014 General Session