United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-5-106

Source excerpt

complaint forwardingcomplaints forwardinghearing defaultregulated professionsregulatory compliancerevocationrevocation ordersrevocation proceduretrust accountstrust company regulation

Jurisdiction: United States — Utah
Status: In force
Dates: Legal dates not recorded

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“Revocation of trust authority -- Procedure -- Violations. The commissioner may issue and serve upon a trust company a notice of intent to revoke the authority of the trust company to exercise the powers granted by this chapter, if, in the”

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Revocation of trust authority -- Procedure -- Violations.

Section 7-5-106

Subsection 7-5-106(1)(a)(v)

A person who fails or has failed to comply with any rule of the commissioner is covered by this provision.

Section 7-5-106(1)(a)(v)

Subsection 7-5-106(2)(b)

If default occurs, or if the commissioner finds a charged allegation proven, the commissioner must issue and serve a revocation order on the trust company.

Section 7-5-106(2)(b)

Subsection 7-5-106(4)(b)

may be subject to disciplinary action generally applicable to an attorney licensed to practice in this state.

Section 7-5-106(4)(b)

Subsection 7-5-106(6)(b)

if the complaint involves a certified public accountant, the Division of Professional Licensing.

Section 7-5-106(6)(b)

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Showing 27 of 27 provisions

Provision 27

Part 7-5-1

part 7-5-1 General Provisions

§ 7-5-106Revocation of trust authority -- Procedure -- Violations.Provision

Source excerpt

Revocation of trust authority -- Procedure -- Violations. The commissioner may issue and serve upon a trust company a notice of intent to revoke the authority of the trust company to exercise the powers granted by this chapter, if, in the commissioner's opinion, the trust company: is unlawfully or unsoundly exercising the powers granted under this chapter; has unlawfully or unsoundly exercised the powers granted under this chapter; has failed, for a period of five consecutive years, to exercise the powers granted by this chapter; fails or has failed to comply with requirements upon which the trust company's permit is conditioned; or fails or has failed to comply with any rule of the commissioner. The notice shall: contain a statement of the facts constituting the alleged unlawful or unsound exercise of powers, or failure to exercise powers, or failure to comply; and fix the time and place at which the commissioner shall hold a hearing to determine whether the commissioner should issue an order revoking authority to execute the powers described in the notice. If the trust company or the trust company's representative does not appear at the hearing, the commissioner may consider the trust company to be in default, and may issue a revocation order. If default has occurred, or if upon the record made at any hearing the commissioner finds that any allegation specified in the notice of charges has been established, the commissioner shall issue and serve upon the trust company a revocation order: prohibiting the trust company from accepting any new or additional trust accounts; and revoking the trust company's authority to exercise any powers granted under this chapter. Any order issued under this section permits the trust company to continue to service all previously accepted trust accounts pending the trust accounts' expeditious divestiture or termination. A revocation order becomes effective 30 days after the day on which the commissioner serves the revocation order to the trust company and remains effective and enforceable, unless the commissioner or a court, in accordance with Section 7-1-714 , stays, modifies, terminates, or sets aside the revocation order. If an attorney described in Subsection 7-5-101(4)(b)(iii) violates Title 75B, Trusts, the attorney: is not subject to enforcement by the commissioner or the department; and may be subject to disciplinary action generally applicable to an attorney licensed to practice in this state. If a certified public accountant described in Subsection 7-5-101(4)(b)(iv) violates Title 75B, Trusts, the certified public accountant: is not subject to enforcement by the commissioner or the department; and may be subject to disciplinary action under Title 58, Chapter 26a, Certified Public Accountant Licensing Act. If the commissioner or the department receives a complaint that an attorney described in Subsection 7-5-101(4)(b)(iii) or a certified public accountant described in Subsection 7-5-101(4)(b)(iv) violates Title 75B, Trusts, the commissioner or the department shall forward the complaint to: if the complaint involves an attorney, the Utah State Bar; or if the complaint involves a certified public accountant, the Division of Professional Licensing.

Section 7-5-106Verify source

§ 7-5-106(1)Subsection 7-5-106(1)Provision

Source excerpt

The commissioner may issue and serve upon a trust company a notice of intent to revoke the authority of the trust company to exercise the powers granted by this chapter, if, in the commissioner's opinion, the trust company: is unlawfully or unsoundly exercising the powers granted under this chapter; has unlawfully or unsoundly exercised the powers granted under this chapter; has failed, for a period of five consecutive years, to exercise the powers granted by this chapter; fails or has failed to comply with requirements upon which the trust company's permit is conditioned; or fails or has failed to comply with any rule of the commissioner. The notice shall: contain a statement of the facts constituting the alleged unlawful or unsound exercise of powers, or failure to exercise powers, or failure to comply; and fix the time and place at which the commissioner shall hold a hearing to determine whether the commissioner should issue an order revoking authority to execute the powers described in the notice.

