70D-3-502 - Investigations. - Utah Statutes

70D-3-502. Investigations.
(1) The commissioner may investigate the actions of:
(a) a licensee; or
(b) an individual required to be licensed under this chapter.
(2) In conducting an investigation or adjudicative proceeding, the commissioner may:
(a) administer an oath or affirmation under penalty of perjury;
(b) subpoena a witness;
(c) compel the attendance of a witness;
(d) take evidence;
(e) require the production of a record or information relevant to an investigation fromany person including:
(i) the existence, description, nature, custody, condition, and location of a record or othertangible thing of any kind or nature; and
(ii) the identity and location of a person having knowledge of a relevant fact or any othermatter reasonably calculated to lead to the discovery of admissible evidence; and
(f) serve a subpoena.
(3) A failure to respond to a request by the commissioner in an investigation authorizedunder this chapter is considered as a separate violation of this chapter, including:
(a) failing to respond to a subpoena;
(b) withholding evidence; or
(c) failing to produce a record or other information.
(4) In conducting an investigation, the commissioner may inspect and copy a recordrelated to the business of a loan originator, regardless of whether the record is maintained at abusiness location in Utah.
(5) Regardless of whether the commissioner takes action pursuant to an investigationunder this chapter, an individual investigated under this section shall pay to the commissioner theamounts that would be assessed to a financial institution for an examination under Subsection7-1-401(7) including:
(a) a per diem assessment at the rate calculated under Subsection 7-1-401(7); and
(b) if the investigation requires one or more representatives of the commissioner to travelout of state, the reasonable travel, lodging, and other expenses incurred by each representativewhile conducting the investigation.

Enacted by Chapter 72, 2009 General Session