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 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 401 – Examinations.
Effective 5/12/2015 7-25-401. Examinations. (1) (a) 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 authorized or apparent agent. (b) In conducting an examination, the commissioner or […]
Section 402 – Confidentiality of information.
Effective 5/12/2015 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) Subsection (1) does not prohibit the commissioner from releasing to the public a list of persons licensed under this chapter or from releasing aggregated financial data on the licensees. Enacted by Chapter […]
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 […]