Section 7-5-106(1)Verify source

§ 7-5-106(1)(a)Subsection 7-5-106(1)(a)Provision

Source excerpt

The commissioner may serve a trust company with notice of intent to revoke its authority to exercise chapter powers.

Section 7-5-106(1)(a)Verify source

§ 7-5-106(1)(a)(i)Subsection 7-5-106(1)(a)(i)Provision

Source excerpt

is unlawfully or unsoundly exercising the powers granted under this chapter;

Section 7-5-106(1)(a)(i)Verify source

§ 7-5-106(1)(a)(ii)Subsection 7-5-106(1)(a)(ii)Provision

Source excerpt

Describes unlawful or unsound exercise of powers granted under this chapter.

has unlawfully or unsoundly exercised the powers granted under this chapter;

Section 7-5-106(1)(a)(ii)Verify source

§ 7-5-106(1)(a)(iii)Subsection 7-5-106(1)(a)(iii)Provision

Source excerpt

has failed, for a period of five consecutive years, to exercise the powers granted by this chapter;

Section 7-5-106(1)(a)(iii)Verify source

§ 7-5-106(1)(a)(iv)Subsection 7-5-106(1)(a)(iv)Provision

Source excerpt

A trust company’s permit is conditioned on compliance with certain requirements, and failure to comply is covered by this provision.

fails or has failed to comply with requirements upon which the trust company's permit is conditioned; or

Section 7-5-106(1)(a)(iv)Verify source

§ 7-5-106(1)(a)(v)Subsection 7-5-106(1)(a)(v)Provision

Source excerpt

A person who fails or has failed to comply with any rule of the commissioner is covered by this provision.

fails or has failed to comply with any rule of the commissioner.

Section 7-5-106(1)(a)(v)Verify source

§ 7-5-106(1)(b)Subsection 7-5-106(1)(b)Provision

Source excerpt

The notice must state the facts for the alleged unlawful or unsound exercise of powers, or failure to exercise powers or comply, and must set the time and place for a hearing before the commissioner.

The notice shall: contain a statement of the facts constituting the alleged unlawful or unsound exercise of powers, or failure to exercise powers, or failure to comply; and fix the time and place at which the commissioner shall hold a hearing to determine whether the commissioner should issue an order revoking authority to execute the powers described in the notice.

Section 7-5-106(1)(b)Verify source

§ 7-5-106(1)(b)(i)Subsection 7-5-106(1)(b)(i)Provision

Source excerpt

The statement must include the facts constituting the alleged unlawful or unsound exercise of powers, failure to exercise powers, or failure to comply.

contain a statement of the facts constituting the alleged unlawful or unsound exercise of powers, or failure to exercise powers, or failure to comply; and

Section 7-5-106(1)(b)(i)Verify source

§ 7-5-106(1)(b)(ii)Subsection 7-5-106(1)(b)(ii)Provision

Source excerpt

The commissioner must fix the time and place for a hearing.

fix the time and place at which the commissioner shall hold a hearing to determine whether the commissioner should issue an order revoking authority to execute the powers described in the notice.

Section 7-5-106(1)(b)(ii)Verify source

§ 7-5-106(2)Subsection 7-5-106(2)Provision

Source excerpt

If the trust company or its representative does not appear at the hearing, the commissioner may treat the company as in default and issue a revocation order. If default is found, or the record shows an allegation in the notice of charges was established, the commissioner must issue and serve a revocation order that bars new or additional trust accounts and revokes the company’s authority under the chapter. The order also allows servicing previously accepted trust accounts until they are divested or terminated.

If the trust company or the trust company's representative does not appear at the hearing, the commissioner may consider the trust company to be in default, and may issue a revocation order. If default has occurred, or if upon the record made at any hearing the commissioner finds that any allegation specified in the notice of charges has been established, the commissioner shall issue and serve upon the trust company a revocation order: prohibiting the trust company from accepting any new or additional trust accounts; and revoking the trust company's authority to exercise any powers granted under this chapter. Any order issued under this section permits the trust company to continue to service all previously accepted trust accounts pending the trust accounts' expeditious divestiture or termination.

Section 7-5-106(2)Verify source

§ 7-5-106(2)(a)Subsection 7-5-106(2)(a)Provision

Source excerpt

If the trust company or its representative does not appear at the hearing, the commissioner may treat the company as in default and may issue a revocation order.

If the trust company or the trust company's representative does not appear at the hearing, the commissioner may consider the trust company to be in default, and may issue a revocation order.

Section 7-5-106(2)(a)Verify source

§ 7-5-106(2)(b)Subsection 7-5-106(2)(b)Provision

Source excerpt

If default occurs, or if the commissioner finds a charged allegation proven, the commissioner must issue and serve a revocation order on the trust company.

