Title 61, Title 61: Securities Division - Real Estate Division

61-1-103. Procedure for disclosure. (1) To be a reporter for purposes of this part, the individual shall: provide original information to the division or commission; reasonably believe that the act that is disclosed by the original information is a violation of this chapter; and …

61-1-104. Reporter protected from adverse action -- Exceptions. (1) An employer may not take adverse action against an employee who is a reporter because of a lawful act of the employee, or a person authorized to act on behalf of the employee, to: provide original information to …

61-1-105. Remedies for employee bringing action. (1) As used in this section, "actual damages" means damages for injury or loss caused by a violation of Section. 61-1-104 (2) An employee who alleges a violation of Sectionmay bring an action for injunctive relief, actual damages, …

61-1-106. Award for reporter. (1) Subject to Sectionand the other provisions of this section, the commission may award an award to one or more reporters who voluntarily provide original information to the commission or division that leads to the successful enforcement of a covere…

61-1-107. Procedures related to an award to a reporter. (1) If the commission determines to make an award under Section, the commission shall make the award in accordance with a procedure adopted by the division by rule. 61-1-106 (2) A contract with the commission is not necessar…

61-1-108. Notice of contents of this part -- May not waive -- Nonexclusive. (1) An employer who is licensed under this chapter shall post a notice and use other appropriate means to inform an employee of rights, protections, and obligations under this part. (2) An individual may …

61-1-11. Provisions applicable to registration generally. (1) A registration statement may be filed by the issuer, another person on whose behalf the offering is to be made, or a licensed broker-dealer. (2) A person filing a registration statement shall pay a filing fee as determ…

61-1-11.1. Hearings for certain exchanges of securities. (1) An application may be made to the division for approval to issue securities or to deliver other consideration in exchange for: one or more outstanding securities, claims, or property interests; or partly in exchange for…

61-1-12. Denial, suspension, and revocation of registration. (1) With the concurrence of the commission, the director, by means of an adjudicative proceeding conducted in accordance with, may issue a stop order that denies effectiveness to, or suspends or revokes the effectivenes…

61-1-13. Definitions. (1) As used in this chapter: "Affiliate" means a person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with a person specified. "Agent" means an individual other than a broker-dealer…

61-1-14. Exemptions. (1) The following securities are exempt from Sectionsand: 61-1-7 61-1-15 a security, including a revenue obligation, issued or guaranteed by the United States, a state, a political subdivision of a state, or an agency or corporate or other instrumentality of …

61-1-14.5. Burden of proving exemption. In any proceeding under this chapter, civil, criminal, administrative, or judicial, the burden of proving an exemption under Sectionor an exception from a definition under Sectionis upon the person claiming the exemption or exception.

61-1-15. Filing of sales literature. The division may by rule or order require the filing of any prospectus, pamphlet, circular, form letter, advertisement, or other sales literature or advertising communication addressed or intended for distribution to prospective investors, inc…

61-1-15.5. Federal covered securities. (1) The division by rule or order may require the filing of any of the following documents with respect to a covered security under Section 18(b)(2) of the Securities Act of 1933: before the initial offer of federal covered security in this …

61-1-16. False statements unlawful. It is unlawful for a person to make or cause to be made, in any document filed with the division or in any proceeding, examination, or investigation conducted under this chapter, any statement that is, at the time and in the light of the circum…

61-1-17. No finding by division on merits -- Contrary representation unlawful. (1) Neither the fact that an application for registration or a registration statement has been filed nor the fact that a person or security is effectively registered constitutes a finding by the divisi…

61-1-18. Division of Securities established -- Director -- Investigators. (1) There is established within the Department of Commerce a Division of Securities. The division is under the direction and control of a director. The executive director shall appoint the director with the…

61-1-18.1. Technical experts and specialists -- Employment -- Contracts. The director may employ or contract with technical experts and specialists including but not limited to certified public accountants, appraisers, engineers, and tax accountants to conduct or participate in a…

61-1-18.2. Budget -- Annual report. The director shall annually prepare and submit to the executive director: (1) a budget for the expenses of the division and commission for the administration and enforcement of this chapter for the next fiscal year; and (2) a report outlining t…

61-1-18.3. Information obtained by division or commission -- Use for personal benefit prohibited -- Disclosure. (1) It is unlawful for an employee of the division or a member of the commission to use for personal benefit any non-public information that is filed with or obtained b…

61-1-18.4. Fees collected by division. The Division of Securities shall establish, charge, and collect fees pursuant to Section, except when it can be demonstrated that the fee amount should be based on factors other than cost, for the following: (1) the fair and reasonable cost …

61-1-18.5. Securities Commission -- Transition. (1) There is created a Securities Commission. The division shall provide staffing to the commission. (2) The commission shall: formulate and make recommendations to the director regarding policy and budgetary matters; submit recomme…

61-1-18.6. Procedures -- Adjudicative proceedings. The commission and division shall comply with the procedures and requirements of, in an adjudicative proceeding under this chapter.

