Utah Code Title 61. Securities Division--Real Estate Division § 61-2e-401. Division authority--Immunity--Transmission of reports to Appraisal Subcommittee
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(1)(a) In addition to a power or duty expressly provided in this chapter, the division may:
(i) examine any book or record of an appraisal management company registered or required to be registered under this chapter and require the appraisal management company to submit any report, information, or document to the division;
(ii) receive and act on a complaint including:
(A) taking action designed to obtain voluntary compliance with this chapter, including the issuance of a cease and desist order if the person against whom the order is issued is given the right to petition the board for review of the order; or
(B) commencing an administrative or judicial proceeding on the division's own initiative;
(iii) conduct a public or private investigation of an entity required to be registered under this chapter, regardless of whether the entity is located in Utah;
(iv) employ one or more investigators, clerks, or other employees or agents if:
(A) approved by the executive director; and
(B) within the budget of the division; and
(v) issue a subpoena that requires:
(A) the attendance and testimony of a witness; or
(B) the production of evidence.
(b)(i) A court of competent jurisdiction shall enforce, according to the practice and procedure of the court, a subpoena issued by the division.
(ii) The division shall pay any witness fee, travel expense, mileage, or any other fee required by the service statutes of the state where the witness or evidence is located.
(c) A failure to respond to a request by the division in an investigation under this chapter within 10 days after the day on which the request is served is considered to be a separate violation of this chapter, including:
(i) failing to respond to a subpoena;
(ii) withholding evidence; or
(iii) failing to produce a document or record.
(2)(a) If a person is found to have violated this chapter or a rule made under this chapter, the person shall pay the costs incurred by the division to copy a book, paper, contract, document, or record required under this chapter, including the costs incurred to copy an electronic book, paper, contract, document, or record in a universally readable format.
(b) If a person fails to pay the costs described in Subsection (2)(a) when due, the person's registration is automatically suspended:
(i) beginning the day on which the payment of costs is due; and
(ii) ending the day on which the costs are paid in full.
(3) The division is immune from a civil action or criminal prosecution for initiating or assisting in a lawful investigation of an act or participating in a disciplinary proceeding under this chapter if the division takes the action:
(a) without malicious intent; and
(b) in the reasonable belief that the action is taken pursuant to the powers and duties vested in the division under this chapter.
(4) Upon the Appraisal Subcommittee's request, the division shall timely transmit a report to the Appraisal Subcommittee regarding the division's supervisory activities involving appraisal management companies or other third-party providers of appraisals and appraisal management services, including any investigation the division initiates or disciplinary action the division takes.
Cite this article: FindLaw.com - Utah Code Title 61. Securities Division--Real Estate Division § 61-2e-401. Division authority--Immunity--Transmission of reports to Appraisal Subcommittee - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-61-securities-division-real-estate-division/ut-code-sect-61-2e-401/
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