61-2-24. Mishandling of trust funds.
(1) The division may audit principal brokers' trust accounts or other accounts in which a
licensee maintains trust funds under this chapter. If the division's audit shows, in the opinion of
the division, gross mismanagement, commingling, or misuse of funds, the division, with the
concurrence of the commission, may order a complete audit of the account by a certified public
accountant at the licensee's expense, or take other action in accordance with Section 61-2-12.
(2) The licensee may obtain agency review by the executive director or judicial review of
any division order.
(3) If it appears that a person has grossly mismanaged, commingled, or otherwise
misused trust funds, the division, with or without prior administrative proceedings, may bring an
action in the district court of the district where the person resides or maintains a place of business,
or where the act or practice occurred or is about to occur, to enjoin the acts or practices and to
enforce compliance with this chapter or any rule or order under this chapter. Upon a proper
showing, the court shall grant injunctive relief or a temporary restraining order, and may appoint a
receiver or conservator. The division is not required to post a bond in any court proceeding.
Enacted by Chapter 102, 1996 General Session
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Last revised: Thursday, May 28, 2009