61-1-18.7. Funding of securities investor education, training, and enforcement. (1) There is created an expendable special revenue fund known as the "Securities Investor Education, Training, and Enforcement Fund" to provide revenue for the purposes stated in this section. As used…

61-1-18.8. Concurrence under this chapter. (1) For purposes of this section, "concurrence" means the entities given a concurring role must jointly agree for the action to be taken. (2) Except for Section, if a provision of this chapter requires concurrence between the director or…

61-1-19. Investigations authorized. (1) The division may make any public or private investigations within or without this state as the division considers necessary to determine whether a person has violated, is violating, or is about to violate this chapter or a rule or order iss…

61-1-2. Investment adviser -- Unlawful acts. (1) It is unlawful for any person who receives any consideration from another person primarily for advising the other person as to the value of securities or their purchase or sale, whether through the issuance of analyses or reports o…

61-1-20. Enforcement. (1) Whenever it appears to the director that a person has engaged, is engaging, or is about to engage in an act or practice constituting a violation of this chapter or a rule or order under this chapter, in addition to specific powers granted in this chapter…

61-1-201. Definitions. As used in this part: (1) "Adult Protective Services" means the same as that term is defined in Section. 26B-6-201 (2) "Eligible adult" means: an individual who is 65 years old or older; or a vulnerable adult as defined in Section. 26B-6-201 (3) "Financial …

61-1-202. Governmental and third party disclosures. (1) If a broker-dealer, an investment adviser, or a qualified individual reasonably believes that a person has engaged in or attempted to engage in the financial exploitation of an eligible adult, the broker-dealer, investment a…

61-1-203. Immunity for governmental and third party disclosures. A broker-dealer, an investment adviser, or a qualified individual who, in good faith and exercising reasonable care, notifies the division, Adult Protective Services, or a third party, in accordance with Section, is…

61-1-204. Delaying disbursements or transactions. (1) A broker-dealer or an investment adviser may delay a disbursement or transaction from an eligible adult's account or from an account on which the eligible adult is a beneficiary, if the broker-dealer or investment adviser: sus…

61-1-205. Immunity for delaying disbursements or transactions. A broker-dealer or investment adviser who, in good faith and exercising reasonable care, delays a disbursement or transaction in accordance with Sectionis immune from administrative or civil liability that might other…

61-1-206. Records. (1) Upon request, a broker-dealer or investment adviser shall provide access to or a copy of any record, including a historical record, that is relevant to the suspected or attempted financial exploitation of an eligible adult to Adult Protective Services or a …

61-1-21. Penalties for violations. (1) A person is guilty of a third degree felony who willfully violates: a provision of this chapter except Sectionsand; 61-1-1 61-1-16 an order issued under this chapter; or Sectionknowing the statement made is false or misleading in a material …

61-1-21.1. Limitation of prosecutions. (1) An indictment or information may not be returned or civil complaint filed under this chapter more than five years after the alleged violation. (2) An administrative action filed under this chapter may be commenced within 10 years after t…

61-1-21.5. Legal counsel -- Prosecutions. (1) The attorney general shall advise and represent the division, the commission, and the staff of the division in all civil matters, administrative or judicial, requiring legal counsel or services in: the exercise or defense of the divis…

61-1-22. Sales and purchases in violation -- Remedies -- Limitation of actions. (1) This Subsectionapplies to a person who: (1) offers or sells a security in violation of: Subsection; 61-1-3(1) Section; 61-1-7 Subsection; 61-1-17(2) a rule or order under Section, which requires t…

61-1-23. Review of orders. A person aggrieved by a final order under this chapter determining all of the issues of an adjudicative proceeding may obtain review of the order by the executive director in accordance with.

61-1-24. Rules, forms, and orders. (1) Subject to Subsection, the division may make, amend, or rescind a rule, form, or order when necessary to carry out this chapter. (1)(c) For the purpose of a rule or form, the division may: classify securities, persons, and matters within the…

61-1-25. Record of registrations. (1) A document is filed when it is received by the division. If the last day prescribed for the filing of a document is a Saturday, Sunday, or legal holiday, the document is considered timely filed if it is filed on the next succeeding day that i…

61-1-26. Scope of the act -- Service of process. (1) Section, Subsection, Sections,,, andapply to persons who sell or offer to sell when: 61-1-1 61-1-3(1) 61-1-7 61-1-15.5 61-1-17 61-1-22 an offer to sell is made in this state; or an offer to buy is made and accepted in this stat…

61-1-27. Construction of chapter. This chapter may be so construed as to effectuate its general purpose to make uniform the law of those states which enact it and to coordinate the interpretation and administration of this chapter with the related federal regulation.

61-1-28. Citation of chapter. This chapter may be cited as the Utah Uniform Securities Act.

61-1-29. Savings clause. If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of the chapter which can be given effect without the invalid provision or application.

61-1-3. Licensing of broker-dealers, agents, investment advisers, and investment adviser representatives. (1) It is unlawful for a person to transact business in this state as a broker-dealer or agent unless the person is licensed under this chapter. (2) It is unlawful for a brok…