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Code · Utah · Title 61 — Securities Division - Real Estate Division · Chapter 2C

61-2c-507. Division subrogated -- Authority to suspend license.

314 words·~1 min read·/ut/title-61/chapter-2c/61-2c-507

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Effective 5/10/2016
61-2c-507. Division subrogated -- Authority to suspend license.
(1)If the division pays a person from the fund in accordance with this part:
(a)the division is subrogated to the rights of that person for the amounts paid out of the fund; and
(b)any amount and interest recovered by the division shall be deposited in the fund.
(a)Subject to Subsection (2)(b) , the license of a licensee for whom payment from the fund is made under this part is automatically suspended as of the earlier of the day on which:
(i)the division is ordered by a court to pay from the fund; or
(ii)the division pays from the fund.
(i)A person whose license is suspended under Subsection (2)(a) may appeal the suspension in a de novo hearing conducted by the commission:
(A)after the suspension; and
(B)in accordance with Title 63G, Chapter 4, Administrative Procedures Act .
(ii)The commission may delegate:
(A)to the division or an administrative law judge the authority to conduct a hearing described in Subsection (2)(b)(i) ; or
(B)to the division the authority to make a decision on whether relief from a suspension should be granted.
(3)Unless the suspension is not upheld after a hearing described in Subsection (2)(b) , a licensee whose license is suspended pursuant to Subsection
(2)may not apply to renew a license nor apply for a new license until the licensee:
(a)pays into the fund:
(i)the amount paid out of the fund on behalf of the licensee; and
(ii)interest at a rate determined by the division with the concurrence of the commission; and
(b)participates in a hearing before the commission and is approved by the commission, with the concurrence of the director, for licensure or activation of the suspended license.
Amended by Chapter 384 , 2016 General Session
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