Utah Code 61-2c-507. Division subrogated — Authority to suspend license
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(1) If the division pays a person from the fund in accordance with this part:
Terms Used In Utah Code 61-2c-507
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Commission: means the Residential Mortgage Regulatory Commission created in Section
61-2c-104 . See Utah Code 61-2c-102 - Concurrence: means that entities given a concurring role must jointly agree for the action to be taken. See Utah Code 61-2c-102
- Director: means the director of the division. See Utah Code 61-2c-102
- Division: means the Division of Real Estate. See Utah Code 61-2c-102
- Fund: means the Residential Mortgage Loan Education, Research, and Recovery Fund created in Section
61-2c-501 . See Utah Code 61-2c-501.5 - Licensee: means a person licensed with the division under this chapter. See Utah Code 61-2c-102
- Person: means an individual or entity. See Utah Code 61-2c-102
(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 Title 63G, Chapter 4, Administrative Procedures Act.
(2)(b)(ii) The commission may delegate:
(2)(b)(ii)(A) to the division or an administrative law judge the authority to conduct a hearing described in Subsection (2)(b)(i); or
(2)(b)(ii)(B) to the division the authority to make a decision on whether relief from a suspension should be granted.
(3) Unless the suspension is not upheld after a hearing described in Subsection (2)(b), a licensee whose license is suspended pursuant to Subsection (2) may not apply to renew a license nor apply for a new license until the licensee:
(3)(a) pays into the fund:
(3)(a)(i) the amount paid out of the fund on behalf of the licensee; and
(3)(a)(ii) interest at a rate determined by the division with the concurrence of the commission; and
(3)(b) participates in a hearing before the commission and is approved by the commission, with the concurrence of the director, for licensure or activation of the suspended license.