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
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 […]