Section 701 – Petition for review of director or office decision or action — Hearing examiner — Decision — Judicial review.

• (1)
  • (a) Subject to Subsection (1)(b), a person aggrieved by a decision or action of the director or office may, in accordance with rules adopted by the board under Section 53D-1-702, petition the board for an administrative review of the decision or action.
  • (b) A person may not petition for review of:
    • (i) a decision whether to buy, sell, hold, or exchange a specific investment; or
    • (ii) an action to buy, sell, hold, or exchange a specific investment.

• (2)
  • (a) The board may appoint a qualified hearing examiner to take evidence and make a recommendation for board action on the petition.
  • (b) If the board appoints a hearing examiner under Subsection (2)(a), the board shall, in conducting its review and making its decision on the petition, consider the hearing examiner’s recommendation.

• (3) In making its decision on the petition, the board shall:
  • (a) make findings and conclusions and base its decision on the findings and conclusions;
  • (b) uphold the decision or action of the director or office unless the board finds, by a preponderance of the evidence, that the decision or action violated applicable law, policy, or rule; and
  • (c) inform the person who filed the petition of the person’s right to judicial review of the board’s decision.

• (4) A person aggrieved by a final decision of the board on a petition filed under this section may seek judicial review of that decision as provided in Sections 63G-4-402 and 63G-4-403.

Enacted by Chapter 426, 2014 General Session