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 305 – Exemptions.
7-24-305. Exemptions. The following are not subject to the requirements of this chapter: (1) a depository institution; (2) a depository institution holding company; or (3) an institution directly or indirectly owned or controlled by one or more: (a) depository institutions; or (b) depository institution holding companies. Enacted by Chapter 236, 2003 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 […]