(1)  Whenever it appears to the commissioner that any person has engaged in or is about to engage in any act or practice constituting a violation of this title or any rule, regulation, or order of the commissioner or the department, he may bring an action in an appropriate court of general jurisdiction to enjoin the acts or practices and to enforce compliance with this title or any rule or order issued under this title. Upon a proper showing, a permanent or temporary injunction, restraining order, or extraordinary writ shall be granted and a receiver or conservator may be appointed for the defendant or the defendant’s assets. The court may not require the commissioner to post a bond.

Terms Used In Utah Code 7-1-320

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: means the Department of Financial Institutions. See Utah Code 7-1-103
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • 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 :
(a) an individual;
(b) a corporation;
(c) a limited liability company;
(d) a partnership;
(e) a trust;
(f) an association;
(g) a joint venture;
(h) a pool;
(i) a syndicate;
(j) a sole proprietorship;
(k) an unincorporated organization; or
(l) any form of business entity. See Utah Code 7-1-103
  • Receiver: means a person, agency, or instrumentality of this state or the United States appointed to administer and manage an institution subject to the jurisdiction of the department in receivership, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103
    • (2)  If the court finds that the defendant in an action brought by the commissioner pursuant to this section has violated or is about to violate any provision of this title or any rule or order of the commissioner, the court may award to the department an amount not exceeding $10,000 per day for each day the defendant was in violation. The court may also award the department reasonable attorney’s fees.

    Amended by Chapter 133, 1991 General Session

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