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.
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