32-2-931. Persons previously convicted -- rulemaking. (1) Unless the commissioner provides written consent:

(a) a person who has been convicted of a criminal offense involving dishonesty or a breach of trust or money laundering or who has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such an offense may not:

(i) become or continue as an institution-affiliated party with respect to any mutual association;

(ii) own or control, directly or indirectly, any mutual association; or

(iii) otherwise participate, directly or indirectly, in the conduct of the affairs of any mutual association; and

(b) a mutual association may not permit any person referred to in subsection (1)(a) to engage in any conduct or continue any relationship prohibited under subsection (1)(a).

(2) A person who knowingly violates subsection (1)(a) is subject to the penalties in 32-2-607(5).

(3) The commissioner may adopt rules to implement this section.