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Securities Division - Real Estate Division | |
Utah Residential Mortgage Practices and Licensing Act | |
Section 507 | Division subrogated -- Authority to revoke license. |
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61-2c-507. Division subrogated -- Authority to revoke 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. (2) (a) Subject to Subsection (2)(b), the license of a licensee for whom payment from the fund is made under this part is automatically revoked 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. (b) (i) A person whose license is revoked under Subsection (2)(a) may appeal the revocation in a de novo hearing conducted by the commission: (A) after the revocation; 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 revocation should be granted. (3) Unless the revocation is not upheld after a hearing described in Subsection (2)(b), a licensee whose license is revoked pursuant to Subsection (2) may not apply for a new license until the licensee pays into the fund: (a) the amount paid out of the fund on behalf of the licensee; and (b) interest at a rate determined by the division with the concurrence of the commission.
Amended by Chapter 289, 2011 General Session |
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