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Utah House rejects bill to shift securities enforcement from director to five-member board
Summary
A proposed rewrite of the state's securities enforcement process that would transfer final disciplinary authority from a single director to a governor‑appointed, five‑member board failed on the House floor after a spirited debate over due process and regulatory oversight. Vote: 36–37.
Representative Jim Byrd, sponsor of House Bill 153, urged colleagues to back legislation he said would restore due process in securities enforcement by replacing unilateral decision‑making by the division director with a five‑member board appointed by the governor and confirmed by the Senate. Byrd argued the change would protect licensees’ livelihoods and align securities discipline with other professional boards: "We need to make people innocent until proven guilty and not guilty until proven innocent," he said.
Supporters said the bill reduces the risk that a single administrative official…
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