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 103 – Rules.
Effective 5/12/2015 7-25-103. Rules. The commissioner may make a rule authorized by this chapter in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, including to: (1) restrict or prohibit practices that are misleading, unfair, or abusive; (2) promote or assure fair and full disclosure of the terms and conditions of agreements and communications […]
Section 201 – Licensing required.
Effective 5/12/2015 7-25-201. Licensing required. (1) Unless exempt under Section 7-25-202, a person may not engage in the business of money transmission without a license. (2) A licensee may conduct its business in this state at one or more locations, directly or indirectly owned, or through one or more authorized agents, or both, pursuant to […]
Section 202 – Exemptions.
Effective 5/12/2015 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 States. Enacted by […]
Section 203 – License qualifications.
Effective 5/12/2015 7-25-203. License qualifications. (1) An applicant for a license shall: (a) 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 auditor and is satisfactory to the commissioner; and […]
Section 204 – License application — Bond.
Effective 5/12/2015 7-25-204. License application — Bond. (1) To apply for a license under this chapter, a person shall: (a) submit an application in writing; (b) pay the original license fee required by Section 7-1-401; and (c) submit a surety bond in accordance with Subsection (3). (2) An application shall contain: (a) the exact name […]
Section 205 – Issuance of license.
Effective 5/14/2019 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 investigation of the applicant, the reasonable cost of which is to be borne by the […]
Section 206 – Renewal of license.
Effective 5/12/2015 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 the requirements of Sections 7-25-201, 7-25-203, and 7-25-204, and the […]