61-2f-305 - Restrictions on commissions. - Utah Statutes

61-2f-305. Restrictions on commissions.
(1) Except as provided in Subsection (2), an associate broker or sales agent may notaccept valuable consideration for the performance of an act specified in this chapter from aperson except the principal broker with whom the associate broker or sales agent is affiliated.
(2) An associate broker or sales agent may receive valuable consideration for theperformance of an act specified in this chapter from a person other than the principal broker withwhom the associate broker or sales agent is affiliated if:
(a) the valuable consideration is paid with a payment instrument prepared by a titleinsurance agent;
(b) the title insurance agent provides the payment instrument to the principal broker;
(c) the title insurance agent complies with the written instructions of the principal broker:
(i) in preparing the payment instrument; and
(ii) delivering the payment instrument to the principal broker; and
(d) the principal broker directly delivers the payment instrument to the associate brokeror sales agent.
(3) The commission, with the concurrence of the division, shall make rules in accordancewith Title 63G, Chapter 3, Utah Administrative Rulemaking Act:
(a) defining what constitutes a "payment instrument" for purposes of this section; or
(b) the form and contents of the written instructions required by Subsection (2), includingproviding that the contents of the written instructions indicate that the payment instrumentprocess is an assignment to the associate broker or sales agent by the principal broker of a portionof the consideration the title insurance agent is obligated to pay the principal broker.

Enacted by Chapter 379, 2010 General Session