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2006 Utah Code - 61-2a-9 — Division subrogated to judgment creditor -- Authority to revoke license.
61-2a-9. Division subrogated to judgment creditor -- Authority to revoke license.
If the division makes payment from the fund to a judgment creditor, the division shall be subrogated to all the rights of the judgment creditor for the amounts paid out of the fund and any amount and interest recovered by the division shall be deposited in the fund. The license of any real estate licensee for whom payment from the fund is made under this chapter shall be automatically revoked. The licensee may not apply for a new license until the amount paid out on his account, plus interest at a rate determined by the Division of Real Estate with the concurrence of the commission, has been repaid in full.
If the division makes payment from the fund to a judgment creditor, the division shall be subrogated to all the rights of the judgment creditor for the amounts paid out of the fund and any amount and interest recovered by the division shall be deposited in the fund. The license of any real estate licensee for whom payment from the fund is made under this chapter shall be automatically revoked. The licensee may not apply for a new license until the amount paid out on his account, plus interest at a rate determined by the Division of Real Estate with the concurrence of the commission, has been repaid in full.
Amended by Chapter 227, 1989 General Session
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