Utah Code 70D-2-503. Investigation
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Terms Used In Utah Code 70D-2-503
- broker: means a person who in the regular course of business assists a person in obtaining a mortgage loan for a fee or other consideration paid directly or indirectly. See Utah Code 70D-2-102
- Commissioner: means the commissioner of the department. See Utah Code 70D-1-102
- Department: means the Department of Financial Institutions. See Utah Code 70D-1-102
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Lender: includes a mortgage lender. See Utah Code 70D-2-102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Probable cause: A reasonable ground for belief that the offender violated a specific law.
- Record: means information that is:
(8)(a) inscribed on a tangible medium; or(8)(b) stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 70D-1-102- Servicer: means a person who in the regular course of business assumes responsibility for servicing and accepting payments for a mortgage loan. See Utah Code 70D-2-102
- State: means :
(10)(a) a state, territory, or possession of the United States;(10)(b) the District of Columbia; or(10)(c) the Commonwealth of Puerto Rico. See Utah Code 70D-1-102- Subpoena: A command to a witness to appear and give testimony.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
(1)(a) If the commissioner has probable cause to believe that a lender, broker, or servicer has violated a law, rule, or federal regulation relating to its business or an obligation to a mortgagor, the commissioner may investigate to determine if a violation has been committed.(1)(b) To the extent necessary for an investigation under this section, the commissioner may:(1)(b)(i) administer an oath or affirmation under penalty of perjury; and(1)(b)(ii) upon the commissioner’s own motion or upon request of any person:(1)(b)(ii)(A) subpoena a witness;(1)(b)(ii)(B) compel the attendance of a witness;(1)(b)(ii)(C) adduce evidence under penalty of perjury; and(1)(b)(ii)(D) require the production of a matter that is relevant to the investigation, including:(1)(b)(ii)(D)(I) the existence, description, nature, custody, condition, and location of a record or other tangible thing of any kind or nature; and(1)(b)(ii)(D)(II) the identity and location of a person having knowledge of a relevant fact, or any other matter reasonably calculated to lead to the discovery of admissible evidence.(2)(2)(a) If the commissioner requires a person to produce a record that is located outside this state, the person shall:(2)(a)(i) make the record available to the commissioner at a convenient location within this state; or(2)(a)(ii) pay the reasonable and necessary expenses for the department to examine the record at the place where the record is maintained.(2)(b) The commissioner may designate one or more representatives, including an official of the state in which a record is located, to inspect the record on behalf of the commissioner.(3) Upon failure without lawful excuse to obey a subpoena or give testimony, and upon reasonable notice to affected persons, the commissioner may apply to the Third District Court or to any other district court for an order compelling compliance.(4) Unless otherwise required by law, the commissioner may not make public:(4)(a) the name or identity of a person whose acts or conduct the commissioner investigates pursuant to this section; or(4)(b) the facts disclosed in the investigation.(5) Subsection(4) does not apply to a disclosure in an enforcement proceeding conducted pursuant to this chapter.