63E-1-402 - Benefits to interested parties of an independent entity.
63E-1-402. Benefits to interested parties of an independent entity.
(1) If an independent entity is privatized, the following may not receive any benefitprohibited 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 Section36-11-301; 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 anindependent entity if:
(a) the funds were provided by an entity other than the state or were derived from thosefunds, 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 allduties 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 thatprovided the initial funding; and
(e) the funds may only be transferred to a person described in Subsection (1)(a) or (b) ifthe transfer is approved by the entity that provided the initial funding.
Amended by Chapter 262, 2002 General Session