Utah Code 7-25-204. License application — Bond
Current as of: 2024 | Check for updates
|
Other versions
(1) To apply for a license under this chapter, a person shall:
Terms Used In Utah Code 7-25-204
- Applicant: means a person filing an application for a license under this chapter. See Utah Code 7-25-102
- 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
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the Department of Financial Institutions. See Utah Code 7-1-103
- Licensee: means a person licensed under this chapter. See Utah Code 7-25-102
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- 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
- State: means , unless the context demands otherwise:
(33)(a) a state;(33)(b) the District of Columbia; or(33)(c) the territories of the United States. See Utah Code 7-1-103- Writing: includes :
(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5(1)(a) submit an application in writing;(1)(b) pay the original license fee required by Section 7-1-401; and(1)(c) submit a surety bond in accordance with Subsection (3).(2) An application shall contain:(2)(a) the exact name of the applicant, the applicant’s principal address, any fictitious or trade name used by the applicant in the conduct of its business, and the location of the applicant’s business records;(2)(b) the history of the applicant’s material litigation and criminal convictions for the seven-year period before the date the application is submitted;(2)(c) a description of the activities conducted by the applicant and a history of operations;(2)(d) a description of the business activities in which the applicant seeks to be engaged in the state;(2)(e) a list identifying the applicant’s authorized agents in the state, if any, at the time of the filing of the license application;(2)(f) a sample authorized agent contract, if applicable;(2)(g) a sample form of payment instrument, if applicable;(2)(h) the one or more locations at which the applicant and its authorized agents, if any, propose to conduct the licensed activities in the state; and(2)(i) other information the commissioner requires by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.(3)(3)(a) An applicant shall submit with an application filed under this chapter a surety bond satisfactory to the commissioner in the minimum sum of $50,000 to reimburse the state for expenses of any kind or nature that the department may incur in connection with an administrative or judicial proceeding against a licensee, former licensee, or seller relating to the issuance or sale of a payment instrument in the state.(3)(b) A licensee shall maintain a surety bond meeting the requirements of Subsection (3)(a) for three years after the licensee ceases money transmission operations in the state. Except that the commissioner may permit the surety bond to be reduced or eliminated before the end of the three-year period to the extent that the amount of the licensee’s payment instruments outstanding in this state are reduced.(3)(c) A surety bond shall remain in effect until cancellation, which may occur only after 30 days’ written notice to the commissioner. Cancellation may not affect liability incurred or accrued during that period. - State: means , unless the context demands otherwise: