Utah Statutes

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

Utah·Title 61 Securities Division - Real Estate Division·Ch. 61-2c Utah Residential Mortgage Practices and Licensing Act·Part 61-2c-5 Residential Mortgage Loan Education, Research, and Recovery Fund
(1)If the division pays a person from the fund in accordance with this part:
(1)(a) the division is subrogated to the rights of that person for the amounts paid out of the fund; and
(1)(b) any amount and interest recovered by the division shall be deposited in the fund.
(2)(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 suspended as of the earlier of the day on which:
(2)(a)(i) the division is ordered by a court to pay from the fund; or
(2)(a)(ii) the division pays from the fund.
(2)(b) (2)(b)(i) A person whose license is suspended under Subsection (2)(a) may appeal the suspension in a de novo hearing conducted by the commission:
(2)(b)(i)(A) after the suspension; and
(2)(b)(i)(B) in accordance with

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Utah § 61-2c-507 (Division subrogated -- Authority to suspend license.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Amended by Chapter 384, 2016 General Session

Nearby Sections

15
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