2012 Utah Code
Title 61 - Securities Division - Real Estate Division
Article 2c - Utah Residential Mortgage Practices and Licensing Act
Section 507 - Division subrogated -- Authority to revoke license.

(1) If the division pays a person from the fund in accordance with this part:

(a) the division is subrogated to the rights of that person for the amounts paid out of the fund; and

(b) any amount and interest recovered by the division shall be deposited in the fund.

(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 revoked as of the earlier of the day on which:

(i) the division is ordered by a court to pay from the fund; or

(ii) the division pays from the fund.

(b) (i) A person whose license is revoked under Subsection (2)(a) may appeal the revocation in a de novo hearing conducted by the commission:

(A) after the revocation; and

(B) in accordance with Title 63G, Chapter 4, Administrative Procedures Act.

(ii) The commission may delegate:

(A) to the division or an administrative law judge the authority to conduct a hearing described in Subsection (2)(b)(i); or

(B) to the division the authority to make a decision on whether relief from a revocation should be granted.

(3) Unless the revocation is not upheld after a hearing described in Subsection (2)(b), a licensee whose license is revoked pursuant to Subsection (2) may not apply for a new license until the licensee pays into the fund:

(a) the amount paid out of the fund on behalf of the licensee; and

(b) interest at a rate determined by the division with the concurrence of the commission.

Amended by Chapter 289, 2011 General Session