1. (1) A person subject to this chapter is subject to:

   1. (a) Section 31A-2-308 for an administrative violation of this title;
   2. (b) prosecution under Title 76, Chapter 6, Part 4, Theft, for criminal activity involving a life settlement; or
   3. (c) prosecution under Section 31A-31-103 for insurance fraud involving a life settlement.

2. (2) A person found to be in violation of this chapter may:

   1. (a) be ordered to pay restitution to persons aggrieved by the violation;
   2. (b) be ordered to pay a forfeiture;
   3. (c) be imprisoned if found guilty of a criminal law by a court of competent jurisdiction; and
   4. (d) be subject to a combination of the penalties described in this Subsection (2).
3. (3) Except for a fraudulent act committed by an owner, this section does not apply to the owner.

Amended by Chapter 111, 2023 General Session