Title 7, Title 7: Financial Institutions Act

7-25-202. Exemptions. This chapter does not apply to: (1) the United States or a department or agency of the United States; (2) the state or a political subdivision of the state; or (3) a depository institution or a trust company organized under the laws of a state or the United …

7-25-203. License qualifications. (1) An applicant for a license shall: demonstrate, and a licensee shall maintain, a net worth of not less than $1,000,000 as demonstrated by a financial statement for the most recent fiscal year that is prepared and certified by an independent au…

7-25-204. License application -- Bond. (1) To apply for a license under this chapter, a person shall: submit an application in writing; pay the original license fee required by Section; and 7-1-401 submit a surety bond in accordance with Subsection. (3) (2) An application shall c…

7-25-205. Issuance of license. (1) Upon the filing of a complete application, the commissioner shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant. The commissioner may conduct an on-site…

7-25-206. Renewal of license. (1) A license issued or renewed pursuant to this chapter expires on December 31. A licensee may renew the license through the nationwide database for the ensuing 12-month period upon application by the license holder showing continued compliance with…

7-25-301. Reporting requirements. (1) Within 15 days of the occurrence of an event listed in this Subsection, a licensee shall file a written report with the commissioner describing the event and its expected impact on the licensee's activities in the state: (1) the filing for ba…

7-25-302. Changes in control of a licensee. (1) A change in control of a licensee shall require prior notice to the commissioner. In the case of a publicly traded corporation, notification shall be made in writing within 15 days of a change or acquisition of control of a licensee…

7-25-303. Authorized agent contracts. A licensee desiring to conduct licensed activities through authorized agents shall authorize each authorized agent to operate pursuant to an express written contract, which shall, at a minimum, provide the following: (1) that the licensee app…

7-25-304. Authorized agent conduct. (1) An authorized agent may not make a fraudulent or false statement or misrepresentation to a licensee or to the commissioner. (2) A money transmission, sale, or issuance of payment instrument activity conducted by an authorized agent shall be…

7-25-305. Instrument to bear name of licensee. A payment instrument issued by a licensee for sale in Utah, or which is sold in Utah, shall state on its face the name of the licensee issuer.

7-25-401. Examinations. (1) The commissioner may conduct periodic on-site examinations of a licensee. The commissioner may examine a licensee's authorized or apparent agents. At the commissioner's discretion, written notice of the examination may be provided to the licensee or an…

7-25-402. Confidentiality of information. (1) Information obtained by the commissioner under this chapter is confidential in accordance with Section. 7-1-802 (2) Subsectiondoes not prohibit the commissioner from releasing to the public a list of persons licensed under this chapte…

7-25-403. Termination or suspension of authorized agent activity. (1) The commissioner may issue an order suspending or barring an authorized agent from continuing to be or becoming an authorized agent of a licensee during the period for which the order is in effect, if subject t…

7-25-404. Licensee liability. A licensee's responsibility to a person who purchases a payment instrument or money transmission transaction from a licensee or a licensee's authorized agent is limited to the face amount of the payment instrument or money transmission transaction pu…

7-25-405. Criminal and civil penalties. (1) A person who violates this chapter or who files materially false information with a license application or renewal under this chapter is: guilty of a class B misdemeanor; and subject to revocation of the person's license under this chap…

7-25-406. Consent orders -- Emergency order. (1) The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order must be signed by the person to whom it is issued or a duly authorized representative, and…

7-25-407. Required deposits. If the commissioner finds any reasonable cause to believe that a licensee is in an unsafe or unsound condition or is unwilling or unable to pay its payment instruments when they come due, it may require the licensee to deposit funds in a financial ins…