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Utah Code Title 61. Securities Division--Real Estate Division § 61-2f-402. Investigations--Disciplinary actions

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) The division may conduct a public or private investigation within or outside of this state as the division considers necessary to determine whether a person has violated, is violating, or is about to violate this chapter or any rule or order under this chapter.

(2) To aid in the enforcement of this chapter or in the prescribing of rules and forms under this chapter, the division may require or permit a person to file a statement in writing, under oath or otherwise as to the facts and circumstances concerning the matter to be investigated.

(3) For the purpose of the investigation described in Subsection (1), the division or an employee designated by the division may:

(a) administer an oath or affirmation;

(b) issue a subpoena that requires:

(i) the attendance and testimony of a witness; or

(ii) the production of evidence;

(c) take evidence;

(d) require the production of a book, paper, contract, record, other document, or information relevant to the investigation; and

(e) serve a subpoena by certified mail.

(4)(a) A court of competent jurisdiction shall enforce, according to the practice and procedure of the court, a subpoena issued by the division.

(b) 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.

(5)(a) Except as provided in Subsections (5)(b) and (c), the division shall commence a disciplinary action under this chapter no later than the earlier of the following:

(i) four years after the day on which the violation is reported to the division; or

(ii) 10 years after the day on which the violation occurred.

(b) Except as provided in Subsection (5)(c), the division shall commence a disciplinary action within four years after the day on which a violation occurred, if the violation was of:

(i)Section 61-2f-206;

(ii)Subsection 61-2f-401(8), which prohibits failure to voluntarily furnish a copy of a document to the parties before and after the execution of a document; or

(iii)Subsection 61-2f-401(18), which prohibits failure to respond to a division request in an investigation within 10 days after the day on which the request is served.

(c) The division may commence a disciplinary action under this chapter after the time period described in Subsection (5)(a) or (b) expires if:

(i)(A) the disciplinary action is in response to a civil or criminal judgment or settlement; and

(B) the division initiates the disciplinary action no later than one year after the day on which the judgment is issued or the settlement is final; or

(ii) the division and the person subject to a disciplinary action enter into a written stipulation to extend the time period described in Subsection (5)(a) or (b).

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Cite this article: FindLaw.com - Utah Code Title 61. Securities Division--Real Estate Division § 61-2f-402. Investigations--Disciplinary actions - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-61-securities-division-real-estate-division/ut-code-sect-61-2f-402/

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