Utah Code 7-25-206. Renewal of license
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(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 payment of the license renewal fee required by Section 7-1-401 to the commissioner.
Terms Used In Utah Code 7-25-206
- 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
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under Utah Code 7-25-102
- 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(2) The licensee shall include in its renewal application:(2)(a) a copy of the licensee’s most recent audited unconsolidated annual financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder’s equity, and statement of changes in financial position, except that a licensee may provide the most recent audited consolidated annual financial statement of the parent corporation if the statement separately includes the balance sheet, statement of income or loss, statement of changes in shareholder’s equity, and statement of changes of financial position of the licensee;(2)(b) material changes to the information submitted by the licensee on its original application that have not previously been reported to the commissioner on any other report required to be filed under this chapter;(2)(c) a list of the locations within this state at which business regulated by this chapter is conducted by either the licensee or its authorized agent;(2)(d) notification of material litigation or litigation relating to money transmission; and(2)(e) other information the commissioner requires by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.(3) Failure to pay the renewal fee or to submit a completed renewal application between November 1 and December 31 shall cause the license to expire at the close of business on December 31.