Section 401 – Immunity.
Effective 5/12/2020 7-26-401. Immunity. (1) A covered financial institution or a director, officer, employee, attorney, accountant, agent, or other representative of the covered financial institution: (a) has no duty to act under this chapter to protect a vulnerable adult from financial exploitation by a third person; and (b) is immune from all criminal, civil, and […]
Section 101 – Definitions.
Effective 5/4/2022 7-27-101. Definitions. As used in this chapter: (1) “Accounts receivable purchase transaction” means a transaction in which a business forwards or otherwise sells to a person all or a portion of the business’s accounts, as defined in Section 70A-9a-102, or payment intangibles, as defined in Section 70A-9a-102, at a discount to the accounts’ […]
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 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 […]
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 […]