Section 406 – Consent orders — Emergency order.
Effective 5/12/2015 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 must indicate agreement to the […]
Section 407 – Required deposits.
Effective 5/12/2015 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 institution acceptable to the commissioner in […]
Section 403 – Termination or suspension of authorized agent activity.
Effective 5/12/2015 7-25-403. Termination or suspension of authorized agent activity. (1) (a) 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 to Title 63G, Chapter 4, Administrative Procedures […]
Section 404 – Licensee liability.
Effective 5/12/2015 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 purchased. Enacted by Chapter 284, 2015 General Session
Section 405 – Criminal and civil penalties.
Effective 5/12/2015 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: (a) guilty of a class B misdemeanor; and (b) subject to revocation of the person’s license under this chapter. (2) Subject to Title 63G, Chapter […]
Section 301 – Reporting requirements.
Effective 5/12/2015 7-25-301. Reporting requirements. (1) Within 15 days of the occurrence of an event listed in this Subsection (1), 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: (a) the filing for bankruptcy or reorganization by the licensee; (b) […]
Section 302 – Changes in control of a licensee.
Effective 5/12/2015 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. Upon notification, the commissioner […]
Section 303 – Authorized agent contracts.
Effective 5/12/2015 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 appoints the person as its agent with authority to sell payment instruments or transmit […]
Section 304 – Authorized agent conduct.
Effective 5/12/2015 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 strictly in accordance with the licensee’s written procedures provided to […]
Section 305 – Instrument to bear name of licensee.
Effective 5/12/2015 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. Enacted by Chapter 284, 2015 General Session