(1) (a) The commissioner may issue and serve upon a trust company a notice of intent to revoke the authority of the trust company to exercise the powers granted by this chapter, if, in the commissioner's opinion, the trust company: (i) is unlawfully or unsoundly exercising the powers granted under this chapter; (ii) has unlawfully or unsoundly exercised the powers granted under this chapter; (iii) has failed, for a period of five consecutive years, to exercise the powers granted by this chapter; (iv) fails or has failed to comply with requirements upon which the trust company's permit is conditioned; or (v) fails or has failed to comply with any rule of the commissioner. (b) The notice shall: (i) contain a statement of the facts constituting the alleged unlawful or unsound exercise of powers, or failure to exercise powers, or failure to comply; and (ii) fix the time and place at which the commissioner shall hold a hearing to determine whether the commissioner should issue an order revoking authority to execute the powers described in the notice. (2) (a) If the trust company or the trust company's representative does not appear at the hearing, the commissioner may consider the trust company to be in default, and may issue a revocation order. (b) If default has occurred, or if upon the record made at any hearing the commissioner finds that any allegation specified in the notice of charges has been established, the commissioner shall issue and serve upon the trust company a revocation order: (i) prohibiting the trust company from accepting any new or additional trust accounts; and (ii) revoking the trust company's authority to exercise any powers granted under this chapter. (c) Any order issued under this section permits the trust company to continue to service all previously accepted trust accounts pending the trust accounts' expeditious divestiture or termination. (3) A revocation order becomes effective 30 days after the day on which the commissioner serves the revocation order to the trust company and remains effective and enforceable, unless the commissioner or a court, in accordance with Section 7-1-714, stays, modifies, terminates, or sets aside the revocation order. (4) If an attorney described in Subsection 7-5-101(4)(b)(iii) violates Title 75B, Trusts, the attorney: (a) is not subject to enforcement by the commissioner or the department; and (b) may be subject to disciplinary action generally applicable to an attorney licensed to practice in this state. (5) If a certified public accountant described in Subsection 7-5-101(4)(b)(iv) violates Title 75B, Trusts, the certified public accountant: (a) is not subject to enforcement by the commissioner or the department; and (b) may be subject to disciplinary action under Title 58, Chapter 26a, Certified Public Accountant Licensing Act. (6) If the commissioner or the department receives a complaint that an attorney described in Subsection 7-5-101(4)(b)(iii) or a certified public accountant described in Subsection 7-5-101(4) (b)(iv) violates Title 75B, Trusts, the commissioner or the department shall forward the complaint to: (a) if the complaint involves an attorney, the Utah State Bar; or (b) if the complaint involves a certified public accountant, the Division of Professional Licensing. Renumbered and Amended by Chapter 112, 2026 General Session
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