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