Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Utah Code 7-25-404

  • Authorized agent: means a person designated by the licensee under this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee. See Utah Code 7-25-102
  • Licensee: means a person licensed under this chapter. See Utah Code 7-25-102
  • Money transmission: means the sale or issuance of a payment instrument or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including payment instrument, wire, facsimile, or electronic transfer. See Utah Code 7-25-102
  • Payment instrument: means a check, draft, money order, travelers check, or other instrument or written order for the transmission or payment of money, sold or issued to one or more persons, whether or not the instrument is negotiable. See Utah Code 7-25-102
  • Person: means :
         (27)(a) an individual;
         (27)(b) a corporation;
         (27)(c) a limited liability company;
         (27)(d) a partnership;
         (27)(e) a trust;
         (27)(f) an association;
         (27)(g) a joint venture;
         (27)(h) a pool;
         (27)(i) a syndicate;
         (27)(j) a sole proprietorship;
         (27)(k) an unincorporated organization; or
         (27)(l) any form of business entity. See Utah Code 7-1-103

     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.