Revocation, suspension, or denial of registration -- Grounds -- Suspension or revocation of license.
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(1)
(a) If the division makes a written finding of fact that a subdivider engages in one or more acts described in Subsection (1)(b), the division may:
(i) deny an application for registration;
(ii) revoke, suspend, or deny reissuance of a registration; or
(iii) impose a civil penalty not to exceed the greater of:
(A) $2,500 for each violation; or
(B) the amount of any gain or economic benefit derived from each violation.
(b) Subsection (1)(a) applies if the division makes a written finding of fact that a subdivider:
(i) fails to comply with the terms of a cease and desist order;
(ii) is convicted in a court prior or subsequent to the filing of the application for registration of a crime involving:
(A) fraud;
(B) deception;
(C) false pretenses;
(D) misrepresentation;
(E) false advertising; or
(F) dishonest dealing in real estate transactions;
(iii) is subject to an injunction or administrative order restraining a false or misleading promotional plan involving land dispositions;
(iv) disposes of, conceals, or diverts funds or assets of any person so as to defeat the rights of subdivision purchasers;
(v) fails to perform faithfully a stipulation or agreement made with the division as an inducement to:
(A) grant a registration;
(B) reinstate a registration;
(C) revoke a cease and desist order; or
(D) approve any promotional plan or public offering statement;
(vi) makes an intentional misrepresentation, or conceals a material fact, in an application for registration;
(vii) violates this chapter or the rules adopted under this chapter;
(viii) directly or through an agent or employee knowingly engages in false, deceptive, or misleading advertising, promotional, or sales methods to offer or dispose of an interest in subdivided lands;
(ix) engages in the offering of subdivided lands that has constituted or that may constitute a fraud upon purchasers or prospective purchasers of the subdivided lands; or
(x) engages in a dishonest practice in any industry involving sales to consumers.
(c) The division shall accompany with a finding of fact required by this Subsection (1) a concise and explicit statement of the underlying facts supporting the finding.
(2) As an alternative to revoking the registration of a subdivider, the director may issue a cease and desist order if after notice and a hearing the director finds that the subdivider is guilty of a violation for which revocation may be ordered.
(3)
(a) The division shall suspend or revoke the license of a principal broker, associate broker, or sales agent who violates this chapter for the period of time the director determines to be justified under the circumstances.
(b) A suspension or revocation under this section is in addition to any other penalty that may be imposed under this chapter, subject to Section 61-2f-404.