If default has occurred, or if upon the record made at any hearing the commissioner finds that any allegation specified in the notice of charges has been established, the commissioner shall issue and serve upon the trust company a revocation order: prohibiting the trust company from accepting any new or additional trust accounts; and revoking the trust company's authority to exercise any powers granted under this chapter.

Section 7-5-106(2)(b)Verify source

§ 7-5-106(2)(b)(i)Subsection 7-5-106(2)(b)(i)Provision

Source excerpt

A trust company may not accept any new or additional trust accounts.

prohibiting the trust company from accepting any new or additional trust accounts; and

Section 7-5-106(2)(b)(i)Verify source

§ 7-5-106(2)(b)(ii)Subsection 7-5-106(2)(b)(ii)Provision

Source excerpt

revoking the trust company's authority to exercise any powers granted under this chapter.

Section 7-5-106(2)(b)(ii)Verify source

§ 7-5-106(2)(c)Subsection 7-5-106(2)(c)Provision

Source excerpt

An order under this section may allow the trust company to keep servicing previously accepted trust accounts while they are being divested or terminated.

Any order issued under this section permits the trust company to continue to service all previously accepted trust accounts pending the trust accounts' expeditious divestiture or termination.

Section 7-5-106(2)(c)Verify source

§ 7-5-106(3)Subsection 7-5-106(3)Provision

Source excerpt

A revocation order becomes effective 30 days after the day on which the commissioner serves the revocation order to the trust company and remains effective and enforceable, unless the commissioner or a court, in accordance with Section

Section 7-5-106(3)Verify source

§ 7-5-106(4)Subsection 7-5-106(4)Provision

Source excerpt

If the listed attorney violates Title 75B, the commissioner or department cannot enforce against the attorney, but general attorney discipline may still apply.

If an attorney described in Subsection 7-5-101(4)(b)(iii) violates Title 75B, Trusts, the attorney: is not subject to enforcement by the commissioner or the department; and may be subject to disciplinary action generally applicable to an attorney licensed to practice in this state.

Section 7-5-106(4)Verify source

§ 7-5-106(4)(a)Subsection 7-5-106(4)(a)Provision

Source excerpt

is not subject to enforcement by the commissioner or the department; and

Section 7-5-106(4)(a)Verify source

§ 7-5-106(4)(b)Subsection 7-5-106(4)(b)Provision

Source excerpt

may be subject to disciplinary action generally applicable to an attorney licensed to practice in this state.

Section 7-5-106(4)(b)Verify source

§ 7-5-106(5)Subsection 7-5-106(5)Provision

Source excerpt

If a certified public accountant covered by Subsection 7-5-101(4)(b)(iv) violates Title 75B, the commissioner and department do not enforce against the accountant, and the accountant may face discipline under Title 58, Chapter 26a.

If a certified public accountant described in Subsection 7-5-101(4)(b)(iv) violates Title 75B, Trusts, the certified public accountant: is not subject to enforcement by the commissioner or the department; and may be subject to disciplinary action under Title 58, Chapter 26a, Certified Public Accountant Licensing Act.

Section 7-5-106(5)Verify source

§ 7-5-106(5)(a)Subsection 7-5-106(5)(a)Provision

Source excerpt

The subject is not subject to enforcement by the commissioner or the department.

is not subject to enforcement by the commissioner or the department; and

Section 7-5-106(5)(a)Verify source

§ 7-5-106(5)(b)Subsection 7-5-106(5)(b)Provision

Source excerpt

may be subject to disciplinary action under Title 58, Chapter 26a, Certified Public Accountant Licensing Act.

Section 7-5-106(5)(b)Verify source

§ 7-5-106(6)Subsection 7-5-106(6)Provision

Source excerpt

If the commissioner or department receives a complaint about certain attorneys or certified public accountants violating Title 75B, it must forward the complaint to the Utah State Bar or the Division of Professional Licensing, depending on who is involved.

If the commissioner or the department receives a complaint that an attorney described in Subsection 7-5-101(4)(b)(iii) or a certified public accountant described in Subsection 7-5-101(4)(b)(iv) violates Title 75B, Trusts, the commissioner or the department shall forward the complaint to: if the complaint involves an attorney, the Utah State Bar; or if the complaint involves a certified public accountant, the Division of Professional Licensing.

Section 7-5-106(6)Verify source

§ 7-5-106(6)(a)Subsection 7-5-106(6)(a)Provision

Source excerpt

if the complaint involves an attorney, the Utah State Bar; or

Section 7-5-106(6)(a)Verify source

§ 7-5-106(6)(b)Subsection 7-5-106(6)(b)Provision

Source excerpt

if the complaint involves a certified public accountant, the Division of Professional Licensing.

Section 7-5-106(6)(b)Verify source

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Utah Code § 7-5-106

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