Benefits to interested parties of an independent entity.

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  • (1) If an independent entity is privatized, the following may not receive any benefit prohibited under Subsection (2):
    • (a) an interested party of the independent entity;
    • (b) an entity in which an interested party holds a business interest;
    • (c) a lobbyist of the independent entity; or
    • (d) an entity in which a lobbyist of the independent entity holds a business interest.
  • (2) If an independent entity is privatized:
    • (a) a person described in Subsection (1)(a) or (b) may not receive:
      • (i) compensation from an independent entity that is conditioned in whole or in part on:
        • (A) the passage, defeat, or amendment of legislative action related to privatization; or
        • (B) the approval, modification, or denial of an executive action related to privatization; or
      • (ii) any asset of the independent entity or its successor; and
    • (b) a person described in Subsection (1)(c) or (d) may not receive any:
      • (i) compensation that if received by the lobbyist would be in violation of Section 36-11-301; or
      • (ii) asset of the independent entity or its successor.
  • (3) Subsection (2)(a)(ii) does not apply to funds in a loan program administered by an independent entity if:
    • (a) the funds were provided by an entity other than the state or were derived from those funds, including loan payments, interest, and other charges paid by borrowers;
    • (b) the person described in Subsection (1)(a) or (b) who receives the funds assumes all duties and obligations of the independent entity:
      • (i) under the contract with the entity that provided the initial funding; and
      • (ii) relating to the loan program;
    • (c) separate records have been maintained regarding the use of the funds;
    • (d) the funds may only be used for purposes specified in an agreement with the entity that provided the initial funding; and
    • (e) the funds may only be transferred to a person described in Subsection (1)(a) or (b) if the transfer is approved by the entity that provided the initial funding.




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