Hutcheon had a chance to claim the honour on his own before dropping his only shot of the day at the par-4 18th, but he still secured a share of top spot in the PGA Scotland-run event with in-form Paul O’Hara.
They both finished with 13-under-par 131 totals in a low-scoring event on the Clive Clark-designed course on the Fife coast, pipping 1999 Open champion Lawrie by a shot after he’d set the clubhouse target.
The Aberdonian, who started the day two shots off the lead after an opening 69, finished with a flourish, signing off with five birdies in a row after earlier carding an eagle, three birdies and one bogey on the front nine.
Hay, a winner on the Tartan Pro Tour this season, quickly claimed a share of the record with an equally-impressive effort that contained 10 birdies as he shared fourth spot on 11-under with Euan McIntosh (66).
O’Hara, a two-time winner on the Tartan Tour this season, including last week’s Northern Open, carded an eagle and six birdies as he tagged a 64 on to his first-round 67.
However, his hopes of landing another outright success were dashed as Hutcheon also signed for a 63, having birdied the third then five in a row from fifth to be out in 30 before making further gains at the 11th, 15th, 16th and 17th.
O’Hara and Hutcheon each picked up £1400, with Lawrie winning £1100.