Effective 7/1/2024
61-2f-403. Mishandling of trust money.
| (1) |
The division may audit principal brokers’ trust accounts or other accounts in which a licensee maintains trust money under this chapter. If the division’s audit shows, in the opinion of the division, gross mismanagement, commingling, or misuse of money, the division, with the concurrence of the commission, may order at the division’s expense a complete audit of the account by a certified public accountant, or take other action in accordance with Section 61-2f-404. |
Terms Used In Utah Code 61-2f-403 v2
- Commission: means the Real Estate Commission established under this chapter. See Utah Code 61-2f-102
- Concurrence: means the entities given a concurring role must jointly agree for action to be taken. See Utah Code 61-2f-102
- Director: means the director of the Division of Real Estate. See Utah Code 61-2f-102
- Division: means the Division of Real Estate. See Utah Code 61-2f-102
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: means an individual or entity. See Utah Code 61-2f-102
- Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
| (2) |
If the commission finds under Subsection (1) that gross mismanagement, comingling, or misuse of money occurred, the commission, with concurrence of the division, may then order the licensee to reimburse the division for the cost of the audit described in Subsection (1). |
| (3) |
The licensee may obtain agency review by the executive director or judicial review of any division order. |
| (4) |
| (a) |
If it appears that a person has grossly mismanaged, commingled, or otherwise misused trust money, the division, with or without prior administrative proceedings, may bring an action in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration, to enjoin the act or practice and to enforce compliance with this chapter or any rule or order under this chapter. |
| (b) |
Upon a proper showing, a court shall grant injunctive relief or a temporary restraining order, and may appoint a receiver or conservator. The division is not required to post a bond in any court proceeding. |
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Amended by Chapter 401, 2023 General Session
