(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.