(1)(1)(a) There is created an independent body politic and corporate, constituting a public corporation, known as the "Utah Housing Corporation."
(1)(b) The corporation may also be known and do business as the:
(1)(b)(i) Utah Housing Finance Association; and
(1)(b)(ii) Utah Housing Finance Agency in connection with a contract entered into when that was the corporation's legal name.
(1)(c) No other entity may use the names described in Subsections (1)(a) and (b) without the express approval of the corporation.
(2)The corporation is governed by a board of trustees composed of the following nine trustees:
(2)(a) the executive director of the Department of Workforce Services or the executive director's designee;
(2)(b) the commissioner of the Department of Financial Institutions or the commi
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(1) (1)(a) There is created an independent body politic and corporate, constituting a public corporation, known as the "Utah Housing Corporation."
(1)(b) The corporation may also be known and do business as the:
(1)(b)(i) Utah Housing Finance Association; and
(1)(b)(ii) Utah Housing Finance Agency in connection with a contract entered into when that was the corporation's legal name.
(1)(c) No other entity may use the names described in Subsections (1)(a) and (b) without the express approval of the corporation.
(2) The corporation is governed by a board of trustees composed of the following nine trustees:
(2)(a) the executive director of the Department of Workforce Services or the executive director's designee;
(2)(b) the commissioner of the Department of Financial Institutions or the commissioner's designee;
(2)(c) the state treasurer or the treasurer's designee; and
(2)(d) six public trustees, who are private citizens of the state, as follows:
(2)(d)(i) two people who represent the mortgage lending industry;
(2)(d)(ii) two people who represent the home building and real estate industry; and
(2)(d)(iii) two people who represent the public at large.
(3) The governor shall:
(3)(a) appoint the six public trustees of the corporation with the advice and consent of the Senate in accordance with Title 63G, Chapter 24, Part 2, Vacancies; and
(3)(b) ensure that among the six public trustees, no more than two are from the same county and all are residents of the state.
(4) (4)(a) Except as required by Subsection (4)(b), the governor shall appoint the six public trustees to terms of office of four years each.
(4)(b) Notwithstanding the requirements of Subsection (4)(a), the governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of corporation trustees are staggered so that approximately half of the board is appointed every two years.
(5) (5)(a) A public trustee of the corporation may be removed from office for cause either by the governor or by an affirmative vote of six trustees of the corporation.
(5)(b) When a vacancy occurs in the board of trustees for any reason, the replacement shall be appointed for the unexpired term.
(5)(c) A public trustee shall hold office for the term of appointment and until the trustee's successor has been appointed and qualified.
(5)(d) A public trustee is eligible for reappointment but may not serve more than two full consecutive terms.
(6) (6)(a) The governor shall select the chair of the corporation.
(6)(b) The trustees shall elect from among their number a vice chair and other officers they may determine.
(7) (7)(a) Five trustees of the corporation constitute a quorum for transaction of business.
(7)(b) An affirmative vote of at least five trustees is necessary for any action to be taken by the corporation.
(7)(c) A vacancy in the board of trustees does not impair the right of a quorum to exercise all rights and perform all duties of the corporation.
(8) A trustee may not receive compensation or benefits for the trustee's service, but may receive per diem and travel expenses in accordance with:
(8)(a) Section 63A-3-106;
(8)(b) Section 63A-3-107; and
(8)(c) rules made by the Division of Finance according to Sections 63A-3-106 and 63A-3-107.
(9) A trustee shall, no sooner than January 1 and no later than January 31 of each year during which the trustee holds office on the board of trustees:
(9)(a) prepare a written conflict of interest disclosure statement that contains a response to each item of information described in Subsection 20A-11-1604(6); and
(9)(b) submit the written disclosure statement to the administrator or clerk of the board of trustees.
(10) (10)(a) No later than 10 business days after the date on which the trustee submits the written disclosure statement described in Subsection (9) to the administrator or clerk of the board of trustees, the administrator or clerk shall:
(10)(a)(i) post a copy of the written disclosure statement on the corporation's website; and
(10)(a)(ii) provide the lieutenant governor with a link to the electronic posting described in Subsection (10)(a)(i).
(10)(b) The administrator or clerk shall ensure that the trustee's written disclosure statement remains posted on the corporation's website until the trustee leaves office.
(11) The administrator or clerk of the board of trustees shall take the action described in Subsection (12) if:
(11)(a) a trustee fails to timely file the written disclosure statement described in Subsection (9); or
(11)(b) a submitted written disclosure statement does not comply with the requirements of Subsection 20A-11-1604(6).
(12) If a circumstance described in Subsection (11) occurs, the administrator or clerk of the board of trustees shall, within five days after the day on which the administrator or clerk determines that a violation occurred, notify the trustee of the violation and direct the trustee to submit an amended written disclosure statement correcting the problem.
(13) (13)(a) It is unlawful for a trustee to fail to submit or amend a written disclosure statement within seven days after the day on which the trustee receives the notice described in Subsection (12).
(13)(b) A trustee who violates Subsection (13)(a) is guilty of a class B misdemeanor.
(13)(c) The administrator or clerk of the board of trustees shall report a violation of Subsection (13)(a) to the attorney general.
(13)(d) In addition to the criminal penalty described in Subsection (13)(b), the administrator or clerk of the board of trustees shall impose a civil fine of $100 against a member who violates Subsection (13)(a).
(14) The administrator or clerk of the board shall deposit a fine collected under this section into the corporation's account to pay for the costs of administering this section.
(15) In addition to the written disclosure statement described in Subsection (9), a trustee described in Subsection (2)(d) shall also comply with the conflict of interest provisions described in Section 63G-24-301.