Utah Code 70D-3-502. Investigations
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(1) The commissioner may investigate the actions of:
Terms Used In Utah Code 70D-3-502
- Adjudicative proceeding: means :(2)(a) an action by a board, commission, department, officer, or other administrative unit of the state that determines the legal rights, duties, privileges, immunities, or other legal interests of one or more identifiable persons, including an action to grant, deny, revoke, suspend, modify, annul, withdraw, or amend an authority, right, or license; and(2)(b) judicial review of an action described in Subsection (2)(a). See Utah Code 68-3-12.5
- Commissioner: means the commissioner of the department. 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.
- Licensee: means an individual licensed under this chapter. See Utah Code 70D-3-102
- loan originator: means an individual who for compensation or in the expectation of compensation:
(12)(a)(i) takes a residential mortgage loan application; or(12)(a)(ii) offers or negotiates a term of a residential mortgage loan. See Utah Code 70D-3-102- 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- 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- 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.
(1)(a) a licensee; or(1)(b) an individual required to be licensed under this chapter.(2) In conducting an investigation or adjudicative proceeding, the commissioner may:(2)(a) administer an oath or affirmation under penalty of perjury;(2)(b) subpoena a witness;(2)(c) compel the attendance of a witness;(2)(d) take evidence;(2)(e) require the production of a record or information relevant to an investigation from any person including:(2)(e)(i) the existence, description, nature, custody, condition, and location of a record or other tangible thing of any kind or nature; and(2)(e)(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; and(2)(f) serve a subpoena.(3) A failure to respond to a request by the commissioner in an investigation authorized under this chapter is considered as a separate violation of this chapter, including:(3)(a) failing to respond to a subpoena;(3)(b) withholding evidence; or(3)(c) failing to produce a record or other information.(4) In conducting an investigation, the commissioner may inspect and copy a record related to the business of a loan originator, regardless of whether the record is maintained at a business location in Utah.(5) Regardless of whether the commissioner takes action pursuant to an investigation under this chapter, an individual investigated under this section shall pay to the commissioner the amounts that would be assessed to a financial institution for an examination under Subsection7-1-401(7) including:(5)(a) a per diem assessment at the rate calculated under Subsection7-1-401(7) ; and(5)(b) if the investigation requires one or more representatives of the commissioner to travel out of state, the reasonable travel, lodging, and other expenses incurred by each representative while conducting the investigation.